Stakeholders split on the fiscal plan as the CLHIA welcomes wider infrastructure investment room
Life and health insurers gained new room to put capital into Canadian infrastructure under Budget 2026, tabled November 5, through proposed changes to the Insurance Companies Act and related regulations that broaden the scope of permitted infrastructure investments.
The industry held nearly $1.3tn in assets in Canada and another $1.6tn globally in 2025, with $51bn already placed in Canadian transportation, energy and communications projects, the Canadian Life and Health Insurance Association said in a November 5 statement.
Stephen Frank, president and CEO of the CLHIA, said the industry is “well positioned to provide the long-term capital needed to support that growth.”
The association’s members account for 99 percent of Canada’s life and health insurance business and employ more than 180,000 Canadians.
That domestic-capital question ranked second among business leaders’ priorities going into the budget, behind trade conflict and tariffs.
Unions contest the balance of the package
Canadian Labour Congress president Bea Bruske said the budget commits close to $100bn to business incentives and less than half that amount to direct support for people.
The CLC is calling for Employment Insurance that covers workers hit indirectly by trade-related layoffs through suppliers and local businesses, not only those whose employers were tariff-struck.
Bruske said “a strong economy depends on strong workers’ rights,” pointing to Bill C-39, which the budget confirms the government is proceeding with and which would give ministers new powers to end legal strikes.
Unifor national president Lana Payne said permanent improvements to Employment Insurance were absent despite increased slack in the labour market, historically high youth unemployment and slowing employment growth.
The union also objects to the plan to sell day-to-day operations at Canada’s four largest airports to private operators, a framework for which requires $38m in public funding over three years.
Payne said public infrastructure must remain in public hands so Canadians get safe, affordable air travel.
Unifor welcomed the Forestry Sector Accelerator and the proposed expansion of the Journalism Labour Tax Credit to broadcasters.
Retirement income advocates see partial wins
CARP president Anthony Quinn watched the budget speech from the House of Commons public gallery and counted gains for members on caregivers and financial security.
CARP’s September pre-budget submission called for an end to mandatory Registered Retirement Income Fund withdrawals, and the organization says the budget’s consultation is where that case now gets made, which sits alongside the other changes Budget 2026 makes to registered plan rules.
CARP lists four omissions: no extension of the 10 percent Old Age Security increase to Canadians aged 65 to 74, no restitution for scam victims who authorized payments themselves, no funded vaccines recommended for seniors, and only a commitment to assess an expert task force’s recommendations on faster access to new medicines.
CARP represents more than 230,000 members.
The CBC Pensioners Association, in a November 6 statement, welcomed $300m over two years for CBC/Radio-Canada but said it is “deeply disappointed” by the absence of broad-based measures on seniors’ financial security, naming retirement income adequacy, affordable dental care and prescription medications.
Caregiving and health reaction
The Canadian Cancer Society, which campaigned for a refundable Canada Caregiver Credit, said cancer cost Canada $37.7bn in 2024, with patients and caregivers bearing $7.5bn, or 20 percent, of that burden, according to its 2024 report on the economic impact of cancer.
More than 110,000 Canadians signed the society’s petition for greater financial support.
Andrea Seale, chief executive officer at the CCS, said caregivers “play an essential role in helping people navigate a cancer diagnosis.”
The Canadian Medical Association said it has advocated for a fully refundable Canada Caregiver Credit for many years, while a sustainable, long-term plan for keeping Canadians healthy is still urgently needed, in its November 5 statement on the budget.
FP Canada pointed to household-level gaps the budget does not close, drawing on an August Pollara Research survey in which 71 percent worried about healthcare costs as they age and 65 percent about retirement savings, while 34 percent felt government is helping people achieve greater financial stability.
Households working with a financial planner scored 62.5 on the Financial Resilience Institute’s index against 49.2 for those without, a gap of 13.3 points.
Tashia Batstone, president and CEO of FP Canada, said Canadians need practical support to strengthen long-term financial well-being, a theme that also ran through expert reaction on workplace savings and pharmacare.
