By Félix Corriveau, Executive Director of Impact ON
Few recent federal budgets have been as significant as the one Mark Carney’s government is set to table next month. In the midst of a trade war with our main economic partner, this budget must become the cornerstone of an economy focused on productivity and diversification of our trade. Above all, it must encourage the emergence of a stronger social economy that meets these imperatives and benefits the greatest number of people.
Across Ontario and elsewhere in the country, cooperatives, social enterprises, and community initiatives are demonstrating that another economy is possible. There is a way to create wealth while strengthening the social fabric. These innovative projects tackle very real challenges: access to housing and various food products, energy transition, regional revitalization, and professional reintegration. They generate lasting local benefits, while making our economy more resilient, inclusive, and independent from the vagaries of the US market.
For these projects to move from idea to action, the right levers are needed: tailored programs, social investment funds, and public procurement policies that recognize the value of collective enterprises. It is also necessary to train social entrepreneurs, reduce risk for investors, and strengthen financial literacy, which paves the way for collective entrepreneurship. Impact ON is one of the tools to achieve this. By supporting social economy organizations, Ottawa would enable hundreds of initiatives to come to fruition, create quality jobs, and build stronger communities.
In a context where populist and reactionary movements are gaining ground, it is urgent to tackle the root cause of the malaise: the feeling of economic exclusion. Too many people feel left behind by a growth model that benefits only a few.
The social economy offers another path: growth that leaves no one behind.
Donald Trump’s return to the White House confirms one thing: nothing will ever be the same again. The next federal budget must respond to this reality and go beyond the scope of a simple accounting exercise. We need a much broader plan. Now is also the time for action. While the budget is being drafted, every platform is a good opportunity to call on your elected representatives to support a strong and fair economy, both today and tomorrow.
As an economist and banker, Prime Minister Mark Carney is no stranger to budget lines. This time, we need a course of action that is equal to the moment.