King Charles reads the Speech from the Throne in the Senate Chamber.

Canada is set to undergo the largest transformation of its economy since the Second World War, according to a sweeping Speech from the Throne delivered today in Ottawa by King Charles. Addressing a joint session of Parliament, the Sovereign framed the government’s ambitious economic agenda as a once-in-a-generation opportunity for renewal, resilience and global leadership.

The speech marked the first time the King has opened Parliament as Sovereign, underscoring both historical continuity and pressing modern challenges. With references to inflation, global instability and internal trade barriers, the message was clear: Canada must act decisively to reshape its economy and assert leadership on the world stage.

Central to the government’s plan is a commitment to build "one Canadian economy out of 13," with new legislation promised to remove federal barriers to internal trade and labour mobility by Canada Day. A new Major Federal Project Office will expedite approvals for critical infrastructure, cutting timelines from five years to two, while still meeting Indigenous and environmental standards.

The speech also reiterated Prime Minister Mark Carney's campaign promise to create Build Canada Homes, a mission-driven organization aimed at doubling housing construction and revolutionizing the domestic housing industry using Canadian materials, technology and workers.

To further energize the economy, the government will implement an industrial strategy to make Canada a global leader in clean and conventional energy, science, innovation and skilled trades.

On the international stage, Canada is redefining its relationship with allies, particularly the United States. "The Prime Minister and the President of the United States, for example, have begun defining a new economic and security relationship between Canada and the U.S., rooted in mutual respect and founded on common interests, to deliver transformational benefits for both sovereign nations," the speech says. "In parallel, the Government is working to strengthen its relationships with reliable trading partners and allies around the world, recognizing that Canada has what the world needs and the values the world respects. Canada is ready to build a coalition of like-minded countries that share its values, that believe in international co-operation and the free and open exchange of goods, services, and ideas. In this new, fast-evolving world, Canada is ready to lead. This will be demonstrated in June, when Canada convenes the G7 Summit."

The speech addressed domestic affordability concerns with tax reductions for middle-class families, enhanced child care, expanded dental care and a GST cut for first-time homebuyers.

It concluded with a call for fiscal responsibility, pledging to reduce annual operating budget growth from nine per cent to under two per cent, balance the books in three years and restore public trust by "spend[ing] less so Canadians can invest more."

While acknowledging global instability, the King offered a message of optimism rooted in Canadian unity: “This moment is also an incredible opportunity. An opportunity to think big and to act bigger… and to build a new economy that serves all Canadians.”

Following the throne speech, Finance Minister François-Philippe Champagne tabled a notice of Ways and Means Motion in Parliament to deliver a middle class tax cut, eliminate the Goods and Services Tax for first-time home buyers on new homes valued up to $1 million and removing the consumer carbon price from law.

Treasury Board President Shafqat Ali tabled the 2025–26 Main Estimates for the Government of Canada in Parliament today. The main estimates can be found here.