The swearing in was announced by the Governor General’s office on Wednesday.
The new Liberal leader had promised a seamless and quick transition as he takes over from Justin Trudeau, who announced his resignation in January after nearly 10 years in power.
On Sunday, Carney, a political novice at age 59, was elected as the new leader of the Liberal Party, winning 86 percent of more than 150,000 votes cast.
His jump into politics, after formerly heading the Bank of Canada and the Bank of England, comes at a time of trade tensions with the United States.
In his victory speech to supporters, Carney struck a defiant tone towards Washington, saying that Canada will win in trade as in hockey.
On Wednesday he said he was ready to sit down with US President Donald Trump to negotiate a renewed trade accord in a bid to avoid further economic tussling.
A 25 percent levy on steel and aluminum imports into the United States took effect earlier, and Canada hit back with retaliatory tariffs.