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Carney’s First Budget Signals a Generational Reset for Canada’s Finances

Prime Minister Mark Carney jokes with Minister of Finance and National Revenue Francois-Philippe Champagne as they greet families before participating in an announcement at a community centre in Ottawa, on Friday, Oct. 10, 2025. Prime Minister Mark Carney’s inaugural budget is being framed as a turning point in Canada’s fiscal direction, marking a sharp departure from the spending patterns of recent years . Presented alongside Finance Minister François-Philippe Champagne, the budget is not just a financial document but a statement of intent: to reshape the country’s economic priorities in the face of global uncertainty and domestic pressures. At the heart of the plan is a shift away from expansive spending toward what Carney has described as “tough choices” and “sacrifices.” The government has emphasized that Canada must “spend less to invest more” , signaling a reallocation of resources rather than an outright expansion of the deficit. This approach reflects Carney’s long-standing...
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Kapuskasing Paper Mill to Idle Operations Amid Federal Funding Gap

                                            Kap Paper



A major employer in Northern Ontario is set to suspend operations after failing to secure immediate financial support from the federal government. Kap Paper, which operates the Kapuskasing paper mill, announced Monday that it will begin winding down production, leaving the future of hundreds of jobs in jeopardy.

The Ontario government has already provided more than $50 million in loans to help stabilize the mill, but company officials say that without federal assistance, they cannot continue operations. CEO Terry Skiffington called the decision “heartbreaking,” noting that about 420 employees work directly at the mill, with as many as 2,500 regional jobs tied to its operations.

Provincial officials expressed frustration with Ottawa, saying they have repeatedly urged the federal government to step in as an equal partner. Ontario’s Natural Resources Minister Mike Harris said the province will continue to support affected workers through retraining and re-employment programs.

For now, the company has not confirmed whether the shutdown will be permanent or if the mill could reopen under new ownership or with future funding.


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