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An overview by Borden Ladner Gervais, Taxand Canada
Canada’s federal government has recently presented its 2025 Budget, emphasising increased defence spending, support for economic growth, and targeted tax reforms.
Key measures include incentives for clean technology, critical minerals, and SR&ED, reforms to personal and corporate trust rules, and the elimination of certain luxury and housing taxes. The budget modernises transfer pricing, strengthens enforcement on worker misclassification, and introduces new personal and business tax credits. It also updates GST/HST rules and defers implementation of crypto-asset reporting and the Common Reporting Standard to 2027.
Overall, the budget aims to balance high-level spending with strategic tax measures to encourage investment, compliance, and competitiveness.
Tax experts from our Canadian member firm Borden Ladner Gervais have published a detailed overview and analysis of the budget which can be read here.
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