Canadian Prime Minister Mark Carney is expected to announce a major new defence and security investment plan on Monday that will help Canada reach NATO's target of spending 2% of its GDP on the military this fiscal year, according to two senior government sources cited by The Globe and Mail.

The plan, which involves billions in additional spending, would not only meet NATO's 2% goal by March 2026 but is expected to surpass it in the following years.

Currently, 22 of NATO's 32 member countries meet the 2% defence spending goal. As of 2024, Canada was one of the lowest contributors, based on NATO's own data.

According to the report, the new plan will include better salaries for Canadian Armed Forces members, new aircraft, military vehicles, ammunition, drones, and improved surveillance technology for monitoring the Arctic and sea floor.

Reuters has not independently confirmed the report, and Canada’s Prime Minister's Office has not yet commented.

The announcement would come just ahead of a major NATO summit on June 24–25. Last month, NATO Secretary-General Mark Rutte proposed raising the spending target even higher, to 3.5% of GDP for defence and an additional 1.5% for broader security, responding to U.S. President Donald Trump's call for a total 5% commitment.

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