Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, introduced Bill C-31, Budget 2025 Implementation Act, No. 2, the next legislative step to advance key Budget 2025: Canada Strong priorities.
In Budget 2025, the government outlined its plan to build Canada Strong. Since then, we have moved fast to: build the major infrastructure, homes, and industries that grow Canada's economy and create lasting prosperity; empower Canadians with better careers and a more affordable life; and protect our communities, our borders, and our way of life.
Bill C-31 builds on this momentum by introducing measures to make life more affordable and build a fairer, more integrated, and more self-reliant economy - one that creates lasting value for Canadians and stays resilient to global shocks. Those measures include:
- Delivering automatic federal benefits for low-income individuals: Automatically filing tax returns for the 2026 tax year to reach up to 5.5 million low-income Canadians by the 2028 tax year, ensuring they can access key government benefits and manage their day-to-day costs.
- Facilitating automatic enrolment in the Canada Learning Bond: Making saving for education easier and fairer for Canadian families.
- Amending the Global Minimum Tax Act: Preserving the integrity and stability of the Global Minimum Tax to ensure that all corporations pay their fair share.
- Implementing the new Crypto-Asset Reporting Framework: Ensuring crypto platforms collect and share information about users with tax authorities, reducing tax evasion, and improving transparency.
- Amending the National Housing and Protection of Residential Mortgage or Hypothecary Insurance Acts: Strengthening Canada's mortgage and housing financing system so that home financing stays available, affordable, and stable for Canadians.
- Providing immediate expensing for manufacturing or processing buildings: As part of the Productivity Super-Deduction, promoting capital investment and long-term economic growth.
- Improving the air passenger complaints process: Making airlines more accountable for quick and fair resolution of passenger complaints by transferring responsibilities for resolving complaints to the Minister of Transport - including clear requirements for timely and transparent decisions, fair terms of compensation, and increased penalties when airlines break the rules.
- Banning most non-compete clauses in employment contracts for federally regulated industries: Allowing Canadians to change jobs more easily and reducing worker exploitation, while improving competition in the job market.
- Establishing the Defence Investment Agency as a stand-alone entity: Speeding up defence procurement, supporting domestic industry, and allowing for faster investments that will keep Canadians safe and strengthen our sovereignty.
