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 policy areas.
Key Changes
- Raises the Lifetime Capital Gains Exemption to $1.25 million (from $1 million) for eligible capital gains on dispositions on or after June 25, 2024
- Repeals the Digital Services Tax Act and ends the Underused Housing Tax after the 2024 calendar year
- Allocates up to $11.5 billion for Build Canada Homes and increases Canada Infrastructure Bank funding to $45 billion
- Enacts the High-Speed Rail Network Act to create a legislative framework for a Quebec-Ontario high-speed passenger rail corridor
- Creates the Stablecoin Act, requiring cryptocurrency stablecoin issuers to register with the Bank of Canada, maintain asset reserves, and follow new rules
- Enacts a new Consumer-Driven Banking Act (open banking framework) allowing Canadians to securely share their financial data with accredited third parties
- Introduces a Personal Support Workers Tax Credit and expands the Disability Supports Deduction to cover more assistive devices
- Denies federal student financial assistance for private, for-profit post-secondary institutions outside Canada
- Enacts the National School Food Program Act, committing long-term federal funding to provinces, territories, and Indigenous peoples for school food programs
- Extends LNG export licences to a maximum of 50 years under the Canadian Energy Regulator Act
Gotchas
- Many provisions are retroactive, applying to dates as far back as January 1, 2020, meaning taxpayers and businesses may need to reassess past filings or transactions
- The repeal of the Digital Services Tax — which had been a source of trade tension with the United States — is done without a replacement revenue mechanism specified in this bill
- The High-Speed Rail Network Act deems construction already approved under the Canada Transportation Act, bypassing the normal regulatory approval process, though projects remain subject to the Impact Assessment Act
- The Stablecoin Act gives the Minister of Finance broad national security powers to issue orders against stablecoin issuers, including temporary orders that can take effect before the issuer has a chance to respond
- The new Consumer-Driven Banking Act prohibits 'screen scraping' (a common method consumers currently use to share financial data with apps), which could disrupt existing fintech services before the new accreditation system is fully operational
- The bill authorizes ministers to grant temporary exemptions from regulatory requirements under the Red Tape Reduction Act to encourage innovation, which could reduce oversight in certain sectors during exemption periods
- The Freshwater Fish Marketing Corporation is being dissolved, which may affect fishers in Manitoba, Saskatchewan, Alberta, and the Northwest Territories who currently rely on it as a marketing channel
Who's Affected
- Individual taxpayers (income tax changes, new credits, capital gains exemption increase)
- People with disabilities (Canada Disability Benefit exemption, expanded Disability Supports Deduction, new Personal Support Workers Tax Credit)
- Small business owners and entrepreneurs (expanded SR&ED credits, small business share rollover, cooperative and employee ownership trust incentives)
- Homebuilders, developers, and renters (Build Canada Homes funding, GST rental rebate expansion, accelerated capital cost allowance for rental housing)
- Banks, credit unions, insurance companies, and financial institutions (open banking rules, fraud prevention requirements, modernized prudential limits)
- Cryptocurrency and stablecoin issuers (new Stablecoin Act registration and reserve requirements)
- Veterans and RCMP members (pension and benefits adjustments)
- Indigenous communities (First Nations GST framework expansion, high-speed rail Indigenous knowledge protections)
- Students seeking financial aid for foreign private for-profit schools (new restrictions on eligibility)
- Mining and clean energy companies (expanded investment tax credits for critical minerals, clean electricity, and clean technology)
Vibes
0 responses
Gotchas
- Many provisions are retroactive, applying to dates as far back as January 1, 2020, meaning taxpayers and businesses may need to reassess past filings or transactions
- The repeal of the Digital Services Tax — which had been a source of trade tension with the United States — is done without a replacement revenue mechanism specified in this bill
- The High-Speed Rail Network Act deems construction already approved under the Canada Transportation Act, bypassing the normal regulatory approval process, though projects remain subject to the Impact Assessment Act
- The Stablecoin Act gives the Minister of Finance broad national security powers to issue orders against stablecoin issuers, including temporary orders that can take effect before the issuer has a chance to respond
- The new Consumer-Driven Banking Act prohibits 'screen scraping' (a common method consumers currently use to share financial data with apps), which could disrupt existing fintech services before the new accreditation system is fully operational
- The bill authorizes ministers to grant temporary exemptions from regulatory requirements under the Red Tape Reduction Act to encourage innovation, which could reduce oversight in certain sectors during exemption periods
- The Freshwater Fish Marketing Corporation is being dissolved, which may affect fishers in Manitoba, Saskatchewan, Alberta, and the Northwest Territories who currently rely on it as a marketing channel
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, banking rules, veterans' benefits, and new laws for things like high-speed rail and cryptocurrency stablecoins. The bill amends dozens of existing laws and creates several entirely new ones. The bill affects almost every Canadian in some way. On the tax side, it raises the Lifetime Capital Gains Exemption to $1.25 million, exempts the Canada Disability Benefit from income tax, introduces a new Personal Support Workers Tax Credit, and expands research and development tax credits. It also eliminates the Digital Services Tax and ends the Underused Housing Tax after 2024. For housing, it allocates up to $11.5 billion for a new 'Build Canada Homes' program and increases the Canada Infrastructure Bank's funding cap to $45 billion. Beyond taxes and housing, the bill creates a legal framework for a Quebec-Ontario high-speed rail network, establishes new rules for stablecoin (a type of cryptocurrency) issuers, overhauls consumer-driven banking (open banking), strengthens bank fraud protections, dissolves the Freshwater Fish Marketing Corporation, restricts Canadian student loans for private for-profit foreign schools, and enacts a National School Food Program Act, among many other measures.
Automatically generated from bill text using Claude
Vibes
0 responses