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Canada Federal budget 2025: Tax Changes, Incentives and Reforms
What the 2025 Federal budget means for Canadian businesses
Federal budget 2025: highlights and economic priorities
In Canada, businesses are entering into a new era of uncertainty. New national leadership at home — and in the United States — is reshaping everything from supply chains and procurement to operating models, tax structures and sustainable growth. In times of disruption, leaders should seize the opportunity to build enterprise resilience, drive transformation and reframe their organizations’ future.
- How can you realize tomorrow’s opportunities today?
- Stay current with the latest federal leadership updates, provincial budgets and fiscal policies.
- Map out scenarios to understand how policy and political changes may impact your business.
- Connect modelling and planning to adapt operations in the short term and build enterprise resilience for the future.
Turn ambiguity into opportunity. Explore our insights today.
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The long-anticipated federal budget arrives amid a large deficit, economic uncertainty and global trade disruption, with new spending already announced and more likely needed to counter lingering cost-of-living pressures Canadians face. Businesses should watch for productivity-focused investments, including nation-building projects, tax competitiveness measures in the face of the One Big Beautiful Bill in the US, and support for housing, health care and climate sector priorities.
Albert Anelli
EY Canada Managing Partner, Tax
Provincial and territorial budget updates
Explore tax incentives, credits, innovation drivers and other measures announced in this year’s budgets to carve out a competitive edge. Read our provincial and territorial budget analyses here.
Northwest Territories budget — 7 February 2025
Nova Scotia budget — 18 February 2025
Nunavut budget — 24 February 2025
Alberta budget — 27 February 2025
British Columbia budget — 4 March 2025
Yukon budget — 6 March 2025
New Brunswick budget — 18 March 2025
Saskatchewan budget — 19 March 2025
Manitoba budget — 20 March 2025
Quebec budget — 25 March 2025
Newfoundland and Labrador budget — 9 April 2025
Prince Edward Island budget — 10 April 2025
Ontario budget — 15 May 2025
2025 Canada tax changes: deductions, credits and incentives
Latest Tax Alerts - Canada
Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian businesses.
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TaxMatters@EY Updates
Your monthly Canadian summary of recent tax news, case developments, publications and more.
Trending topics on the Federal budget
On 3 June 2025, Bill C-2, Strong Borders Act, received first reading in the House of Commons. Bill C-2 proposes to amend a wide variety of legislation to secure Canadian borders, combat transnational organized crime and stop the flow of illegal fentanyl.
Canada: Surtax on steel, short supply consultations and DST rescinded
On 27 June 2025, Canada introduced a 50% surtax on imports of steel goods, which is intended to address the risk of trade diversion from third countries. On 2 July 2025, Canada initiated its consultation with Canadian producers on their ability to produce certain products. Finally, as previously reported, on 29 June 2025, Canada announced it has halted collection of the digital services tax imposed under the Digital Services Tax Act and that it will soon introduce legislation to rescind the tax.
CBSA issues its July 2025 trade compliance verification list update
The Canada Border Services Agency (CBSA) released the July 2025 update of its trade compliance verification priorities list, emphasizing continued efforts to ensure proper compliance with Canadian trade laws.
Canada announces additional support for the Canadian steel sector
On 16 July 2025, Canada introduced measures to stabilize the domestic steel market and address trade diversion in the wake of tariffs imposed by the United States (US) on imports of steel and aluminum goods.
Trending questions on the Canadian Federal budget
Meet our EY Canada Tax and Policy team
Let’s talk possibility. Reach out to our team to explore what policy and political changes mean for your business now, and how you can channel change into long‑term value.