He succeeds Justin Trudeau who announced his resignation in January after nearly a decade in power and following dwindling support over the past year.
The ruling Liberal Party overwhelmingly backed Carney to replace Trudeau, hoping the technocrat's experiences, leading two central banks through historic crises, will reassure a population who are facing a potentially devastating trade war.
The swearing-in ceremony will take place at 11:00 am (1500 GMT) in Ottawa and be administered by the governor general, a representative of King Charles III.
A political novice at age 59, who has never been elected to public office, Carney had promised a "seamless and quick" transition.
But he steps into office as US President Donald Trump imposes sweeping import tariffs and repeatedly taunts to annex the country as the 51st state of the United States.
"So the Americans, they should make no mistake, in trade as in hockey, Canada will win," he said in his acceptance speech for the Liberal Party leadership last week.
"Canada never ever will be part of America in any way, shape or form," he said, striking a defiant tone towards the United States. "That is never going to happen," he said.
He said on Wednesday that he was "ready to sit down" with 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 this week. Canada hit back with retaliatory tariffs on US goods.
Carney was an investment banker at Goldman Sachs before serving as governor of both the Bank of Canada, during the 2008-2009 financial crisis, and the Bank of England through the uncertainty that surrounded the Brexit vote.
He has sought to present himself as purpose-built to lead a country rocked by a trade war with a southern neighbor and once the most solid ally - a country Carney says Canada can "no longer trust".
But he may not have the job for long.
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