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

Prime Minister Mark Carney also said Canada was likely in the future to devote a greater percentage of gross domestic product to defense, given the need to replace outdated equipment and reduce its heavy reliance on Washington.

"Now is the time to act with urgency, force, and determination," Carney said in a speech in Toronto, reiterating promises to work more closely with Europe's defense industry.