Canadian business leaders urge federal government to focus on growth, competitiveness, and fiscal responsibility in Budget 2025 

The Business Council of Canada (BCC) today released the results of its 2025 fiscal consultation, calling on the federal government to present a credible, pro-growth plan in the next budget. 

The consultation, co-chaired by Theo Argitis, Senior Vice-President of Policy at the BCC and Serge Dupont, Senior Advisor and Head of Public Policy at Bennett Jones, brought together leading economic thinkers and chief executives from across Canada. Participants identified urgent priorities for restoring investor confidence, attracting capital, and ensuring long-term prosperity. 

“Canada is falling behind our competitors,” said Goldy Hyder, President and CEO of the Business Council of Canada. “We need decisive action to build a stronger foundation for growth. That means responsible fiscal policy, a smarter regulatory system, and measures to strengthen productivity and competitiveness.” 

The consultation’s key recommendations to the federal government include: 

1.  Set a credible path for deficit reduction that lowers the absolute deficit every year and create a “path to half” from this year’s elevated deficit within the next three years. 
2. Keep program spending growth below nominal GDP growth. No new unfunded permanent programs: any ongoing spending increases should be matched by permanent savings or an identified revenue source.  
3. Borrow only for productive investment, with no gimmicks.  
4. Adopt two clear fiscal anchors (declining debt-to-GDP, stable/falling interest-to-revenue). 
5. Commit to a pro-growth structural reform agenda. A credible fiscal plan cannot succeed without a growing economy. Without growth, in other words, there is no path to fiscal sustainability 

The recommendations are outlined in a letter sent earlier this week to Prime Minister Mark Carney, urging the government to use the upcoming budget as a turning point for Canada’s economy. 

“Canada has the talent, resources, and potential to succeed,” Hyder added. “But without bold policy choices, we risk being left behind in a world that is moving faster than ever.”