Canada’s economy has shown resilience in 2025—but confidence is fragile. @ifsd.ca President and CEO Kevin Page and Executive VP @sahirkhan.bsky.social unpack what the Fiscal Update said about growth, deficits, and why transparency and delivery will matter as Canada moves from plans to results.

"𝙄 𝙩𝙝𝙞𝙣𝙠 𝙩𝙝𝙚𝙧𝙚’𝙨 𝙖 𝙧𝙚𝙘𝙤𝙜𝙣𝙞𝙩𝙞𝙤𝙣 𝙩𝙝𝙖𝙩 𝙩𝙝𝙞𝙨 𝙪𝙥𝙙𝙖𝙩𝙚 𝙬𝙖𝙨 𝙢𝙤𝙧𝙚 𝙩𝙝𝙖𝙣 𝙟𝙪𝙨𝙩 𝙖 𝙨𝙩𝙤𝙘𝙠‑𝙩𝙖𝙠𝙞𝙣𝙜 𝙤𝙛 𝙬𝙝𝙚𝙧𝙚 𝙬𝙚 𝙖𝙧𝙚… 𝙖𝙡𝙢𝙤𝙨𝙩 $28 𝙗𝙞𝙡𝙡𝙞𝙤𝙣 𝙬𝙖𝙨 𝙙𝙞𝙧𝙚𝙘𝙩𝙚𝙙 𝙩𝙤 𝙝𝙤𝙪𝙨𝙚𝙝𝙤𝙡𝙙𝙨, 𝙬𝙤𝙧𝙠𝙚𝙧𝙨, 𝙧𝙚𝙡𝙞𝙚𝙛 𝙖𝙩 𝙩𝙝𝙚 𝙥𝙪𝙢𝙥 𝙖𝙣𝙙 𝙩𝙝𝙚 𝙜𝙧𝙤𝙘𝙚𝙧𝙮 𝙗𝙚𝙣𝙚𝙛𝙞𝙩." @sahirkhan.bsky.social spoke to CBC Radio The Current host Matt Galloway on the Fiscal Update

𝗦𝗵𝗼𝗿𝘁‑𝘁𝗲𝗿𝗺 𝗼𝗽𝘁𝗶𝗰𝘀 𝗰𝗮𝗻 𝗶𝗺𝗽𝗿𝗼𝘃𝗲 𝗾𝘂𝗶𝗰𝗸𝗹𝘆. 𝗙𝗶𝘀𝗰𝗮𝗹 𝗿𝗶𝘀𝗸 𝗮𝗰𝗰𝘂𝗺𝘂𝗹𝗮𝘁𝗲𝘀 𝗺𝗼𝗿𝗲 𝗾𝘂𝗶𝗲𝘁𝗹𝘆. As @sahirkhan.bsky.social said: “𝗧𝗵𝗲𝗿𝗲’𝘀 𝗮 𝗹𝗼𝘁 𝗼𝗳 𝘀𝗹𝗮𝗰𝗸 𝗶𝗻 𝘁𝗵𝗲 𝗳𝗶𝗴𝘂𝗿𝗲𝘀 𝗽𝗿𝗲𝘀𝗲𝗻𝘁𝗲𝗱 𝘁𝗼𝗱𝗮𝘆 — 𝘄𝗵𝗶𝗰𝗵 𝗺𝗲𝗮𝗻𝘀 𝘄𝗲’𝗿𝗲 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝘀𝗲𝗲 𝗺𝗼𝗿𝗲 𝗿𝗼𝗼𝗺 𝗳𝗼𝗿 𝗴𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝘀𝗽𝗲𝗻𝗱𝗶𝗻𝗴 𝗯𝘆 𝘁𝗵𝗲 𝗳𝗮𝗹𝗹.”

𝐅𝐢𝐬𝐜𝐚𝐥 𝐔𝐩𝐝𝐚𝐭𝐞: 𝐡𝐨𝐥𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐥𝐢𝐧𝐞—𝐛𝐮𝐭 𝐫𝐢𝐬𝐤𝐬 𝐚𝐫𝐞 𝐬𝐡𝐢𝐟𝐭𝐢𝐧𝐠. On BNN Bloomberg @ifsd.ca's Kevin Page unpacked what’s beneath the deficit improvement. ✅ Deficit track has modestly improved, supported by stronger revenues. ✅ Debt‑to‑GDP looks slightly better than budget—but remains largely flat.

🚨 6:00 pm TONIGHT! 🍽️ A timely discussion on practical, durable, evidence-based policy solutions to food insecurity and affordability 🏢 uOttawa, Desmarais Bldg—Room 4101 55 Laurier Avenue East We hope you can join us for this event Register 👉 bit.ly/4sgZeig 𝙍𝙚𝙜𝙞𝙨𝙩𝙧𝙖𝙩𝙞𝙤𝙣 𝙖𝙡𝙨𝙤 𝙖𝙫𝙖𝙞𝙡𝙖𝙗𝙡𝙚 𝙖𝙩 𝙩𝙝𝙚 𝙙𝙤𝙤𝙧

🚨 18 h CE SOIR ! 🍽️ Un débat d'actualité sur la mise en place de politiques pratiques, durables et fondées sur des données probantes pour résoudre les problèmes d'insécurité et d’abordabilité alimentaires 🏢 Université d'Ottawa, Pavillon Desmarais—salle 4101 55, avenue Laurier Est

📺 IFSD’s Sahir Khan on CBC’s Rosemary Barton Live outlining what matters most as Ottawa delivers tomorrow’s Fiscal Update. “𝘼𝙛𝙛𝙤𝙧𝙙𝙖𝙗𝙞𝙡𝙞𝙩𝙮 𝙨𝙝𝙖𝙥𝙚𝙨 𝙩𝙝𝙚 𝙨𝙝𝙤𝙧𝙩‑𝙩𝙚𝙧𝙢 𝙣𝙖𝙧𝙧𝙖𝙩𝙞𝙫𝙚, 𝙗𝙪𝙩 𝙩𝙝𝙚 𝙡𝙤𝙣𝙜𝙚𝙧‑𝙩𝙚𝙧𝙢 𝙞𝙨𝙨𝙪𝙚 𝙞𝙨 𝙛𝙞𝙨𝙘𝙖𝙡 𝙧𝙞𝙨𝙠.” Watch the full interview: youtu.be/pwoGJD63pGA

Just out from the Toronto Star, IFSD President Kevin Page helps set up what Canadians should look for in this week’s federal Fiscal Update: “If the nation's finances are a stack of paper on the prime minister's desk, then Mark Carney's distinctive stamp is already inked and poised to strike.” 👇

In the Nat’l Observer, Kevin Page speaks to the importance of clarity and transparency as the government updates its fiscal plans for public service spending, defence commitments, and reallocated resources. “This spring update should give us some insight into how all these priorities are going.”

What should Canadians really watch for in the Fiscal Update? In a timely new The Politics of Money episode, @ifsd.ca’s Kevin Page, Sahir Khan & Mostafa Askari talk about why execution risk, fiscal guardrails, and spending choices matter more than deficit numbers or headline measures.

Canada’s Fiscal Update shouldn’t be judged by a single deficit number or headline promise. The real test is credibility, execution, and long term sustainability. Here are the 6 things IFSD will be watching closely in Tuesday's Fiscal Update. 👇 Read more: www.linkedin.com/pulse/checki...

Congratulations to Annette Ryan on her appointment as Canada's new Parliamentary Budget Officer. Last month, former PBO Kevin Page and former Asst PBOs @sahirkhan.bsky.social and Mostafa Askari spoke about the challenges facing Ms. Ryan as she takes up the position at such a pivotal moment.

Congratulations to Annette Ryan on her appointment as Canada's new Parliamentary Budget Officer. Last month, former PBO Kevin Page and former Asst PBOs @sahirkhan.bsky.social and Mostafa Askari spoke about the challenges facing Ms. Ryan as she takes up the position at such a pivotal moment.

📺 @ifsd.ca’s Kevin Page on CBC's Power & Politics on Canada’s fiscal outlook. Kevin said 🇨🇦 not "off course" + the deficit may be slightly lower. But global volatility remains high, so the govt must be transparent about multiple possible economic scenarios in the Fiscal Update. Full interview👇

The whole @ifsd.ca team is looking forward to seeing our President & CEO Kevin Page be recognized with the 2026 🌟 Award of Distinction from the Ontario Economics Association (OEA) and the Canadian Association for Business Economics (CABE), on May 12 2026.

Stay connected with IFSD ▶️ "The Last Page" newsletter, timely policy insights (including budget/fiscal update reactions), and info about upcoming IFSD events. Sign up now 👇 subscribe.ifsd.ca/newsletter-i...

"𝘠𝘰𝘶 𝘴𝘩𝘰𝘶𝘭𝘥𝘯’𝘵 𝘯𝘦𝘦𝘥 𝘢 𝘴𝘦𝘤𝘳𝘦𝘵 𝘥𝘦𝘤𝘰𝘥𝘦𝘳 𝘳𝘪𝘯𝘨 𝘵𝘰 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥 𝘨𝘰𝘷𝘦𝘳𝘯𝘮𝘦𝘯𝘵 𝘴𝘱𝘦𝘯𝘥𝘪𝘯𝘨." MPs vote to approve government spending (The Estimates) without a clear link to the govt's Budget plan. IFSD’s Kevin Page and @sahirkhan.bsky.social talk about how this creates confusion and what can be done to fix it.

🆕 Bonus episode: Why the Estimates are so confusing. Every spring, Parliament votes to approve billions in spending through the Main Estimates. Every year, the govt also tables its Budget. But MPs, journalists, and the public are often left trying to reconcile documents that don’t line up.

Canada isn’t unique in facing tensions between central governments and provinces or states. But Stéphane Dion reflects on what does set 🇨🇦 apart: strong decentralization and the risk of “𝘧𝘶𝘦𝘭𝘭𝘪𝘯𝘨 𝘵𝘩𝘦 𝘴𝘦𝘯𝘴𝘦 𝘵𝘩𝘢𝘵 𝘸𝘦 𝘮𝘢𝘺 𝘱𝘶𝘵 𝘵𝘩𝘦 𝘦𝘹𝘪𝘴𝘵𝘦𝘯𝘤𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘤𝘰𝘶𝘯𝘵𝘳𝘺 𝘰𝘯 𝘵𝘩𝘦 𝘵𝘢𝘣𝘭𝘦 𝘦𝘢𝘤𝘩 𝘵𝘪𝘮𝘦 𝘸𝘦 𝘩𝘢𝘷𝘦 𝘢 𝘥𝘪𝘴𝘢𝘨𝘳𝘦𝘦𝘮𝘦𝘯𝘵.”

“The system is being pushed to create new agencies and programs while injecting roughly $30 billion into the economy. That’s not business as usual.” — Kevin Page, President of @ifsd-ifpd.bsky.social at @uottawa.ca @uottawa-innovation.bsky.social Brown Bag Lunch on public policy

“Europeans and Canadians have always loved each other. But we never felt that we needed each other.” That has changed. As we see with PM Carney back Europe. The latest Politics of Money podcast has Stéphane Dion with Kevin Page, talking external sovereignty pressures and internal unity threats.

Before 2008, MPs and the public were severely limited in access to public finance info. Then the Parliamentary Budget Office was created. Kevin Page's founding PBO team talk building the Office, Annette Ryan's nomination, and why its needed now. 🎧Full podcast: ifsd-thepoliticsofmoney.transistor.fm

🎙️The Politics of Money — a new podcast from IFSD🎙️ 1st ep: Kevin Page, Sahir Khan, and Mostafa Askari draw on their experiences building and leading the PBO, discuss Annette Ryan's nomination as next PBO. 👀 on YouTube youtu.be/crS_DTnlPKc?... 🎧 Subscribe: ifsd-thepoliticsofmoney.transistor.fm

Strong fiscal oversight matters — and leadership matters, too. Kevin Page, IFSD's President, spoke to @theglobeandmail.com about Annette Ryan's nomination to be Canada’s next Parliamentary Budget Officer. As 🇨🇦's first PBO, Kevin talked about the kind of qualities that are needed to lead the PBO.

Good democratic debate starts with shared facts. That’s the critical role of the #PBO – independent analysis in service of Parliament and 🇨🇦.

"Many believe we are living through an historical, pivotal moment—geo-political, trade, technology..."

Kevin Page, IFSD President & Canada’s first Parliamentary Budget Officer, spoke to The Hill Times about the search for the next PBO –– and how the PBO plays a critical role in supporting Parliament and making sure Canadians have access to independent fiscal analysis at this tumultuous time.

Read about why the next 🇺🇸 #Fed chair matters to 🇨🇦: 🇨🇦 interest rates, 🇨🇦$, 🇨🇦 affordability and cross‑border #cdnecon impacts. IFSD's latest in Policy Magazine from Kevin Page breaks down appointment processes and why independence is a public good. More 👉 www.policymagazine.ca/donald-trump...

Central Bank independence underpins stable prices and economic growth. The next Fed chair choice isn’t just a 🇺🇸 story—it will impact 🇨🇦 commodity prices, affordability in 🇨🇦, the 🇨🇦 dollar and 🇨🇦's industries. Read the latest from @ifsd-ifpd.bsky.social's Kevin Page in @policymag.bsky.social→

With a push to rethink how programs and services are delivered and a #BuyCanadian policy, procurement is facing real change. The risks of getting it wrong are significant. @sahirkhan.bsky.social warns that w/o rethinking procurement, we may end up “outsourcing functions to keep that system going.”

As the House returns today, the next #fiscalpolicy phase begins: moving beyond announcements and planning to execution. Kevin Page gave #Budget2025 a “B+” for strategy—sound priorities, strong vision. But the challenge now for the government is to turn vision and ambition into results.

“When everything is in flux and the future is up for grabs.” (-S. Rushdie) Kevin Page warned last fall about 🇨🇦's difficult policy choices as we face this “hinge moment.” As we continue to unpack PM Carney's Davos speech, MPs will return Monday to start dealing with the Budget Implementation Act.

With the Arctic in the news, a timely reminder that 🇨🇦's sovereignty is LIVED, in Arctic communities. Our credibility is strengthened by pairing defence modernization & economic development with investments that advance well being in Inuit Nunangat communities. Read more: ifsd.ca/2025/08/link...

"I think the parliamentary budget officer should be neutral with respect to policy implications." IFSD’s Kevin Page quoted in this important article about the future of 🇨🇦’s PBO — its mandate, its appearance of objectivity, and how it should best work. Read more👉 www.cbc.ca/news/politic...

As 2025 draws to a close, we’re looking back at the year that was — and starting our lookahead to Budget 2026. 🎉 Happy New Year 🎉, from the whole team at @IFSD_IFPD. mailchi.mp/ifsd.ca/back...

The federal government has announced a new offer around First Nations child and family services funding reform to bring to the Human Rights Tribunal. www.cbc.ca/news/politic...

We are proud of our work with @uottawa.ca students. Providing opportunities to apply their skills beyond the classroom. Students can indeed contribute in meaningful ways to national policy debates. Thanks to Adam Parwana & Hao Tian Shen from all of us at IFSD! www.uottawa.ca/en/news-all/...

Our final newsletter of 2025 looks back at our work this year and ahead to 2026. We also highlight work on funding reform for First Nations child and family services. In 2025 we published our final report: A blueprint for program reform. Check out our Year-in-Review 👉 mailchi.mp/ifsd.ca/back...

Peter Howitt's Nobel "is not just a celebration of academic excellence; it’s a moment of national reflection." That's Kevin Page on how we go from Nobel‑level ideas to real‑world results. 🇨🇦 needs an innovation agenda to boost productivity. How we get there 👇 www.policymagazine.ca/canadas-nobe...

Thinking ahead–skating to where the puck will be–is critical for Canada to build on #Budget2025’s focus on capital investment to take on sagging productivity in #Budget2026. Check out the latest piece in Policy Magazine from @ifsd-ifpd.bsky.social's Kevin Page. www.policymagazine.ca/canadas-nobe...

If you are looking for more comprehensive background today on FN child welfare reform, read @ifsd-ifpd.bsky.social's report. Requested by the AFN and the Caring Society, and guided by CHRT's orders, this report provides a blueprint for funding FNCFS Program reform. ifsd.ca/wp-content/u...

Does the political noise around the deficit TREE risk us losing our way in the FOREST of this extraordinary policy moment for 🇨🇦 and our economy? In Oct, Kevin Page wrote about the moment and its historical context in "Financing Canada’s Hinge Moment." More: 📰 www.policymagazine.ca/budget-2025-...

Kevin Page sat down with MIR Talks host Theodore Yohalem Shouse. They talk #Budget2025, revisit the creation of the PBO and discuss Kevin's previous experience with PM Mark Carney when he was a public servant in the early 2000's. Listen to their full discussion on 👇 www.podbean.com/ew/pb-zrdk6-...

Will AI save the govt 💲? Or become another Phoenix-like fiasco for the government? @ifsd-ifpd.bsky.social VP @sahirkhan.bsky.social told the @hilltimes.com the govt will “have to do some hard thinking” about how new AI cost savings can actually be achieved. www.hilltimes.com/story/2025/1...

"Achieving the proposed cuts is a ‘very doable’ goal, but ‘it's not going to be an easy job.’” Kevin Page in today’s Star. He added heightened transparency is needed. "When the prime minister talks about a hinge moment, let's make this a hinge moment for scrutiny.” www.thestar.com/politics/fed...

Interested in updates from IFSD? Sign up here to join our mailing list: 👇 eepurl.com/dHxNFv And check out our latest update. Read IFSD's #Budget2025 takeaways: mailchi.mp/ifsd.ca/ifsd...

📰I give #Budget2025 an overall grade of ‘B+’...I want Parliament to approve the Budget Plan & then work with the govt to strengthen transparency & accountability to ensure taxpayer resources are deployed effectively to meet the moment. @ifsd-ifpd.bsky.social's Kevin Page in today’s @thestar.com 🧵1/

💬 the two Indigenous depts receive almost the lowest reductions...they were hit less hard than other departments.💬 @ifsd-ifpd.bsky.social's Kevin Page to @aptnnews.bsky.social on #Budget2025 impact on Indigenous Peoples – and how reconciliation remains a work in progress. ➡️ Watch here (@6:00):

Former Parliamentary Budget Officer Kevin Page goes on the investments made in the new federal budget: "Right now we got a strategy, but we have to see the implementation". Full interview: youtu.be/tt_STtIBrDQ?...

""If the situation deteriorates on the economic side, this [budget] will have to shift,' says @sahirkhan.bsky.social of IFSD. 'It’s about confidence in the short term, but the results of a major capital strategy & defence strategy are going to be felt over decades.'” www.cbc.ca/news/busines...