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Federal Budgets and Related Resources

2025 Federal Budget November 4, 2025

On October 6, 2025, the Department of Finance released Modernizing Canada's Budgeting Approach. Some points from this document:

In the House of Commons on September 16, 2025, Finance Minister Francois-Philippe Champagne announced that the Liberals will table a federal budget on Tuesday, November 4th. This was announced in a Department of Finance New Release on September 17, 2025.

2025 Federal Election April 28, 2025 - Follow the Plan

For a very helpful summary from tax expert Kim G C Moody of tax policies announced by Conservatives and Liberals, see Tax Policy Updates. This summary includes links to a more detailed summary, from which you can see links to the policies on each party's website.

See each party's costed platform (pdfs), which include a lot more proposals other than tax policy updates: Conservative Plan and Liberal Plan. Won't hurt to monitor the progress!

Federal Budgets and Economic Updates

Federal Debt

Other Budget-Related Resources

Department of Finance Budget website

Consulting with Canadians

Pre-Budget Consultations to hear from Canadians. This ended March 10, 2025.

Fiscal Updates

Prior Budgets

Department of Finance draft legislation

Parliament of Canada - Bills

House of Commons Sitting Calendar

ParlVU - Live streaming of House of Commons proceedings and public committees.  Prior videos can be viewed by going to Calendar-Day/Month and choosing a date on which the House of Commons was in session.

Hansard - official record of what is said by Members of Parliament in the House of Commons - very frustrating/disappointing to read much of the time

Fiscal Monitor - monthly reports

Fiscal Reference Tables

Consolidated Statutes and Regulations of Canada

Federal-Provincial Fiscal Arrangements Act R.S.C., 1985, C. F-8 - re equalization payments to provinces, health transfers, sales tax harmonization, etc.

Canadian Government News Releases

Department of Finance News Releases

Department of Finance Archived News Releases

Financial Data

Parliamentary Budget Officer - independent analysis to Parliament on the state of the nation's finances, the government's estimates and trends in the Canadian economy; and upon request, estimates the cost of any proposal under Parliament's jurisdiction.

Parliamentary Budget Office COVID-19 Analysis

Government of Canada Infobase - interactive data-visualization tool, information on government finances, people, and results.  Contains years worth of federal government data.

Federal Budgets & Related Legislation

2025 Legislation / Fall Budget

2024 Fall Economic Statement - December 16, 2024

2024 Federal Budget - Tuesday, April 16, 2024

2024 Legislation Subsequent to the 2024 Federal Budget

2023 Fall Economic Statement - November 21, 2023

2023 Federal Budget - March 28, 2023

2022 Federal Budget & Fall Economic Statement - November 3, 2022

2021 Economic and Fiscal Update - December 14, 2021

2021 Federal Budget - April 19, 2021

2020 Federal Budget

2020 Fall Economic Statement - November 30, 2020

2020 Economic and Fiscal Snapshot - July 8, 2020

2019 Legislative Proposals

2019 Federal Budget - March 19, 2019

2018 Fall Economic Statement - November 21, 2018

2018 and Earlier Federal Budgets

Federal Budgets, Economic Updates, Legislation

2025 Legislation / Fall Budget

Draft Legislation released August 15, 2025 - the Department of Finance is accepting comments on the draft legislative proposals until September 12, 2025.

Many of these proposals were in the 2024 Budget or 2024 Fall Economic Statement, but there have been some changes See the September 2025 Life in the Tax Lane for information on the Trust changes.

For commentary on the draft legislation see:

 - KPMG - Finance releases plethora of draft legislation

 - EY - Finance releases draft legislation for various previously announced measures and technical amendments

2025 Budget: On May 14, 2025, the Finance Minister announced that they will not be tabling a 2025 Budget, but instead would provide a fall economic statement later in the year. Not much later, they announced they would provide a 2025 Budget in the fall.

Canada Carbon Rebate for Small Businesses: A June 30, 2025 news release by the Department of Finance announced that draft legislation was issued to ensure that the Canada Carbon Rebate for Small Businesses would be tax-free. See Draft legislative proposals and explanatory notes.

Bill C-4, Making Life More Affordable for Canadians Act - Reduced Personal Tax Rate

Second reading was completed on Thursday, June 12, 2025.

Besides reducing the tax rate for the lowest bracket to 14.5% for 2025 and 14% for 2026, Bill C-4:

What difference will the tax rate reduction make? This depends on how many tax credits a person has. Tax credits are also reduced with a 14.5% or 14% tax rate. The tax reduction is highest for an individual with only the Basic Personal Amount (BPA) tax credit. The lower tax rate will cause a tax increase for those with total non-refundable personal tax credits at line 33500 that are greater than the threshold of the lowest tax bracket. It's not difficult to get up to that threshold when claiming amounts for CPP, EI, and the Canada employment amount, as well as the spousal amount, disability tax credit, and/or caregiver credits.

When the lowest federal tax rate was reduced from 16% to 15% for 2005, most non-refundable personal tax credits were increased to compensate for the lower rate.

After Alberta lowered their lowest tax rate for 2025, they introduced a "supplemental non-refundable tax credit" to compensate for the lower rate.

2024 Fall Economic Statement (FES) - December 16, 2024

Contents:

2024 Forecasts of Federal Debt, Deficits, and Annual Interest

2024 FES Personal Income Tax Measures

Exempting the Canada Disability Benefit from Tax

Canada Carbon Rebate Rural Supplement

Northern Residents Deduction Haida Gwaii

Capital Gains Rollover on Investments in Eligible Small Business Corporation (ESBC) shares

Reporting by Non-profit Organizations

2024 FES Business Income Tax Measures

Canada Carbon Rebate For Small Business

Clean Electricity Investment Tax Credit for Provincial and Territorial Crown Corporations

EV Supply Chain Investment Tax Credit

Clean Hydrogen Investment Tax Credit – Methane Pyrolysis

Scientific Research and Experimental Development Tax Incentive Program

Extension of the Accelerated Investment Incentive and Immediate Expensing Measures

Department of Finance 2024 Fall Economic Statement - on Department of Finance website.

Tax Measures: Supplementary Information

Forecasts of Federal Debt, Deficits, and Annual Interest

All amounts are in $Billions. Fiscal years end on March 31st.

Fiscal Year
Ending
Debt Deficit Annual
Interest
2024 $1,236.2 $61.9 $47.3
2025 1,281.5 42.8 53.7
2026 1,323.6 37.4 54.2
2027 1,354.6 27.9 57.6
2028 1,385.0 29.4 62.0
2029 1,412.7 23.0 66.3
2030 1,435.7 18.7 69.4

The above debt amounts are net of financial and non-financial assets. The gross federal debt (total liabilities) at March 31, 2024 is $2,057.8 billion.

2024 FES Personal Income Tax Measures Proposed

Links below are directly to the appropriate section of the FES.

Exempting the Canada Disability Benefit from Tax

The government intends to provide up to $2,400 annually for low-income working-age Canadians who are eligible for the Disability Tax Credit, beginning in July 2025. Under the Income Tax Act currently, this benefit would be included in income for tax purposes, which is used in the calculation of income-tested benefits, and then deducted again to exclude it from taxable income. The FES proposes to exempt these amounts so that they will not be reported on the tax return, so would not affect income-tested benefits.

Canada Carbon Rebate Rural Supplement

Eligibility for this supplement is proposed to be expanded. See the above link for a list of newly eligible areas for 2025-26.

Northern Residents Deduction Haida Gwaii

The FES proposes to re-classify Haida Gwaii from the Intermediate Zone to the Northern Zone, allowing residents to claim up to the maximum value of the deductions, beginning in the 2025 taxation year.

Capital Gains Rollover on Investments in Eligible Small Business Corporation (ESBC) shares

See the above link for details.

Reporting by Non-profit Organizations

Changes are proposed to reporting requirements for NPOs in order to improve transparency, for the 2026 and subsequent taxation years.

2024 FES Business Income Tax Measures

Canada Carbon Rebate for Small Businesses

The 2024 FES proposes to modify certain elements of the Canada Carbon Credit design, and to expand the tax credit to cooperative corporations and credit unions, for the 2024-25 and later fuel charge years.

Clean Electricity Investment Tax Credit for Provincial and Territorial Crown Corporations

See the above link for details.

EV Supply Chain Investment Tax Credit

The 2024 FES provides the design and implementation details of the refundable tax credit announced by Budget 2024.

Clean Hydrogen Investment Tax Credit – Methane Pyrolysis

The 2024 FES proposes to expand this refundable tax credit to include projects that produce hydrogen from the pyrolysis of natural gas and other eligible hydrocarbons.

Scientific Research and Experimental Development (SRED) Tax Incentive Program

The 2024 FES proposes to increase the expenditure limit for this refundable tax credit, and extend eligibility to eligible Canadian public corporations.

Extension of the Accelerated Investment Incentive and Immediate Expensing Measures

The 2024 FES proposes to fully reinstate the Accelerated Investment Incentive and immediate expensing measures for a 5-year period, with a 4-year phase-out after 2029. Currently these measures are to begin phasing out in 2024, and to be eliminated after 2027. The 2024 first-year allowance does not change from what was previously provided.

2024 Federal Budget - April 16, 2024

2023 Fall Economic Statement (FES) - November 21, 2023

There is no plan for a balanced budget at any time in the future. Projected Budgetary Deficits:

See Canada's debt charges are ballooning as Freeland tables a gloomy fall economic statement, which states The federal debt has doubled from $619.3 billion in 2015-16, the first year of Trudeau's government, to $1.2 trillion last year. It's expected to climb to $1.4 trillion by 2028-29.

Legislation Tabled Subsequent to the FES:

December 2023 Draft Legislative Proposals and Explanatory Notes

Bill C-59, Fall Economic Statement Implementation Act, 2023 - Royal Assent June 20, 2024

Proposed Changes to Underused Housing Tax:

Proposal to Crack Down on Non-Compliant Short-Term Rentals

Non-legislated Measure - New Canadian Mortgage Charter

Introduction of The New Canadian Mortgage Charter. This is not law and will not be enacted into law. It simply provides guidelines that Canadian financial institutions are expected to follow. Most of the rules in it are based on the Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances, from the Financial Consumer Agency of Canada.

For information on more tax measures, see Baker Tilly 2023 Fall Economic Statement: Tax Measures.

Department of Finance: 2023 Fall Economic Statement

2023 Federal Budget - March 28, 2023

2022 Federal Budget & Fall Economic Statement

2021 Economic and Fiscal Update - December 14, 2021

 - above is link to the Federal Budget website.

There was no mention of a change to the capital gains inclusion rate.

Bill C-8, An Act to implement certain provisions of the economic and fiscal update, received Royal Assent June 9, 2022, including the following measures:

Tax Measures Proposed

November 2021 Legislation Tabled

Bill C-2 An Act to provide further support in response to COVID-19 received Royal Assent December 17, 2021 with the following provisions:

Business Supports

Worker Supports

November 24, 2021 News Release re above.

 

2021 Federal Budget - April 19, 2021

 

2020 Federal Budget

The 2020 Federal Budget was scheduled to be tabled Monday, March 30, 2020, but was postponed indefinitely due to COVID-19.  However, 5 bills have been tabled, with 3 receiving Royal Assent.

2020 Fall Economic Statement - November 30, 2020

The 2020-2021 deficit is expected to reach $381.6 billion, and deficits in the billions are expected to continue until at least 2025-2026.  There is no mention of debt reduction or balanced budgets.

No changes to personal or corporate income tax were introduced.

See the Video Tax News summary of measures in the Fall Economic Statement.

For more detail, see:

Fall Economic Statement - Department of Finance

 - Full Report in pdf format - Table of Contents has hyperlinks to the topics, which is quite helpful.  Legislative proposals start at page 200.

 - Tax Measures:  Supplementary Information

 - Moodys Tax blog: Tax Announcements in the November 30, 2020 Federal Government Fall Economic Statement

Bill C-14, Economic Statement Implementation Act, 2020, was tabled on Dec 2, 2020, to implement measures announced in the Economic Statement.  See the News Release.  Bill C-14 provides for the government to increase total borrowing under the Borrowing Authority Act to $1.831 trillion.  The maximum borrowing allowed in 2018 was $1.168 trillion.

Bill C-14 received Royal Assent on May 6, 2021.

See Parliamentary Budget Officer information on The Borrowing Authority Act and Measures of Federal Debt.

TaxTips.ca Resources re Fall Economic Statement measures:

The Throne Speech was delivered on September 23, 2020, outlining in general the government proposals.  See a good summary of the proposals prepared by Video Tax News.

See information on Bill C-2 tabled September 24, 2020, which includes 3 benefits to replace CERB, as well as a provision to give the Government authority to spend up to $17.1 billion on specific measures from Oct-Dec 2020.

July 8, 2020 Economic and Fiscal Snapshot

The Economic and Fiscal Snapshot summarized all COVID-19 financial relief.  The deficit is projected to be $343.2 billion for the 2020-21 fiscal year.  There were no tax changes announced.  We've updated the estimated March 31, 2021 interest-bearing debt amount in our Federal Debt article.

2019 Legislative Proposals

Amateur Athletic Trusts

December 20, 2019 Notice of Ways and Means Motion and Explanatory Notes to extend the maturation period of these trusts from eight years to nine years.  Trusts that would mature in 2019 would now mature in 2020.

Personal Tax Credits

December 9, 2019 Notice of Ways and Means Motion and Explanatory Notes re increases for 2020 and subsequent years to the

 - basic personal amount - details of amounts in future years

 - spousal amount and

 - eligible dependant amount

These changes also automatically affect Yukon territorial income tax due to the wording of their Income Tax Act.  The Yukon government has not indicated whether they will amend their legislation so that the changes do not affect Yukon territorial tax.

The Detailed Canadian Tax and RRSP Savings Calculator for 2019/2020 has been revised to include the proposed legislation.  These proposals are subject to legislative approval.  We have included them because the Bloc have indicated they will support the minority government on this change.  We have not included the same change for the Yukon territorial income tax yet.

2019 Federal Budget March 19, 2019

2018 Fall Economic Statement November 21, 2018 - on Department of Finance website.  Main points:

    - No personal income tax changes

    - full immediate cost write-off for machinery and equipment purchased after November 20, 2018 and used in the manufacturing and processing of goods

    - full immediate cost write-off for specified clean energy equipment purchased after November 20, 2018

    - $800 million to be added to the Strategic Innovation Fund over 5 years, with $100 million to be focussed on providing support to the forest sector.

    - See November 21, 2018 Notice of Ways and Means Motion and Explanatory Notes for more details.

2018 and Earlier Federal Budgets

2018 Federal Budget February 27, 2018 and Subsequent Legislation

2017 Small Business Tax Changes - Tax On Split Income / Income Sprinkling

2018 Federal Budget - Pre-Budget Consultations - on Department of Finance website.  No end date for the consultation period has yet been announced.

2017 Fall Economic Statement October 24, 2017

2017 Federal Budget - March 22, 2017 and July 18, 2017 Proposed Tax Changes for Private Corporations

2016 Fall Economic Statement November 1, 2016 - on Department of Finance Budget website

2016 Federal Budget March 22, 2016

Legislative Proposals Prior to 2016 Budget

2015 Liberal Party Platform

2015 Federal Budget April 21, 2015

October 2014 Federal Update - new Family Tax Cut, UCCB increased, Child Tax Credit eliminated, Child Care Expense Deduction increased

2014 Federal Budget / Economic Action Plan February 11, 2014

2013 Federal Budget / Economic action plan - March 21, 2013

2012 Federal Budget - March 29, 2012 - and subsequent legislation

2011 Federal Budget - June 6, 2011

2010 Federal Budget

2009 Federal Budget - Canada's Economic Action Plan

2008 Federal Budget and 2008 Economic and Fiscal Statement

2007 Federal Budget

2006 Federal Budget

 

Revised: October 07, 2025