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2025 Federal budget – November 4, 2025

Explore the findings of PwC Canada’s federal budget analysis

On November 4, 2025, the Minister of Finance and National Revenue, François-Philippe Champagne, presented the federal government’s budget—a roadmap for how Canada plans to navigate economic uncertainty and position the country for long-term growth. The budget signals the government's priorities and sets the tone for collaboration between the public and private sectors in shaping Canada's economic future.

This collaboration is critical as Canada works to transform its economic foundation. Businesses are reinventing and turning disruption into value creation. Harnessing technologies such as artificial intelligence to boost productivity. Connecting sustainability to growth. All while building the trust needed to power Canada’s way forward. This requires unlocking massive amounts of public and private capital to reconfigure the economy and help companies capture a share of the trillions of dollars worth of value in motion.

Key priorities include accelerating homebuilding and improving housing affordability through funding and policy tools. The budget also supports investments in artificial intelligence and other emerging technologies to transform traditional industries. The government is simultaneously working to strengthen Canada's defence capabilities—rethinking procurement, enhancing industry partnerships, and building domestic capacity. At the same time, new infrastructure investments aim to further unlock Canada’s natural resources, including its supply of critical minerals. Elsewhere, the budget also aims to reinvigorate consumer confidence at a time when many Canadian consumers are considering cutting back to save money.

Read more about the tax initiatives proposed in the budget in our in-depth Tax Insights and register for our webinar on November 6.

2025 provincial and territorial budgets

The release dates for provincial and territorial budgets are noted. If the budget announces significant tax measures, we will also prepare a Tax Insights publication to summarize them. 

Alberta
February 27, 2025 • Tax Insights                              
British Columbia
March 4, 2025 • Tax Insights
Manitoba
March 20, 2025 • Tax Insights
New Brunswick
March 18, 2025
canada-flags-nl.png Newfoundland and Labrador
April 9, 2025
Northwest Territories
February 6, 2025
Nova Scotia
February 18, 2025 • Tax Insights
Nunavut
February 24, 2025
Ontario
May 15, 2025 • Tax Insights
Prince Edward Island
April 10, 2025                                      
Quebec
March 25, 2025 • Tax Insights
Saskatchewan
March 19, 2025
Yukon
March 6, 2025

Beyond the budget

Unlock value in motion (*recorded November 6, 2025)

Past Federal, Provincial and Territorial budgets

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Sabrina Fitzgerald

Sabrina Fitzgerald

National Tax Leader, PwC Canada

Neil Manji

Neil Manji

National Director connect program leader National Energy, Utilities, and Resources & Industrials and Services leader, PwC Canada

Tel: +1 416 687 8130

Chris  Mar

Chris Mar

Partner, AI, Tech, and Data Markets Leader, PwC Canada

Tel: +1 416 687 8125

Colin Mowatt

Colin Mowatt

Partner, Tax Policy Leader, PwC Canada

Tel: +1 416 723 0321

Fred Cassano

Fred Cassano

Partner, National Real Estate Leader, PwC Canada

Tel: +1 905 418 3469

Johanne Mullen

Johanne Mullen

Partner, Deals, National Leader - Real Assets, PwC Canada

Tel: +1 514 501 0304

Laura Wood

Laura Wood

Partner, Government and Public Sector; Global Defence Leader, PwC Canada

Tel: +1 416 500 5623

Mikaela McQuade

Mikaela McQuade

Partner, Economics and Policy, PwC Canada

Tel: +1 647-302-5781

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