Dear John,

As 2025 comes to a close, I want to personally thank you for supporting the Fraser Institute.

We rely entirely on charitable contributions from Canadians like you. We accept no government funding.

Your support is what allows us to share the real facts about government spending, economic performance, health care, climate policy, and more, so that Canadians can hold their governments accountable.

Take the new Prime Minister’s first budget, tabled last month.

It builds on the same big-government legacy of his predecessor. Despite promises of fiscal prudence, the plan increases federal involvement in the economy, and accelerates borrowing.

This year’s deficit is projected at $78 billion – $36 billion higher than the previous forecast.

By 2029, total federal debt will hit $2.9 trillion dollars. Annual interest payments alone will reach $55 billion – more than the federal government collects from the GST!

And for what? Even the government’s own projections show this spending will have no impact on economic growth.

Our team responded quickly – publishing seven major commentaries across the country, including in the Sun newspapers and the Globe and Mail. Millions of Canadians saw our analysis online and on social media.

We also exposed the ongoing failure of Ottawa’s “green economy” strategy.

According to our recent study, governments have spent $158 billion on green initiatives over the past decade – and created only 68,000 jobs. That’s more than $2.3 million per job!

And after all that spending, the green economy grew only marginally: from 3.1% of GDP, to 3.6%.

There is no other way to put it: after a decade of policy interventions, the results show Canada’s “clean economic transition” has been a complete and utter failure.

We also took a hard look at the state of our health-care system.

Our latest international comparison ranked Canada third highest in spending among 31 developed countries with universal health care, but our outcomes are among the worst.

Canada ranks near the bottom for doctors, hospital beds, MRI and CT scanners – and we have the longest wait times of any country that tracks them.

This study received widespread media coverage across the country, including online, print, radio, and TV.

We also released new research on housing affordability.

Mortgage payments for a typical home now exceed 50% of after-tax income in over 60% of Canadian cities.

Instead of addressing the root causes – like red tape, taxes on homebuilders, and poor immigration planning – Ottawa created a new federal agency to become a housing developer.

Its name? “Build Canada Homes.”

Its plan? Spend big, set no targets, and hope for the best.

We are also proud to be informing the global climate conversation.

Senior Fellow Ross McKitrick co-authored a major new report for the U.S. Department of Energy. The findings challenge many claims made by activists and politicians – and will likely shift the climate debate.

As U.S. Secretary of Energy Chris Wright summarized it:

“Climate change is real, and it deserves attention. But it is not the greatest threat facing humanity.”

That same sentiment is reflected in our popular essay series Hot Air and Cold Truths by Dr. Bjorn Lomborg, who reminds us that exaggerated claims lead to exaggerated spending – often with little impact.

This work matters.

And it is making a real difference.

Thanks to your support in 2025, the Fraser Institute:

• Reached millions of Canadians with fact-based policy research
• Generated over 29,830 media mentions – more than 80 every single day
• Published 7,390 op-eds in newspapers across the country
• Engaged over 66 million people through our social media channels
• Attracted over 3.6 million unique visitors to our websites

These are results that people like you made possible.

If you have already donated this year, thank you.

If you have not yet made your gift – or would like to top it up before year-end – please consider donating today.

Remember: donations received by December 31 will be eligible for a 2025 charitable tax receipt.

Thank you again for your continued support.

On behalf of all of us at the Fraser Institute, I wish you and your family a joyful holiday season and all the best in 2026.

Sincerely,

Niels Veldhuis
President
The Fraser Institute