Canada, under pressure to spend more on its military, vowed on Monday to boost funding for the armed forces and hit NATO's 2% military spending target this fiscal year, five years earlier than promised.

Carney emphasized that Monday's announcement means Canada will hit the NATO spending target "half a decade ahead of schedule," as he had promised to meet the threshold by 2030 during the election campaign.

Saying that the era of the United States' dominance on the world stage is over, Prime Minister Mark Carney committed his government on Monday to meeting the NATO benchmark target of two per cent of the country's gross domestic product by the end of the current fiscal year in March.