Mark Carney rode promises to unify and grow Canada’s economy all the way to the prime minister’s office. Now comes the difficult part: actually doing it.
What happened: The federal government introduced its first major piece of economic legislation, Bill C-5 (officially dubbed the “One Canadian Economy Act”). If passed, the law would knock down interprovincial trade barriers and give the government broad powers to fast-track projects it deems in the national interest.
- The new fast-track powers will allow the government to approve specific infrastructure projects, like pipelines or ports, with a single set of clear conditions. Carney has said this will cut typical approval times from five years to two.
- The law will also deem federally compliant any product or service that meets provincial standards anywhere in the country and provide automatic federal recognition of provincial occupational licences.
Why it matters: C-5 represents one of the largest systemic reforms to Canada’s economy in decades and gives the economy a shot in the arm at a time when U.S. tariffs threaten growth and the job market is becoming downright grim.
Yes, but: Unsurprisingly for any economic shakeup of this magnitude, the plan is likely to face harsh criticism — already, it’s stirring controversy among Indigenous and environmental groups, which could soon stiffen into outright opposition.
- The Assembly of First Nations, which is concerned that new federal powers could undermine First Nations’ rights, scheduled an emergency meeting later this month to decide on a response.
What’s next: Carney said he will push to pass the bill by June 20, and is prepared to extend Parliament’s current session into the summer if needed to get it done.—TS