The Honourable François-Philippe Champagne, Minister of
Finance and National Revenue, tabled the Liberal government's
ninth budget on November 4, 2025. Budget 2025 is the first budget
released by Prime Minister Carney after he became Canada's
prime minister and led the Liberals to re-election this spring. It
also marks the first budget to be released in the fall instead of
the spring, pursuant to Prime Minister Carney's plan to
permanently change the timing of the federal budget's
release.
The Liberal party is a minority government that, on its own, is
currently just shy of the votes it will need to pass Budget
2025.
Budget 2025 includes proposals to amend Canada's transfer
pricing regime, initially signalled in Budget 2021 and similar,
though not entirely identical, to proposals in a 2023 consultation
paper. Budget 2025 also provides general economic and fiscal
information and projections, as well as updates on some previously
announced tax measures and the
