Mark Carney’s First 9 Months as Prime Minister – The Verified Record (Dec 11, 2025)

The Verified Record – December 11, 2025

There is a lot of noise in Canadian politics right now.
This post is the opposite of noise.

Below is a fully sourced, fact-only summary of what Prime Minister Mark Carney and his government have actually announced and delivered between March and December 11, 2025. No spin, no commentary, no predictions — just the record.

High-Level Summary (9 Months)

• Consumer carbon tax repealed

• Middle-class tax cut delivered

• Major Projects Office (MPO) launched – 12 nation-building projects fast-tracked ($116B+ total investment)

• Alberta–Federal pipeline MOU signed (new oil route to Asia by July 1, 2026)

• Indonesia CEPA signed (first bilateral ASEAN trade deal)

• UAE sovereign-wealth commitment: $70 billion CAD (US$50 billion)

• Microsoft: $19 billion CAD AI & cloud investment

• Over 80 bilateral meetings with world leaders

• Two Conservative MPs crossed the floor (Chris d’Entremont Nov 4; Michael Ma Dec 11) – Liberals now at 171 seats

• Goal publicly stated: double non-U.S. exports within a decade

Full details follow.

Mark Carney launches his Liberal leadership bid in Edmonton (Jan 16, 2025) – excerpt via Global News. ‘New threats demand new ideas... We will build an even better Canada.’

Prime Minister Carney on Budget 2025 at Canadian Club Toronto (Nov 7, 2025) – excerpt via CPAC. ‘Budget 2025 launches our International Talent Attraction Strategy... to recruit over 1,000 world-class researchers.’

1. Economic & Tax Policy

• Federal consumer carbon tax repealed

• Middle-class income-tax cut implemented

• Capital-gains inclusion rate reduced for middle-income earners

• One Canadian Economy Act passed (removes interprovincial trade barriers)

• Canada’s digital services tax rescinded to facilitate U.S. negotiations

• $80 million tariff-relief fund for Atlantic SMEs

• $5 billion Strategic Response Fund for tariff-impacted sectors

• GST/HST & corporate tax payment deferrals (April–June 2025) → up to $40 billion liquidity

• Productivity Super-Deduction introduced (drops marginal effective tax rate on new investment to 13.2%)

2. Major Projects Office & Nation-Building (12 projects, >$116 billion)

First tranche – September 11, 2025
Second tranche – November 13, 2025

### 2. Major Projects Office & Nation-Building (12 projects, >$116 billion)

First tranche – September 11, 2025

Second tranche – November 13, 2025

• Over 80 bilateral meetings since March 2025

• Stated goal: double non-U.S. exports in a decade

Key signed / launched deals

• Canada–Indonesia CEPA (first bilateral ASEAN agreement)

• Canada–UAE FIPA signed + CEPA negotiations launched

• Canada–Philippines FTA negotiations intent (2026 target)

• Canada–ASEAN FTA accelerated (2026 target)

• Critical-minerals partnerships with Japan & allied nations

Major inbound investment announcements

• UAE sovereign wealth funds: $70 billion CAD (US$50 billion) across AI, energy, ports, critical minerals

• Microsoft: $19 billion CAD total AI & cloud (incl. $7.5B next two years)

• 25 new critical-minerals processing/refining partnerships (~$6.4B)

4. Party Composition

Liberal seats: 171 (one short of majority)
CPC floor-crossings to Liberals:

• Chris d’Entremont (Nova Scotia) – November 4, 2025

• Michael Ma (Markham—Unionville) – December 11, 2025 (today)

Sources

Every item above is linked to primary government releases or major news outlets in the footnotes of the full report (PDF download below).

Download the complete 8-page report with 40+ footnotes right here.

Mark Carney First 9 Months

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More updates will follow as new tranches and trade deals are announced in 2026.

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Published December 11, 2025
Updated periodically and whenever new official announcements are made.