Earlier today, the Honourable François-Philippe
Champagne, Minister of Finance and National Revenue, delivered the
Liberal Party's first federal budget under Prime Minister
Mark Carney (Budget 2025). Budget 2025 does not propose any changes
to the personal and corporate tax rates under the Income
Tax Act (ITA), or to the alternative minimum tax imposed
under the ITA.
Budget 2025 does propose a number of tax measures which appear
intended to improve Canada's productivity and international
competitiveness. Budget 2025 also contains a number of technical
amendments to the ITA, repeals the underused housing tax and
“luxury tax” with respect to aircraft and vessels and
confirms the intention to proceed with several previously announced
measures, including the intended repeal of the Digital Services
Tax.
