On March 14, 2025, Mark Carney assumed the role of Prime Minister of Canada after his election as leader of the Liberal party on March 9. The turnover of the role of prime minister from Justin Trudeau to Carney followed a meeting between the two on March 10. During the meeting, Carney stated that discussions had taken place regarding the timing of the transition, assuring that it would be seamless and swift. After Trudeau formally submitted his resignation, the Governor General of Canada invited Carney to form a government. With his inauguration, Carney became the first Canadian Prime Minister born in one of the territories, in his case the Northwest Territories.
Canada has a unique election format, which allows elections to be called no later than October 20, but can be called earlier with certain restrictions. These guidelines include an election period which lasts anywhere from 37 to 51 days and must fall on a Monday. Although Carney has been appointed Prime Minister at this time of writing, there is a possibility that he will hold this position for a short period of time. For example, former prime minister, Charles Tupper, only served this role for 69 days in 1896. With Carney anticipated to call an election before March 24, he may hold a shorter time in office than Tupper if the Liberals lose the next federal vote to Progressive Conservative (PC) party leader, Peirre Poilivre. However, unlike the turnover from Trudeau to Carney, there would be a much longer turnover period should the PC party win the federal election.
Carney has a long history in banking, but limited experience in politics. Carney spent 13 years working for Goldman Sachs, working internationally between Boston, New York City, London, Tokyo, and Toronto. In 2003, he left and joined the Bank of Canada, eventually leading him to become the Governor of the Bank of Canada in 2007. With his long history in finance, Carney has gained valuable insight into international relations and politics.
Carney delivered a thoughtful and timely speech at his swearing-in ceremony, addressing U.S. President Trump’s recent impacts on Canada. He delivered quotes such as “We will never, in any shape or form, be part of the US,” and “We know that by building together [as a nation], we can give ourselves far more than anyone else can take away.” These words of assurance left a positive impact on many Canadians, regardless of political affiliation.
Additionally on his first day in office, Carney removed commercial carbon tax, effective at the start of April. This will remove carbon tax from consumer goods, but those with tax rebates will still be issued on April 15. Opposition party leader, Pierre Poilievre, has campaigned with slogans like “axe the tax” and accused Carney of trying to “hide” the carbon tax. Polievere has argued that it could not be changed and cited with a printed copy of legislation.
The coming weeks will be an eventful time in Canada with a spontaneous election, ongoing issues with President Trump, and the potential to abolish one of Canada’s most controversial policies: the carbon tax.
