A Quick Take on Canada’s Federal Budget
Author: Tom Nakamura
November 7, 2025
AGF Investments’ Tom Nakamura gives his initial reaction to the Canada’s new federal budget that will result in a growing deficit next year, but one that is not as large as some expected.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.
Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
For further information, please visit AGF.com.
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Written by
Tom Nakamura, CFA
VP, Head of Fixed Income & Currencies & Portfolio Manager
AGF Investments Inc.
