Opinion
Tuesday-night Trudeau

Justin Trudeau at Gatineau Airport, Oct 24 – Photo by PW
Posted with permission from Paul Wells
Justin Trudeau in a hangar, before the comeback, if there’s going to be one
If Justin Trudeau’s historic comeback happens, it will start sometime after Tuesday night, when he spoke to a Liberal Party of Canada fundraiser at the one-runway Gatineau Airport, 21 minutes’ drive from Rideau Cottage on the Quebec side of the river.
The prime minister is two months short of his 52nd birthday. Brian Mulroney was not quite 54 when he became the youngest undefeated prime minister, so far, to announce his retirement from politics. This is the sort of week when I look up numbers like that.
The polls since summer haven’t been kind to the Liberals. I have readers who get cross with me when I mention polls, but I cover the most polling-obsessed government in Canada’s history, and I must decline requests to unilaterally disarm.
Trudeau and his ministers do fundraisers all the time, as do the leaders and prominent MPs in other parties. The only difference on Tuesday was that I went to watch. After some embarrassing early headlines about fundraisers soon after the 2015 election, the Liberal Party changed its rules to increase transparency in fundraising. Now reporters get advance notice whenever Trudeau will be speaking at a fundraiser. I wanted to see what Trudeau says at such things these days, precisely because they’re routine events. Hearing how the prime minister talks to friendlies on a Tuesday night near home was, perhaps, the closest I could get to hearing how he talks to himself.
This event was a fundraiser for Gatineau MP Steven MacKinnon, a former Liberal Party national director who is serving as the government’s house leader while Karina Gould is on maternity leave. Two cabinet ministers were on hand too, Jean-Yves Duclos and Anita Anand. An organizer told the audience he’d been asked to get a smallish crowd out, “a good 50 or so;” since 67 people bought tickets, he was pretty pleased. The party had announced a ticket price up to $1,500. The crowd was of the sort that routinely gets described as overwhelmingly white and male when it’s a Conservative event, which means it was overwhelmingly white and male, but Liberal.
Trudeau spoke for twelve minutes. He opened by saying nice things about MacKinnon and thanked the two cabinet ministers. Poor Duclos thought he was just out to socialize, Trudeau joked, but Duclos is the minister of public services and procurement, “and around here we talk about a bridge.” Gales of laughter from the crowd. The riding association guy had also mentioned a bridge. There has been endless talk about a sixth bridge between Ottawa and Gatineau; neighbours near the various possible routes are leery, but a lot of people hope a new bridge would improve traffic flow, which often includes bumper-to-bumper heavy trucks on ordinary streets through the middle of Ottawa. A lot of the people who want the bridge the most run businesses. Judging from the PM’s choice of comic patter, they won’t have to wait long.
Trudeau thanked the crowd for coming out. “I know very well that everyone has plenty of choices for the various activities they could undertake on a Tuesday night in the month of October,” he said. This may have flattered the selection of fun activities in Gatineau on a Tuesday.
“You chose to come participate in a democratic event,” Trudeau continued. This was an instinct he could only applaud: “We know very well these days that it’s not always very motivating to get involved in politics. To raise your hand and say, ‘No, no, no, I want to participate in our democracy in an active and involved way. To take part in the conversations we’re having as a country in these difficult moments.’”
Trudeau contrasted this positive spirit with what certain other people, so far unnamed, like to do. “It’s very easy to point our finger at politicians, to complain about inflation or the pandemic or interest rates or labour shortages or housing or all these issues. It’s very easy, and many people decide to turn toward anger, anxiety, fear or division. Because it really pays over the short term, in politics, to rely on fear and division. But it’s so much more important to have a responsible, sensible approach, anchored in shared values. To try to bring us together rather than to divide us in an attempt to win a few points in the polls.”
One sensed an emerging central theme of contrast. “Your choice to come tonight to this Liberal event is enormously touching to me,” Trudeau said. “Because for eight years now, we’ve tried to be a government that stayed rooted in real things. In facts. In shared values. We bring people together rather than divide them for strategic reasons.”
Not only does his government, in his telling, think like good people, it does things good people will like.
“We manage to deliver for people. Even in extremely difficult moments like the ones we’re living through. People are struggling, because of the global context, extremely complex geopolitics that have a direct impact on pocketbooks, on groceries and rent. We have an important role to play as a government, to respond to today’s needs. That’s why we’ve made investments to help people pay their bills, to increase competition among the big grocers. We’re there to provide more daycare spaces. We’re there to help with dental care. We’re there to help with the Canada Child Benefit, which has lifted half a million children out of poverty in recent years. We’re there to create economic growth even as we fight against climate change.”
His audience for the night being mostly Quebecers and, as far as I could tell, mostly in business, the Liberal leader refined his course of general flattery to one of specific business-oriented flattery.
“I’m very proud of what we’ve been able to deliver in Quebec: Northvolt, Rio Tinto, REM… These are investments that show how much — here in Quebec where we’ve always understood that environmental protection and economic growth go together — everyone can make progress together.”
This was a pretty upbeat message, as partisan messages often are — we have the right ideas and the right results, and the other team is trying to wreck it all — but here again, as when he lamented how “not very motivating” the political life can be, Trudeau introduced a distinctly mournful note.
“As usual, it’s a bigger challenge to get this message out in the rest of Canada,” he said. At the risk of talking about polls, I couldn’t help thinking Trudeau was referring to recent pee oh ell ells that show Quebec as the only part of the country where his Liberals are in the lead. Despite big federal spending on Volkswagen ($13 billion) and Stellantis (probably more), the clean green future seems not to tempt a lot of Canadians. “It still feels far off, because the day-to-day is still difficult for many Canadians,” he said. “But we know very well that a society and a future are built step by step.…When we stay optimistic, when we’re reasonable, everything becomes possible in the future.”
This, he said, summing up, was “the political debate we’re having now…. Within two years — probably in two years — we’ll have elections.” That’s when people will get a chance to choose directions.
“Will we go back to the Conservative ways of trickle-down, cuts to social programs, advantages for the well-off in the hopes that they’ll eventually give everyone opportunity? It’s never worked and it won’t work better now.” Or would voters stick with the government Trudeau sees in the mirror? “We’re going to stay responsible but we’re going to keep investing,” he said.
Only now, at the end of his remarks, did Trudeau switch from French to English. “It’s always an incredible pleasure to spend time with people who are dedicated every day to building stronger communities and a stronger country.” And that was the end of that. The applause lasted for sixteen seconds. PMO staff led reporters out of the room — our access ends when the big guy stops talking.

A few observations on all this.
First, I’m struck by the way Trudeau narrowed down his expectation of election timing: “Within two years — probably in two years.” Probably anyone in a position of responsibility in any party would say an election could come any time, it’s wise to be ready, and so on. But in Trudeau’s mind, the supply and confidence agreement with the NDP seems likely to hold. He is not in a rush. Judgment Day isn’t until 2025.
Second, if he’s getting any advice to hit pause on carbon taxes, he sure doesn’t sound like he’s getting ready to take the advice. The heart of his case for himself is the notion that you can have clean energy and a thriving economy, and indeed that the latter depends on the former. That argument doesn’t require a carbon tax — theoretically, if you subsidize enough battery plants gasoline will become obsolete — but nothing in Trudeau’s fundraiser stump speech sounded like he was laying the predicate for a major retreat on carbon taxes.
BIG HONKING UPDATE, MINUTES LATER:
The feds have made a large announcement that shows the risks in making predictions. I quote:
“The Prime Minister, Justin Trudeau, today announced the government is moving ahead with doubling the pollution price rebate (Climate Action Incentive Payment) rural top-up rate, increasing it from 10 to 20 per cent of the baseline amount starting in April 2024. People who live in rural communities face unique realities, and this measure would help put even more money back in the pockets of families dealing with higher energy costs because they live outside a large city.
“Given the pressures faced by households and small businesses that use oil heating, the Prime Minister also announced that the government is moving ahead with a temporary, three-year pause to the federal price on pollution (fuel charge) on deliveries of heating oil in all jurisdictions where the federal fuel charge is in effect. This pause would begin 14 days from today. While the fuel charge is already returned to consumers through the pollution price rebate, this temporary pause would save a household that uses heating oil $250 at the current rate, on average, while the federal government works with provinces to roll out heat pumps and phase out oil for heating over the longer term.”
Third, and more generally, the case Trudeau was building was for more of the same. “It still feels far off, because the day-to-day is still difficult for many Canadians,” he said, which is how you talk when you’re hoping your ship comes in before people get a chance to pass judgment.
Incidentally, here I think it’s only fair to point out there’s been recent progress on files I often point to as evidence that Liberal plans never pan out. The Canada Growth Fund, the object of this newsletter’s first post, made its first investment this week, a $90 million equity play in a Calgary geothermal energy company. The Canada-US Energy Transformation Task Force held a second meeting. Maybe two years of process news like that will add up to an electorate that’s excited about Canada’s energy transformation. I mean, it’s possible.
Most of all, I was struck by how “more of the same” had better work for the Liberals, because if the boss has a better idea, he’s hiding it well. A leader who once ran on cost-of-living issues…
… is now running on the clean-energy future that feels tantalizingly out of reach, and lamenting his opponent’s insistence on running on cost-of-living issues. His best hunch about timing is that he has no reason to rush, and his best assessment of his work to date is that he needs to do more of it.
Liberals who feel more of a sense of urgency, futility or wasted energy will just have to get on board, I guess. The leader’s not for turning.
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2025 Federal Election
Post election…the chips fell where they fell

From William’s Substack
William Lacey
I put a lot of personal energy into this election, trying to understand why it was that Canadians so wholeheartedly endorsed Mark Carney as their new leader, despite the fact that it was the same party who caused irreparable economic harm to the economy, and he has a similar philosophical outlook to the core outlook of the party. I truly believe that we have moved to a phase in our electoral process where, until something breaks, left leaning ideology will trump the day (pun intended).
Coming out of this election I have three questions.
1. What of Pierre Poilievre? The question for Conservatives is whether the wolves feed on the carcass of Poilievre (in my opinion the worst enemy of a Conservative is a Conservative) and initiate the hunt for a new leader (if they do, I believe the future should be led by a woman – Melissa Lantsman or possibly Caroline Mulroney), or does Poilievre move to Alberta and run for a “safe” seat to get back into the House of Commons, change his tone, and show people he too can be Prime Ministerial? His concession speech gives clues to this.
2. What of Mark Carney? Maybe (hopefully) Carney will see the light and try to bring the nation together, as there is an obvious east-west split in the country in terms of politics. Time will tell, and minority governments need to be cautious. Will we have a Supply and Confidence 2.0 or will we see olive branches extended?
3. What of the House of Commons? As I have mentioned previously, there has been discussion that the House of Commons may not sit until after the summer break, meaning that the House of Commons really will not have conducted any business in almost a year by the time it reconveens. If indeed “we are in the worst crisis of our lives” as Prime Minister Carney campaigned on, then should we not have the House of Commons sit through the summer? After all, the summer break usually is for politicians to go back to their ridings and connect with their constituents, but if an election campaign doesn’t constitute connecting, what does?
Regardless, as the election is behind us, we now need to see what comes. I will try to be hopeful, but remain cautious. May Canada have better days ahead.
Thanks for reading William’s Substack!
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Banks
TD Bank Account Closures Expose Chinese Hybrid Warfare Threat

From the Frontier Centre for Public Policy
Scott McGregor warns that Chinese hybrid warfare is no longer hypothetical—it’s unfolding in Canada now. TD Bank’s closure of CCP-linked accounts highlights the rising infiltration of financial interests. From cyberattacks to guanxi-driven influence, Canada’s institutions face a systemic threat. As banks sound the alarm, Ottawa dithers. McGregor calls for urgent, whole-of-society action before foreign interference further erodes our sovereignty.
Chinese hybrid warfare isn’t coming. It’s here. And Canada’s response has been dangerously complacent
The recent revelation by The Globe and Mail that TD Bank has closed accounts linked to pro-China groups—including those associated with former Liberal MP Han Dong—should not be dismissed as routine risk management. Rather, it is a visible sign of a much deeper and more insidious campaign: a hybrid war being waged by the Chinese Communist Party (CCP) across Canada’s political, economic and digital spheres.
TD Bank’s move—reportedly driven by “reputational risk” and concerns over foreign interference—marks a rare, public signal from the private sector. Politically exposed persons (PEPs), a term used in banking and intelligence circles to denote individuals vulnerable to corruption or manipulation, were reportedly among those flagged. When a leading Canadian bank takes action while the government remains hesitant, it suggests the threat is no longer theoretical. It is here.
Hybrid warfare refers to the use of non-military tools—such as cyberattacks, financial manipulation, political influence and disinformation—to erode a nation’s sovereignty and resilience from within. In The Mosaic Effect: How the Chinese Communist Party Started a Hybrid War in America’s Backyard, co-authored with Ina Mitchell, we detailed how the CCP has developed a complex and opaque architecture of influence within Canadian institutions. What we’re seeing now is the slow unravelling of that system, one bank record at a time.
Financial manipulation is a key component of this strategy. CCP-linked actors often use opaque payment systems—such as WeChat Pay, UnionPay or cryptocurrency—to move money outside traditional compliance structures. These platforms facilitate the unchecked flow of funds into Canadian sectors like real estate, academia and infrastructure, many of which are tied to national security and economic competitiveness.
Layered into this is China’s corporate-social credit system. While framed as a financial scoring tool, it also functions as a mechanism of political control, compelling Chinese firms and individuals—even abroad—to align with party objectives. In this context, there is no such thing as a genuinely independent Chinese company.
Complementing these structural tools is guanxi—a Chinese system of interpersonal networks and mutual obligations. Though rooted in trust, guanxi can be repurposed to quietly influence decision-makers, bypass oversight and secure insider deals. In the wrong hands, it becomes an informal channel of foreign control.
Meanwhile, Canada continues to face escalating cyberattacks linked to the Chinese state. These operations have targeted government agencies and private firms, stealing sensitive data, compromising infrastructure and undermining public confidence. These are not isolated intrusions—they are part of a broader effort to weaken Canada’s digital, economic and democratic institutions.
The TD Bank decision should be seen as a bellwether. Financial institutions are increasingly on the front lines of this undeclared conflict. Their actions raise an urgent question: if private-sector actors recognize the risk, why hasn’t the federal government acted more decisively?
The issue of Chinese interference has made headlines in recent years, from allegations of election meddling to intimidation of diaspora communities. TD’s decision adds a new financial layer to this growing concern.
Canada cannot afford to respond with fragmented, reactive policies. What’s needed is a whole-of-society response: new legislation to address foreign interference, strengthened compliance frameworks in finance and technology, and a clear-eyed recognition that hybrid warfare is already being waged on Canadian soil.
The CCP’s strategy is long-term, multidimensional and calculated. It blends political leverage, economic subversion, transnational organized crime and cyber operations. Canada must respond with equal sophistication, coordination and resolve.
The mosaic of influence isn’t forming. It’s already here. Recognizing the full picture is no longer optional. Canadians must demand transparency, accountability and action before more of our institutions fall under foreign control.
Scott McGregor is a defence and intelligence veteran, co-author of The Mosaic Effect: How the Chinese Communist Party Started a Hybrid War in America’s Backyard, and the managing partner of Close Hold Intelligence Consulting Ltd. He is a senior security adviser to the Council on Countering Hybrid Warfare and a former intelligence adviser to the RCMP and the B.C. Attorney General. He writes for the Frontier Centre for Public Policy.
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