Good morning. Ottawa’s budget bets that spending more will deliver future economic gains. More on that below, along with travel disruptions and cosmetic tourism.
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Prime Minister Mark Carney, right, and Finance Minister François-Philippe Champagne on Parliament Hill before the federal budget on Thursday.Adrian Wyld/The Canadian Press
TOP STORIES
What you need know from the federal budget
To summarize the budget in one line: Ottawa is betting that increased borrowing will reap future rewards.
Zoom out: The 2026 budget revealed a major revenue windfall driven largely by oil – much of which the government plans to spend. It is using a federal balance sheet bolstered by stronger-than-expected revenues to pursue a long-term investment agenda.
Zoom in: Check out the top highlights from our reporters, alongside charts to help visualize the spending, the debt and everything in between: including new immigration plans, an ease in defence spending, and new housing policies.
Keep reading:
- For your spending: These are six ways Ottawa’s plan could affect your wallet.
- For culture: The document allocates $4-billion in cash to arts and culture spending, including a 160th birthday bash for Canada.
- For business: Ottawa sidestepped the comprehensive tax overhaul for which Bay Street has long advocated but addressed gaps that have frustrated entrepreneurs.
- For finance: Carney’s government plans to merge federal financing agencies and set up a stand-alone sovereign wealth fund.
- Andrew Coyne says he is giving up, calling the document “utterly incoherent, wandering, purposeless and, frankly, impossible to understand.”
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Employees work on vehicle production at a conveyor belt at the FCA Brampton Assembly Plant in Ontario.Tijana Martin/The Globe and Mail
How the midterms are already affecting Canada
What does the U.S. political shift mean for Canada? Doug Saunders, The Globe’s international affairs columnist, joins the Decibel podcast to answer your questions.
The highs: A Democratic victory might signal a positive shift for the Canadian auto industry as experts are predicting a push against tariffs and possible support of EVs.
The lows: Wall Street ended sharply lower yesterday, with the three major U.S. indexes notching their deepest one-day drop in 19 months, as AI sentiment worsens after the Democrats’ sweep.
Opinion: Is the ‘Islamophobia-palooza’ over? What Abdul El-Sayed’s win says about the politics of hate.
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Passengers check their flight at Leonardo da Vinci International Airport in Fiumicino, near Rome, on Thursday.Gregorio Borgia/The Associated Press
Bomb threats and cyberattacks disrupt Europe’s airports
Yesterday some 25 flights to cities in more than a dozen countries including Britain, Italy, Poland, Spain and Ireland were disrupted by bomb threats. No explosives have been found, and authorities are not sure who is behind the hoaxes.
A recent trend: From fridges to blood banks, airports and airlines, Europe has been overrun with cyberattacks and bomb threats that have caused havoc and raised concerns about what might be hit next.
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A plastic surgery treatment ad is displayed in English, Japanese and Chinese in the streets of Gangnam, Seoul.Tina Hsu/The Globe and Mail
South Korea’s aesthetic tourism industry
Since 2023, the number of foreign tourists travelling to Korea for cosmetic treatments has nearly doubled year over year. The country’s aesthetics industry has an established history, and services are often only a fraction of what they might cost in North America.
Buyer beware: The South Korean government has invested heavily in promoting aesthetic tourism, including easing visa requirements for foreign patients. Still, there are potential risks that social media might not warn travellers about.
The Take
Canadians’ memories of wars now extend to almost every place on the globe. How better to speak to all Canadians than by saying that when they visit the Peace Tower, names from their families might also be seen?
— R.H. Thomson, producer of The World Remembers–Le Monde se Souvient
We should make Ottawa’s Peace Tower a true tribute to peace, writes R.H. Thomson, who is the author of By The Ghost Light: Wars, Memory, and Families.
The Shot
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Enjoying a night of dancing during OctoberTwist at the famous Danceland in the village of Manitou Beach, Sask., on Oct. 24.LEAH HENNEL/The Globe and Mail
For nearly a century, Saskatchewan’s storied dance hall has served as much more than a well-fortified landmark. It has brought generations together.
The Wrap
What else we’re following
At home: Ottawa is reviewing the death of a 31-year-old woman from a remote Indigenous community after a government health program failed to book follow-up appointments after her open-heart surgery.
Abroad: Hong Kong activist Joshua Wong was sentenced to an additional 10 years in prison on new national-security charges.
In court: A Mexican judge has been arrested on allegations that he accepted a $2-million bribe for granting bail to a man associated with Ryan Wedding.
Play down: Canada’s ambassador to the European Union is playing down the rise of far-right groups amid Canada’s push for closer ties with the 27-member bloc.
Poor coverage: Lacking cellphone coverage along B.C.’s Highway 39 complicated the emergency response to a bus crash that injured 20 on Wednesday.
Transfer of riches: Are you the inheritor of your parents’ belongings, or struggling to leave your things behind? Share your story with us.