Claims Canada has pledged $500 billion to Ukraine are false

Firefighter clear debris from a balcony at a residential building damaged after a Russian attack in Kyiv, Ukraine, Saturday, May 24, 2025. Social media posts have falsely claimed Canada pledged $500 billion to help Ukraine rebuild. The $500 billion figure likely comes from the International Monetary Fund's estimate of Ukraine's total reconstruction and recovery costs over the next decade. THE CANADIAN PRESS/AP-Alex Babenko

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Since the Russian invasion of Ukraine in 2022, Canada announced more than $4 billion in military support for Ukraine. In May, social media posts claimed Canada pledged $500 billion to help its ally rebuild. These claims are false. Canada's total military support for Ukraine was around $4.5 billion in January 2025, according to the federal government. ´ºÉ«Ö±²¥found no evidence of a $500 billion pledge to Ukraine, but there is evidence to suggest the online claims confused the figure with a similar amount from a report estimating Ukraine needs $500 billion over the next decade to rebuild from the war. 

THE CLAIM

Ahead of the inaugural mass for the newly elected Pope Leo XIV, Prime Minister Mark Carney , including its intention to continue to provide military and financial support to its European ally. 

Online claims about Canada's monetary support for Ukraine appeared on social media in May, with some users claiming Canada pledged $500 billion to help the country rebuild. 

"So your finance minister has pledged $500 billion … of taxpayer dollars to rebuild Ukraine," with more than 250,000 plays. 

Another TikTok user of Finance Minister François-Philippe Champagne's May 20 press conference ahead of a G7 finance ministers' meeting with the caption, "Canada pledges $500 billion to rebuild Ukraine." The video received more than 90,000 plays. 

Similar claims spread on Facebook, in a with more than 6,000 views, , formerly Twitter, with more than 4,000 likes. 

RATING: False 

During his , Champagne didn't say Canada would pledge $500 billion to Ukraine.

He said the reconstruction effort in Ukraine would amount to more than US$500 billion over a decade. 

Standing next to the Minister of Finance of Ukraine, Sergii Marchenko, Champagne said they talked about how Canada could help Ukraine build a pension system and invite private investment for reconstruction efforts, among other topics. 

At no point during the 25-minute press conference did Champagne pledge $500 billion to Ukraine.

When Champagne brought up the figure, he referred to a report by "the IMF," or International Monetary Fund. 

The IMF is the financial agency of the United Nations, which about Ukraine's reconstruction costs with the government of Ukraine, the World Bank and the European Commission in February. 

The report estimated total reconstruction and recovery costs in Ukraine could reach around US$524 billion, or about C$722 billion, over the next decade. 

One of the highest estimated reconstruction costs belongs to the energy and transport sector at around US$146 billion. Champagne said he and Marchenko talked about how Canada could help support Ukraine's energy infrastructure, but he did not make any funding announcements. 

Canada's latest monetary pledge to Ukraine was in January, with former defence minister Bill Blair in military assistance. A ´ºÉ«Ö±²¥ Press fact check debunked false claims that amount wasn't approved by Parliament. 

According to the federal government, in military support for Ukraine since Russia invaded in 2022. 

A keyword search of the government's website and Google showed no evidence of a $500 billion pledge to Ukraine from Canada. 

When asked about whether financial support for Ukraine would be reflected in the federal budget in the fall, Champagne wouldn't mention specific numbers.

"I'm not going to comment on what might be in the budget coming in the fall, but what I would say as a general statement … the kind of support that you have seen Canada providing to Ukraine will continue," he said.   

SOURCES

Prime Minister Carney meets with President of Ukraine Volodymyr Zelenskyy. Prime Minister of Canada press release via Government of Canada . May 17, 2025 ()

Claims posted to TikTok May 21, 2025 () and (), May 21, 2025 (, ) and May 22, 2025 ()

François-Philippe Champagne speaks with reporters as G7 finance ministers’ summit begins. cpac, via . May 20, 2025 (, )

Updated Ukraine Recovery and Reconstruction Needs Assessment Released. Press release via World Bank . Feb. 25, 2025 ()

Defence Minister Bill Blair commits $440 million in military assistance to Ukraine. Press release via Government of Canada . Jan. 9, 2025 ()Ìý

Marissa Birnie. Canada's $440 million Ukraine aid package was approved by Parliament, despite claims to the contrary. ´ºÉ«Ö±²¥Fact Check website. Jan. 24, 2025 ()

´ºÉ«Ö±²¥ donations and military support to Ukraine. Government of Canada . Accessed May 27, 2025 ()

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