Summary: Federal Budget 2025

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Summary: Federal Budget 2025

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Budget fédéral canadien

Published on November 5, 2025

• 1 min read

The budget emphasizes long-term capital investment over routine operating costs, with priorities including clean energy, critical minerals, housing, innovation and national security.

It introduces $32.5 billion in new capital spending over five years while targeting $60 billion in savings, and projects a balanced operating budget by 2028–29. As a result of the proposed measures, the federal deficit is expected to rise to $78.3 billion in 2025–26 before gradually declining.

The budget introduces several notable tax measures, including immediate expensing for eligible manufacturing and processing buildings, an increased expenditure limit under the Scientific Research and Experimental Development (SR&ED) program, and expanded clean economy tax credits. The budget also proposes significant updates to Canada’s transfer pricing rules, while leaving federal personal and corporate tax rates unchanged.

Additional measures aim to streamline the tax system, such as adjustments to qualified registered savings plans and broader anti-avoidance provisions related to the 21-year trust rule. The budget also removes certain taxes, including the Underused Housing Tax starting in 2025 and the luxury tax on specified aircrafts and vessels.

Learn more about these measures here.

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