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ARTICLE · 11 NOVEMBER 2025

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Budget 2025: Building Canada's Strength

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On November 4, 2025 (Budget Day), the Honourable François-Philippe Champagne, Finance Minister, delivered the 2025 federal budget titled, "Canada Strong" (Budget 2025), the Liberal Party's first federal budget under Prime Minister Mark Carney.

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Cassels Brock & Blackwell LLP
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Introduction

On November 4, 2025 (Budget Day), the Honourable François-Philippe Champagne, Finance Minister, delivered the 2025 federal budget titled, "Canada Strong" (Budget 2025), the Liberal Party's first federal budget under Prime Minister Mark Carney.

The Federal Government (Government) announced its desire to maintain its global economic position as part of its release. Although Budget 2025 did not amend federal corporate or personal tax rates under the Income Tax Act (Canada) (Tax Act) certain tax measures were announced, including the following:

  • Introducing a productivity super-deduction and enhancing the Scientific Research and Experimental Development program, driving growth and innovation;

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