Chamber
commons
Stage
3rd Reading
Introduced
Nov 18, 2025
Progress
This bill implements Canada's 2025 federal budget by making wide-ranging changes to taxes, housing, banking, transportation, and other federal programs.
Key Changes
- Raises the Lifetime Capital Gains Exemption to $1.25 million and exempts the first $10 million in gains on sales of businesses to worker cooperatives or employee ownership trusts
- Repeals the Digital Services Tax and eliminates the Underused Housing Tax (for 2025 onward) and luxury tax on aircraft and vessels
- Authorizes up to $11.5 billion for Build Canada Homes and raises the Canada Infrastructure Bank's cap to $45 billion to support housing and infrastructure
- Enacts the High-Speed Rail Network Act, creating a legal framework for a Quebec–Ontario high-speed rail corridor
- Creates the Stablecoin Act, requiring issuers of stablecoins to register with the Bank of Canada, maintain asset reserves, and follow new consumer protection rules
- Introduces a new Consumer-Driven Banking Act (open banking framework), allowing Canadians to securely share their financial data with accredited third parties
- Enacts the National School Food Program Act, committing long-term federal funding to school meal programs for provinces, territories, and Indigenous communities
- Denies federal student financial assistance for private, for-profit post-secondary institutions outside Canada
Gotchas
- The bill is retroactive in many places — for example, the Lifetime Capital Gains Exemption increase applies to dispositions on or after June 25, 2024, and several SR&ED and clean energy tax credit changes are backdated to April 2024, meaning taxpayers may need to refile or adjust past returns.
- The Digital Services Tax repeal removes a tax that had already been collected from large tech companies; transitional provisions govern how previously collected amounts are handled, but the bill does not specify refunds to companies that already paid.
- The High-Speed Rail Network Act pre-approves railway construction under the Canada Transportation Act and subjects it to the Impact Assessment Act, but also grants broad expropriation powers and rights of first refusal over land, which could affect private landowners along the corridor.
- The new Consumer-Driven Banking Act replaces a previously enacted version, meaning the open banking framework is being substantially redesigned before it even came fully into force; the new version adds national security screening for accredited entities.
- The Stablecoin Act gives the Bank of Canada and the Minister of Finance significant discretionary powers — including the ability to issue temporary orders prohibiting stablecoin issuance for national security reasons without prior notice — which may affect how crypto businesses operate in Canada.
- The bill increases the federal government's borrowing authority under the Borrowing Authority Act, raising the ceiling on certain federal debt, though the specific new maximum amount is not stated in the summary text.
Who's Affected
- Canadian taxpayers, particularly small business owners, investors, and people with disabilities
- Workers and businesses in the housing construction and infrastructure sectors
- Veterans and RCMP members receiving pensions and benefits
- Banks, credit unions, insurance companies, and other federally regulated financial institutions
- Stablecoin issuers and cryptocurrency businesses operating in Canada
- Consumers who want to share their banking data with third-party apps (open banking users)
- Indigenous governments and communities (First Nations GST framework, high-speed rail Indigenous knowledge protections, school food program)
- Students applying for federal financial aid to attend private for-profit schools abroad
- Freshwater fish marketing industry (dissolution of the Freshwater Fish Marketing Corporation)
- Aviation and transportation industries affected by updated Aeronautics Act and Canada Transportation Act rules
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Gotchas
- The bill is retroactive in many places — for example, the Lifetime Capital Gains Exemption increase applies to dispositions on or after June 25, 2024, and several SR&ED and clean energy tax credit changes are backdated to April 2024, meaning taxpayers may need to refile or adjust past returns.
- The Digital Services Tax repeal removes a tax that had already been collected from large tech companies; transitional provisions govern how previously collected amounts are handled, but the bill does not specify refunds to companies that already paid.
- The High-Speed Rail Network Act pre-approves railway construction under the Canada Transportation Act and subjects it to the Impact Assessment Act, but also grants broad expropriation powers and rights of first refusal over land, which could affect private landowners along the corridor.
- The new Consumer-Driven Banking Act replaces a previously enacted version, meaning the open banking framework is being substantially redesigned before it even came fully into force; the new version adds national security screening for accredited entities.
- The Stablecoin Act gives the Bank of Canada and the Minister of Finance significant discretionary powers — including the ability to issue temporary orders prohibiting stablecoin issuance for national security reasons without prior notice — which may affect how crypto businesses operate in Canada.
- The bill increases the federal government's borrowing authority under the Borrowing Authority Act, raising the ceiling on certain federal debt, though the specific new maximum amount is not stated in the summary text.
Summary
Bill C-15 is the first of two bills that put the 2025 federal budget into law. It covers an enormous range of topics — from income tax changes and new investment tax credits, to housing funding, a new high-speed rail framework, banking reforms, and veterans' benefits. Because budget bills are used to pass many government priorities at once, this single bill amends or creates dozens of federal laws. On the tax side, the bill raises the Lifetime Capital Gains Exemption to $1.25 million, exempts Canada Disability Benefit payments from income tax, introduces a new Personal Support Workers Tax Credit, enhances the Scientific Research and Experimental Development (SR&ED) program, and repeals the Digital Services Tax. It also eliminates the Underused Housing Tax and the luxury tax on aircraft and boats. For housing, it authorizes up to $11.5 billion for a new agency called Build Canada Homes and increases the Canada Infrastructure Bank's funding cap to $45 billion. Beyond taxes and housing, the bill creates a legal framework for high-speed rail between Quebec and Ontario, establishes new rules for stablecoins (a type of digital currency), overhauls consumer-driven banking (open banking), strengthens anti-fraud protections for bank customers, dissolves the Freshwater Fish Marketing Corporation, restricts Canadian student loans for private for-profit schools abroad, and enacts a National School Food Program Act, among many other measures.
Automatically generated from bill text using Claude
Vibes
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Neutral 0
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Recorded Votes
| Date | Description | Yeas | Nays | Result |
|---|---|---|---|---|
| Mar 26, 2026 | Budget 2025 Implementation Act, No. 1 – C-15 – Third Reading | 60 | 10 | Adopted |
| Feb 25, 2026 | Concurrence at report stage of Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 | 168 | 163 | Agreed To |
| Feb 25, 2026 | Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (report stage amendment) (Motion No. 81) | 30 | 301 | Negatived |
| Feb 25, 2026 | Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (report stage amendment) (Motion No. 78) | 162 | 168 | Negatived |
| Feb 25, 2026 | Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (report stage amendment) (Motion No. 55) | 22 | 309 | Negatived |
| Feb 25, 2026 | Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (report stage amendment) (Motion No. 48) | 162 | 169 | Negatived |
| Feb 25, 2026 | Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (report stage amendment) (Motion No. 44) | 155 | 176 | Negatived |
| Feb 25, 2026 | Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (report stage amendment) (Motion No. 34) | 7 | 323 | Negatived |
| Feb 25, 2026 | Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (report stage amendment) (Motion No. 1) | 30 | 301 | Negatived |
| Dec 8, 2025 | 2nd reading of Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (reasoned amendment) | 138 | 196 | Negatived |