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Budget Day 2026: What a $63B+ Deficit Means for Your Wallet

  Canadian Money Brief • Thursday, November 5, 2026 Ottawa tables its second Carney-era budget today. Almost everyone expects big spending. Hardly anyone expects it to help their own bank account. Here is what the numbers say, and what to do about it. Finance Minister François-Philippe Champagne says today’s budget is about “changing Canada’s growth model”: less reliance on the U.S., more building at home. That is a big-picture pitch. Your household budget is a small-picture problem, and a new Abacus Data poll shows the gap between the two is wide. The poll in one line: only 10% of Canadians expect Budget 2026 to make their household better off. 30% expect to be worse off, and 48% expect little difference. (Abacus Data, 1,809 adults, Oct. 30 to Nov. 3.) The deficit, in plain numbers The Parliamentary Budget Officer (PBO) is the government’s independent fiscal referee. Its latest outlook, which predates the budget and only counts measures already announced, sets the stage: PBO proj...
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CRA Ramps Up Legal Action to Recover COVID Benefit Overpayments

 

The Canada Revenue Agency (CRA) is intensifying its efforts to reclaim overpayments related to pandemic benefits. With more than $9 billion still owed, the agency is taking decisive steps to recoup funds from ineligible recipients.

Starting this July, the CRA will issue legal warnings and employ various means to recover overpayments. These actions may include garnishing wages or withdrawing funds directly from bank accounts. However, the agency emphasizes that it will only pursue legal action against individuals who haven’t responded or cooperated and have the financial capacity to repay.

“Our primary goal is to encourage individuals to contact us so we can work together to find the best way to resolve their debt, ensuring a fair and manageable process for everyone,” says CRA spokeswoman Sylvie Branch.

The CRA remains committed to supporting Canadians who genuinely cannot repay their debt. If you’re facing financial challenges, reach out to the agency to explore repayment options.

Overpayment Breakdown

The CRA is currently seeking approximately $9.53 billion in repayments from ineligible recipients. Here’s the breakdown:

  • Canada Emergency Response Benefit (CERB): $5.41 billion
  • Canada Recovery Benefit (CRB): $2.67 billion
  • Canada Recovery Caregiving Benefit: $1.25 billion

Efforts to recover overpayments began in May 2022, with letters encouraging voluntary payments. Last year, the CRA escalated its collection efforts, including phone outreach and automatic offsetting of tax refunds and benefits against outstanding debts.

While recipients can request reviews of eligibility conclusions, the CRA’s information typically leaves little room for debate. Most issues are clear-cut.

Remember, if you’ve received pandemic-related benefits and suspect an overpayment, it’s essential to engage with the CRA promptly to find a resolution.



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