This comes directly from ISC’s official 2026-2027 Departmental Plan. It breaks down as roughly $23.79 billion for the core responsibility (Indigenous Well-Being and Self-Determination) plus internal services.
Recent Context and Trends
2025-26 forecast: Around $27.1 billion (or ~$25 billion in some earlier plans).
ISC (and the related Crown-Indigenous Relations and Northern Affairs Canada, or CIRNAC) saw significant growth in prior years, with combined spending reaching ~$63 billion in FY 2024 (about 12% of the federal budget in some reports). Much of this consists of transfer payments, grants/contributions for services like health, education, housing, social programs, and infrastructure on reserves.
Budget 2025 adjustments: ISC faces ~2% reductions (around $494 million annually starting 2026-27, alongside CIRNAC), which is lighter than broader government cuts. This contributes to multi-year savings targets, though the departmental plan figures above do not yet fully reflect finalized implementation of those cuts.
These funds primarily support services for First Nations, Inuit, and Métis peoples, including health care, education, child/family services, housing, water infrastructure, governance, and economic development. A large portion flows as transfers to communities or organizations rather than direct federal administration.
Notes on “Cost to Taxpayers”
This is direct federal departmental spending funded by Canadian taxpayers via the federal budget.
Total broader federal Indigenous-related spending (including CIRNAC, other departments, settlements, etc.) is higher and has grown substantially in recent years (e.g., nearly tripling from ~$11B in 2015 to over $32B by some 2025 estimates).
Figures can vary between Main Estimates, actual expenditures, forecasts, and supplementary estimates due to one-time items, statutory spending, or adjustments (e.g., Jordan’s Principle, settlements).
For the most precise/current details, check the full ISC 2026-27 Departmental Plan on the linked Canada.ca site or the latest Public Accounts of Canada. Spending is transparent but complex due to distinctions-based (First Nations/Inuit/Métis) and transfer-heavy nature.
SpaceX’s record-setting IPO is creating a financial windfall for thousands of the company’s current and former employees who received stock as part of their compensation.
Workers who hold stock in non-public companies are subject to restrictions that can keep them from selling those shares under most circumstances before an IPO occurs. Once the stock goes public, it starts a timeline under which they can begin to sell some of those shares as so-called “lock-up periods” gradually allow employees to sell shares in tranches that expand over time.
The ranks of SpaceX workers who will see an influx of wealth as a result of the IPO include not only those who design the rockets and satellites that have made the company famous, but also baristas, janitors and other workers who helped keep the company running.
FOX Business spoke with workers outside of SpaceX’s facility in Hawthorne, California, about their plans for the monumental IPO turning into a reality.
One SpaceX employee, who said that he’s a process planner, said that he wants to “try to stay healthy” and that the IPO is “a beautiful thing… I mean, Elon is the best. Go Elon!”
Another SpaceX employee said that, “I’ve been a millionaire for a while, but it’s always nice to have money. It’ll be great when the lock-up period is out, of course, and we can actually sell some of it and that’ll feel a little more into the wealth, but it’s a great day.”
Juan Hernandez, who previously worked as a welder at SpaceX, told CBS News that when he was first hired by the company in 2015 he was offered $10,000 in stock. He explained that it “wasn’t a big deal” to him at the time and, “I didn’t know it was gonna be this big, at this point.”
Hernandez, who now works at Blue Origin after a 10-year stint at SpaceX, told CBS that he has around 6,500 SpaceX shares that would represent a nearly $880,000 windfall based on the IPO listing price of $135 a share. He added that giving employees stock options encourages them to “perform a lot better because, I mean… it’s their company as well.”
He went on to tell the outlet that he wants to maintain a strong work ethic after the IPO and plans to keep working, and expressed gratitude to Musk for “making all these lives much better and meaningful for their families as well.”
The Wall Street Journal reported that J. André Lavoie, a 63-year-old former SpaceX engineer who moved to Italy five years ago, has shares valued at over $28 million based on the IPO price. Lavoie plans to use the funds to renovate a hotel he purchased and is considering helping others in the community transition from heating their homes with burning wood to cleaner heating sources.
“I don’t want to just die with a pile of money in the bank,” Lavoie told the Journal. He added that the rise in the value of the shares has caused him to reconsider his plans. “Every year the shares have been going up so radically it keeps messing up my life plans.”
The Journal also spoke with 27-year-old Maryellen Musselman, who joined SpaceX in 2022 and worked on a ship used in retrieving rocket parts from the company’s launches that splashed down off the coast of Florida.
Musselman used 10% of her pay to purchase additional shares during the two years she worked at SpaceX and said that while she’s unsure of how quickly she’ll look to sell, saying it’ll likely be “an 11th-hour decision.”
She wants to use the money to help her start a ship repair business in Chesapeake, Virginia, saying that, “Mariners are not usually stock owners in their companies, they’re not always under benefits.”
Tom Mueller, who was hired as SpaceX’s first employee in 2002 and led projects including the Merlin Engine that powers the Falcon 9 rocket, the Raptor Engine that powers Starship and other key propulsion systems, told FOX Business’ “The Claman Countdown” on Thursday that the IPO would be life-changing for employees.
“Elon always said that ‘Your salary is one thing, but it’s the equity that’s gonna be worth something.’ And we are all like, ‘Yeah, okay someday,’” Mueller said. “That day is here. It’s great.”
Johnson & Johnson is betting big on America, crediting Trump tax policies, top talent and a strong investment environment for inspiring a $55 billion U.S. investment push that spotlights growing confidence in U.S. manufacturing.
“We have the best talent, we have the best investment environment and, very importantly, we have now the tax policy enacted with this administration that has enabled us to be competitive,” CEO Joaquin Duato said on FOX Business’ “Mornings with Maria” on Tuesday.
“We’re playing with a hand tied to our back compared to companies that were domiciled outside of the U.S.”
“Now we can create high-skilled jobs, we can invest in America, and we can be competitive,” he added.
Prime Minister Mark Carney says he’s seen a copy of the preliminary deal struck between the U.S. and Iran to end hostilities in the Middle East and is calling it a “game changer.”
“I have to say, it’s exceeded my expectations. We’re very pleased with the deal that’s been struck,” the prime minister said in an interview with CNN’s Kaitlan Collins on the sidelines of the G7 summit in France.
The precise terms of the deal haven’t been made public, and Carney didn’t say specifically how he came across the copy he reviewed other than “sources.” He also didn’t address criticism of the deal, namely that negotiations didn’t include Israel or Hezbollah.
U.S. President Donald Trump is also attending this week’s G7 summit, and Carney said Iran was a top priority for himself and other world leaders.
Officials have sometimes offered contradictory interpretations of what’s in it. One portion of the agreement that has been publicly reported is that negotiations over Iran’s nuclear program will need to take place over a 60-day period once the deal is signed.
Carney didn’t get into too many details of what is included in the deal in the brief interview. But he told Collins that it “sets the groundwork to ensure Iran doesn’t have a nuclear weapon.”
“The Rubicon, if I can use that metaphor, has been crossed,” the prime minister said of that portion of the agreement.
Other details, including the fate of its stockpile of highly enriched uranium, will still need to be addressed during the 60-day negotiating window.
One point of the deal on which officials have offered conflicting views is how it impacts Israel’s military presence in Lebanon. Carney said the agreement offers a groundwork for “a solution in Lebanon,” but didn’t offer any further details.
Carney also said that the G7 and larger international community should have a role in ensuring the deal remains intact.
The unpublished agreement provides for the opening of the Strait of Hormuz and lifting of the blockade, according to a senior U.S. official who spoke to reporters on condition of anonymity to discuss outlines of the agreement on Monday.
The strait is a key corridor for the world’s oil supply. Typically about 20 million barrels of oil pass through the strait every day. But that supply was cut off during the 100-day conflict, sending gas prices skyrocketing.
In the past Carney has suggested Canada could help with removing mines from the strait, but he told Collins there are other aspects with which the country can assist once the deal is signed.
“One of the big lessons here is don’t be held hostage to one choke point in the global economy,” Carney said.
“In some of these cases, we can really help with that,” he said, specifically mentioning oil, gas and critical minerals.
Part of the 60-day negotiations would address the potential lifting of sanctions.
The prime minister told Collins that Canada could also help on the “financial” portions of the agreement — specifically mentioning the unfreezing of assets.
Canada’s main stock index rose to a record high on Tuesday after U.S. President Donald Trump said at the G7 summit that Washington’s deal with Tehran was moving ahead.
At 10:42 a.m. ET, the Toronto Stock Exchange’s S&P/TSX Composite index was up 40.65 points, or 0.12 per cent, at 35,316.22.
The interim agreement would extend a tenuous ceasefire announced in April by another 60 days and reopen the Strait of Hormuz, which has been effectively blocked since February, after U.S.-Israeli strikes against Iran.
“The Middle East conflict deal is definitely supporting markets, and the rally is based on hopes that a final signing will happen, but it is more of a memorandum of understanding, not an official document, with key details still to be discussed,” said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
The materials index, which includes stocks of metal miners, was up 2.2 per cent, leading gains on the resource-heavy TSX. SSR Mining, NovaGold Resources and Seabridge Gold rose between 5.6 per cent and 10.2 per cent.
Mining stocks were also supported by a rise in gold prices as expectations of interest rate hikes from the U.S. Federal Reserve this year eased, following news of the interim U.S.-Iran deal.
Heavyweight financials rose 0.4 per cent, adding to gains.
Six of the 10 TSX sectors were in the green, with the energy sub-index being the biggest drag, down 0.8 per cent, after oil prices fell to a three-month low on the prospect of renewed supplies against weak physical demand.
“The price of oil is falling quite rapidly and if there is some sort of deal, I anticipate it going back to where it was before the conflict,” Small said.
Meanwhile, Canadian home sales rose 5.5 per cent in May, making up some ground after a slow start to the typically active spring market, and prices edged lower, data from the Canadian Real Estate Association showed.
Apparel maker Gildan Activewear (GIL-T -23.80%decrease) fell 5.1 per cent after Jehoshaphat Research said it is shorting the stock.
The blue-chip Dow touched an intraday record high on Tuesday as oil prices slid further on optimism around a U.S.-Iran peace deal, while SpaceX surpassed Amazon’s market value to become the fifth-most valuable U.S. firm.
Shares of SpaceX climbed almost 9.5 per cent, helping the company overtake Amazon’s market value.
The Elon Musk-led company said it would acquire software firm Anysphere for US$60 billion in a bid to ramp up its presence in the enterprise AI market.
Memory chip stocks rose, with Western Digital and Seagate Technology adding 9 per cent and 6 per cent, respectively.
Still, the S&P tech index was down 0.5 per cent after a sharp rally in the previous session.
Seven out of 11 major S&P 500 sector indexes moved higher as investors rotated into economically sensitive pockets of the market. Financial shares led gains with a 1.1 per cent rise.
Goldman Sachs gained 1.3 per cent, aiding the Dow, while JPMorgan and Bank of America added 1.8 per cent and 1.2 per cent, respectively.
The energy index lost 0.4 per cent as oil prices dropped to nearly a three-month low.
U.S. stocks rallied in the previous session after U.S. President Donald Trump said a preliminary agreement to end the conflict had been signed.
Still, doubts swirled around the deal as shippers said it could take weeks for confidence to return after any reopening of the Strait of Hormuz.
Markets will next turn to the Federal Reserve’s monetary policy decision on Wednesday.The central bank is widely expected to hold interest rates at the 3.50-3.75 per cent range, with investors closely watching Warsh’s comments on inflation, unemployment and the economic outlook.
“All eyes are on Warsh’s press conference, guidance and expectations for the market. But given the (U.S.-Iran) deal seems to be inked he has a little bit more latitude to be balanced,” said Thomas Hayes, chairman at Great Hill Capital.
“Historically, the market gets tested with a new Fed chair in the first year or so. There’s usually some market volatility.”
Inflation, in particular, is stuck more than a percentage point above the Fed’s 2 per cent target, and Warsh’s characterization of whether and when it is likely to fall will be a key first step in the evolution of monetary policy under his leadership.
Traders see a 42 per cent chance of a 25-basis-point rate hike in December, as per CME Group’s FedWatch tool, with rate cuts seen coming only after mid-2027.
The Dow Jones Industrial Average rose 360.77 points, or 0.70 per cent, to 52,031.80, the S&P 500 gained 7.49 points, or 0.10 per cent, to 7,561.78 and the Nasdaq Composite gained 35.07 points, or 0.13 per cent, to 26,719.01.
The benchmark S&P 500 was also near early June record highs after a slump driven by concerns about high valuations in the technology sector and the U.S.-Iran conflict.
Qualcomm rose 3.6 per cent after the Information reported that the chipmaker was in talks to acquire AI chip startup Tenstorrent for US$8 billion to US$10 billion.
Robinhood was up 1.1 per cent as the trading platform said it would cut 10 per cent of its full-time workforce and close remaining open roles.
Shares of SpaceX climbed on Monday, their first full day of trading after jumping 20% in their debut on Friday.
SpaceX completed the biggest IPO in history, raising $75 billion before underwriters exercised their overallotment.
CEO Elon Musk posted on X on Sunday that the company “might be able to reach approximately” $1 trillion revenue in 2030, up from $18.7 billion last year.
SpaceX shares climbed 20% on Monday, the first full day of trading following a record-breaking debut last week on the Nasdaq.
Roughly 244 million shares changed hands. Trading volume on Friday topped 500 million shares, approaching Facebook’s debut in 2012, when close to 580 million shares were traded.
SpaceX on Friday saw its stock closing at around $161 after being priced at $135 per share. That put the company’s market capitalization above $2 trillion, after the biggest initial public offering in history. The stock added about $31 on Monday to close at $192.50.
Elon Musk, CEO of SpaceX, posted on X on Sunday that the company “might be able to reach approximately” $1 trillion revenue in 2030.
“And I would be surprised if revenue is not greater than $1T in 2031,” Musk added in a follow-up post.
SpaceX reported $18.7 billion in revenue in 2025.
Musk’s space company operates the Starlink satellite internet service and a fleet of reusable rockets. In February, Musk merged the company with his artificial intelligence startup xAI. SpaceX lost nearly $5 billion in 2025 and the blockbuster IPO has sparked debate over whether the company’s huge valuation is justified.
Statistics Canada says manufacturing sales rose 4.2 per cent to $77.1-billion in April, as the petroleum and coal product group hit a record high.
Petroleum and coal product sales jumped 22.6 per cent to $11.8-billion, following a 25.5 per cent increase in March, helped by higher volumes as several refineries ramped up production after maintenance shutdowns.
Total manufacturing sales in constant dollars rose 1.8 per cent in April.
In a separate report, Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.6 per cent to $89.3-billion in April.
The building material and supplies subsector was up 4.3 per cent at $12.7-billion, while the mineral, ore and precious metal industry group rose 15.7 per cent to $1-billion.
In volume terms, wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, fell 0.3 per cent in April.
