Start your day off right with five things you need to know this morning.
Five things you need to know
The Liberal government chose not to enforce the federal backstop carbon tax in Alberta because it didn't want to be "fighting with our provinces," Environment Minister Julie Dabrusin has claimed. "We’re working to be in really a true co-operative federalism," she added, because "doing that makes us stronger.” Alberta changed its carbon tax system in December, plunging the price as far as $17 a tonne, but Ottawa did not intervene to implement the federal backstop of $95 a tonne. On Friday, however, Canada agreed that Alberta will pay $130 a tonne by 2040 in exchange for being granted permission by Ottawa to proceed with a new oil pipeline.
Feds didn’t push carbon price backstop in Alberta in show of co-operation: Dabrusinhttps://t.co/sSUuwRihFU
— Global Calgary (@GlobalCalgary) May 20, 2026
At least one province wants to fight Ottawa, however, with David Eby warning that the federal government is behaving "differently" with Alberta compared with other Canadian provinces. The BC premier said Canada won't work if "separatist premiers" get the attention of the federal government, an apparent reference to Danielle Smith, who is not a separatist. He added: "Bluntly, we cannot have bad behaviour decide who gets engaged with by the federal government. We need to stand up for Canada, and we need to make sure we are supporting every province and territory with equal respect and that is what will provide a unified country."
B.C. Premier Eby says Canada won't work if Ottawa favours separatist premiers https://t.co/JAqp2XG2S0
— National Newswatch (@natnewswatch) May 20, 2026
A veteran investment strategist has said the world is heading into a commodities supercycle, meaning demand for the likes of oil, gas and critical minerals could continue to surge for up to 12 years. Jeff Currie told Bloomberg that the surge in artificial intelligence development has coincided with chronic underinvestment in energy, creating "the biggest asymmetric trade in modern finance." He also warned of serious pain ahead due to oil shortages.
Veteran strategist Jeff Currie said the world is in the early stages of a commodity supercycle as the AI buildout collides with years of underinvestment in energy and materials https://t.co/3m2HzufTcd
— Bloomberg (@business) May 19, 2026
Foreign Affairs Minister Anita Anand has failed to answer a question about whether her government feared “the possibility of a US invasion of annexation.” Speaking to Qatari state media, Anand said only that the US and Canada have an “integrated” military relationship. She also said the Liberal government has not discussed a potential American invasion with the US government. Anand also struggled with questions about Israel’s nuclear weapons and Chinese foreign interference during the interview.
Finance Minister Francois-Philippe Champagne has said the Liberal Party's controversial investment fund – which they have called a "sovereign wealth fund" – is not intended to reduce tax burdens. Speaking at the sidelines of a G7 meeting in Paris, Champagne explained: “This is not a tax play. This is about Canadians being able to contribute ... This is more about people being able to be part of growing or building the nation." The so-called "Canada Strong Fund" will be seeded with $25 billion of taxpayers' money, according to the federal government, and will be open to Canadians to invest. The Liberals revealed few details about the plan, however.
Canada’s wealth fund is not aimed at lowering investors’ taxes, Champagne says https://t.co/TdUwGB7FL3 pic.twitter.com/J0DeS3jrzP
— Financial Post (@financialpost) May 20, 2026
