Budget 2025Annex 5:
Annex 5:
Legislative measures
Impacts report
Find out more about the expected gender and diversity impacts for each measure in Annex 5: Legislative measures.
This annex includes a number of measures (other than tax-related measures) that would be implemented through legislation.
| Subject of the Measure | Proposed Legislative Action |
|---|---|
| Completion of the Consumer-Driven Banking Legislative Framework | In Budget 2025, the government proposes to introduce legislation to complete the consumer-driven banking legislative framework, which will enable secure financial data sharing in Canada and make other related amendments. |
| Personal Information Protection and Electronic Documents Amendments | In Budget 2025, the government proposes to amend the Personal Information Protection and Electronic Documents Act (PIPEDA) to provide a data-mobility right that will facilitate an economy-wide approach to data sharing. |
| Creating a regulated space for Stablecoins | In Budget 2025, the government proposes to introduce legislation to regulate the issuance of fiat-backed stablecoins by non-prudentially regulated issuers in Canada, including related amendments to the Retail Payment Activities Act. |
| Helping credit unions grow and compete | In Budget 2025, the government proposes to amend the Bank Act, the Canada Deposit Insurance Corporation Act, and the Financial Consumer Agency of Canada Act, to support federal credit unions' growth, via amalgamation or asset acquisitions, and to make it easier for credit unions to enter the federal framework, including by providing the flexibility for them to continue their existing auto leasing business on a permanent basis. |
| Strengthening Small Banks' Access for Brokered Deposits | In Budget 2025, the government proposes to amend the Bank Act to allow for regulations that would ensure distribution channels for brokered deposits are not unduly limited. |
| Allow small FRFIs to grow larger without changing ownership structure | In Budget 2025, the government proposes to amend the Bank Act, Insurance Companies Act, and Trust and Loan Companies Act to raise the equity threshold for the 35 per cent public holding requirement from $2 billion to $4 billion and make other related amendments. |
| Renewing the sunset provision of the financial institutions statutes | In Budget 2025, the government proposes to amend the Bank Act, the Insurance Companies Act, and the Trust and Loan Companies Act to renew the sunset provision to June 30, 2033. |
| Restricting Non-Compete Agreements | In Budget 2025, the government proposes to amend the Canada Labour Code to restrict the use of non-compete agreements. |
| Build Canada Homes | In Budget 2025, the government proposes to introduce legislation establishing a statutory appropriation of up to $11.5 billion on a cash basis to defray costs related to Build Canada Homes and a statutory appropriation of up to $1.515 billion on a cash basis to capitalise Canada Lands Company Ltd to support housing construction on properties held by the corporation. The Government also proposes to introduce legislation establishing the final organisational form of Build Canada Homes. |
| Enhancing access to funds deposited by cheque | In Budget 2025, the government proposes to amend the Bank Act to increase the first amount immediately available to consumers from a deposited cheque to $150 and eliminate the distinction between cheque funds deposited in person or via other means. |
| Making the National School Food Program Permanent | In Budget 2025, the government proposes to introduce legislation to make the National School Food Program permanent. |
| Extending Employment Insurance Parental benefits during Bereavement | In Budget 2025, the government proposes to amend the Employment Insurance Act to allow claimants receiving Employment Insurance parental benefits to access an additional eight weeks of parental benefits in the event of the death of the child. |
| Early Retirement Benefits for Frontline Workers in the Public Service | In Budget 2025, the government proposes to amend the Public Service Superannuation Act to extend the operational service early retirement program to additional frontline employee groups in the Public Service Pension Plan. This special retirement benefit will allow firefighters, border services officers, parliamentary protection officers, and other frontline employees to retire earlier with an immediate unreduced pension after completing 25 years of actual operational service, or at age 50 with 25 years of actual and deemed operational service combined (at least 10 years of actual), as is presently available to employees of Correctional Service Canada working in a federal correctional institution. The proposed amendments would also ensure consistency in treatment for all eligible employees, allowing for career mobility within the public service. |
| Strengthening the review of foreign banks investments | In Budget 2025, the government proposes to amend the Bank Act to enable the review of certain types of investments in Canadian businesses by foreign banks and their affiliates for national security risks. |
| Combatting financial fraud | In Budget 2025, the government proposes to amend the Bank Act to require banks to have policies and procedures to detect and prevent consumer-targeted fraud and to mitigate its impacts, to report data on fraud to the Commissioner of the Financial Consumer Agency of Canada which would be aggregated in an annual report from the Commissioner to the Minister, to obtain express consent of consumers to enable or disable certain account features, to permit consumers to disable certain account features, and to allow consumers to adjust maximum transaction amounts, and make related amendments. |
| Clarifying the authority to administer RCMP benefits | In Budget 2025, the government proposes to make amendments to the Royal Canadian Mounted Police Superannuation Act, as well as any other consequential, coordinating or transitional amendments as necessary, to clarify, retroactively and on a prospective basis, the authority to administer and adjudicate disability award applications and to deliver health treatment for RCMP members, former members, and survivors and to delegate certain functions to an eligible federal organisation. |
| Modernising Canada's Biosecurity Oversight Framework | In Budget 2025, the government proposes to amend the Human Pathogens and Toxins Act to modernise the Act and strengthen oversight of human pathogens and toxins. |
| Indexing RCMP Disability Pensions to the Consumer Price Index | In Budget 2025, the government proposes legislative amendments and/or regulations to modify the escalation formula of the Disability Pension, so that the benefit is indexed based on the Consumer Price Index alone, for serving and retired RCMP members and for related benefits, effective January 2027. These proposed legislative amendments and/or regulations would also clarify the escalation formula for the Disability Pension Benefit and related benefits for CAF members, veterans and serving and retired RCMP members (including on a retroactive basis). The government also proposes legislative changes to the Department of Veterans Affairs Act and its regulations to clarify the methodology used to calculate the Accommodation and Meals charge in the Long-Term Care Program on both a retroactive and go-forward basis. Legislative measures are also proposed to clarify and make explicit that VAC had the authority to prorate certain indexation adjustments in the calculation of the now repealed Earnings Loss Benefit under the Canadian Forces Members and Veterans Re-establishment and Compensation Act and its regulations. |
| Legislative amendments to the Tax Court of Canada Act | In Budget 2025, the government proposes legislative amendments to the Tax Court of Canada Act to increase certain amount limits to access the informal procedure. |
| Sustainable Pesticide Management | In Budget 2025, the government proposes to amend legislation to remove cyclical pesticide re-evaluations to enable modern, risk-based oversight. |
| Transfer the Canada Small Business Financing Program to the Business Development Bank of Canada | In Budget 2025, the government proposes legislation to transfer the responsibility for the delivery of the Canada Small Business Financing Program to the Business Development Bank of Canada. |
| Amendments to the Canadian Human Rights Act | In Budget 2025, the government proposes to amend the Canadian Human Rights Act to make changes to the organisational structure of the Canadian Human Rights Commission. |
| Amendments to the International Development Research Centre Act | In Budget 2025, the government proposes to amend the International Development Research Centre Act to update the requirements relevant to quorum and Canadian citizenship. The amendments would reduce the size of the Board of Governors from 14 to 12 members and reduce governance expenses through the reduction of honoraria, travel and in-person Board meetings (holding more virtual meetings). Reducing the number of Governors would not have an adverse impact on the Board's oversight and would align its size with that of other Crown corporations' boards. |
| Workforce Renewal | In Budget 2025, the government proposes to amend the Public Service Superannuation Act and the Income Tax Regulations to offer an Early Retirement Incentive Program through the Public Service Pension Plan. Eligible public servants will be able to retire with an immediate pension based on years of service with no penalty for early retirement, provided they leave the federal public service in accordance with and subject to the parameters of the program. |
| Collective Bargaining in Good Faith | In Budget 2025, the government proposes to amend the Federal Public Sector Labour Relations Act to adjust the collective bargaining dispute resolution framework. |
| Equitable Public Sector Retirement Benefits | In Budget 2025, the government proposes to amend federal public sector pension legislation to restore the two per cent public sector pension benefit rate for the Public Service Pension Plan and the pension plans for the Canadian Forces and the Royal Canadian Mounted Police. |
| Government Efficiencies | In the spirit of the 60-day regulatory review, the government further intends to introduce a variety of targeted amendments to legislation in order to increase government efficiency and operational effectiveness. This includes amendments that would streamline low-risk internal processes, modernise outdated requirements, eliminate unnecessary and burdensome reporting requirements, remove unnecessary barriers to agile regulation-making, align legislative and regulatory authorities across government and provide for the delegation of certain matters where appropriate. Results of this review will be available in Budget 2026. |
| Strengthening the financial sector transaction approval process to include additional considerations | In Budget 2025, the government proposes to amend the Bank Act, Insurance Companies Act, and Trust and Loan Companies Act to set out additional matters to consider in financial sector transaction approvals. |
| Modernising limits on borrowing and portfolio investments | In Budget 2025, the government proposes to make amendments to the Bank Act, Insurance Companies Act, and Trust and Loan Companies Act to repeal provisions relating to certain technical limits found in these statutes and replace them with more flexible OSFI guidance, including limits on borrowing and portfolio investments in commercial loans, real property and equity. |
| Electronic delivery of governance documents in the financial institutions statutes | In Budget 2025, the government proposes to amend the Bank Act, Insurance Companies Act, and Trust and Loan Companies Act to include a "notice-and-access" method of delivery of governance documents, while retaining owners' rights to request delivery by mail. |
| Bearer instruments in the financial institutions statutes | In Budget 2025, the government proposes to amend the Bank Act, Insurance Companies Act, and Trust and Loan Companies Act to prohibit federally regulated financial institutions from issuing documents that evidence conversion privileges, options, or rights to acquire a share in bearer form. |
| Supporting Canadians during branch closures | In Budget 2025, the government proposes to amend the Bank Act to require that banks provide public notice of branch closures on their websites; to prohibit the charging of certain account switching or closure fees from the time the bank gives notice of its intent to close a branch until 12 months following their branch closure; and, to require that banks that offer to open accounts to individuals who are not physically present at a branch have sufficient authentication processes to verify digital versions of identification documents. |
| Enhancing the Office of the Superintendent of Financial Institutions' authorities to protect the financial sector against integrity and security risks | In Budget 2025, the government proposes to amend the Bank Act, Insurance Companies Act, and Trust and Loan Companies Act to enhance the Superintendent of Financial Institutions' authorities to address integrity and security risks. The government also proposes to amend the Office of the Superintendent of Financial Institutions Act to expand the Superintendent's ability to receive and share information with federal government agencies and bodies. |
| Protect against the disclosure of sensitive information collected and produced under the Retail Payment Activities Act | In Budget 2025, the government proposes to amend the Access to Information Act, to protect against the disclosure of confidential information collected and produced under the Retail Payment Activities Act. |
| Protect the Minister of Finance and government officials against risks of civil liability | In Budget 2025, the government proposes to amend the Bank Act, Insurance Companies Act, and Trust and Loan Companies Act to provide that the Minister of Finance and government officials are protected against civil liability in the good faith performance or omission of actions under those Acts. |
| Targeted Windfall Profit Charge | In Budget 2025, the government proposes to amend the Special Economic Measures Act to, among other things, (a) authorise the Governor in Council to make regulations requiring financial institutions to provide to the Minister of Finance information on property that is in their possession or control and that is owned, held or controlled by a person, including a foreign state, identified under that Act and information on profits realised from such property; and (b) authorise the Minister of Finance to make an order directing a financial institution to pay such profits to the Receiver General. |
| Mitigating Potential Financial Sector Risks from Sanctions | In Budget 2025, the government proposes to amend the Special Economic Measures Act to provide that the Minister of Finance must be consulted before an order or regulation identifying certain persons is made under subsection 4(1) of that Act. |
| Establishing a Financial Crimes Agency | In Budget 2025, the government proposes to create a new Act, with consequential, coordinating, and transitional amendments to other statutes that may be required, to establish a Financial Crimes Agency, which would be Canada's lead enforcement agency against financial crime. |
| Addressing Some of the Most Common Types of Money Laundering | In Budget 2025, the government proposes to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to restrict the acceptance of: cash deposits from one person into the account of another person; and a cash payment, donation or deposit of $10,000 or more. |
| Clarifying Public-Private Information Sharing for the Integrated Money Laundering Intelligence Partnership (IMLIP) | In Budget 2025, the government proposes to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act with related amendments to the Personal Information Protection and Electronic Documents Act to clarify public to private information sharing provisions to help better detect and deter money laundering and support the recently created IMLIP between banks and law enforcement. |
| Anti-Money Laundering and Anti-Terrorist Financing Technical Amendments | In Budget 2025, the government proposes to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), and Schedule II of the Access to Information Act, to ensure confidentiality of beneficial ownership discrepancy reports received pursuant to paragraph 73(1)(c) of the PCMLTFA. In Budget 2025, the government proposes to amend the PCMLTFA to clarify that regulations under the PCMLTFA are made on the recommendation of the Minister of Finance. In Budget 2025, the government proposes to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR) to ensure inclusion of mortgage administrators, mortgage brokers, mortgage lenders in subsection 4.1(c) In Budget 2025, the government proposes to amend the PCMLTFA and the PCMLTFR to provide that certain provisions apply to all financial donations, regardless of whether the donation is 'charitable'. |
| Strengthening Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) supervision, compliance, and enforcement | In Budget 2025, the government proposes to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalty Regulations to strengthen AML/ATF supervision, compliance, enforcement, and information sharing, including by better identifying the businesses and professionals with AML/ATF obligations, increasing penalties, and introducing a new compliance agreement framework. |
| Review of Financial Institutions Supervisory Committee Membership | In Budget 2025, the government proposes to amend the Office of the Superintendent of Financial Institutions Act and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to make the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) a member of the Financial Institutions Supervisory Committee (FISC) and enable FINTRAC and current FISC members to exchange regulatory and supervisory information relevant to the mandate and objectives of FISC. |
| Support for Homeownership and Multi-Unit Rental Housing Construction | In Budget 2025, the government proposes to amend the National Housing Act to increase CMHC's guarantees in force limit to $1 trillion and to decouple this limit from the corporation's insurance in force limit. It would also introduce amendments to the Protection of Residential Mortgage or Hypothecary Insurance Act to increase the protected limit for mortgage or hypothecary loans insured under that Act to $500 billion. |
| Increasing the Maximum Amount of the Borrowing Authority Act | In Budget 2025, the government proposes to introduce amendments to the Borrowing Authority Act to increase the government's total borrowing limit specified under section 4 of that Act. |
| Building High-Speed Rail Faster | In Budget 2025, the government proposes to introduce legislation to accelerate the development of Alto high-speed rail. |
| Obsolete or Surplus Goods – Pilot for Donated Goods | In Budget 2025, the government proposes to amend the Customs Tariff to allow for duty drawback for certain goods when they are donated to a registered charity under the Income Tax Act, provided they are to be used in the organisation's charitable programs and not re-sold in Canada. |
| Legislative Amendments to the Export and Import Permits Act | In Budget 2025, the government proposes to amend the Export and Import Permits Act to allow the government to restrict the importation or exportation of items in response to actions of another country that harm Canada or to create more secure and reliable supply chains. |
| Legislative Amendments to Enable Lending to Indigenous Special Purpose Vehicles | In Budget 2025, the government announces its intention to amend the First Nations Fiscal Management Act to enable the First Nations Finance Authority to lend to Indigenous special purpose vehicles and further enhance access to capital support for Indigenous groups seeking equity participation in economic and resource development projects. |
| Legislative Amendments to the Naskapi and the Cree-Naskapi Commission Act | In Budget 2025, the government proposes to amend the Naskapi and the Cree-Naskapi Commission Act to clarify Naskapi Police authority on Naskapi lands and eliminate inconsistencies with the Northeastern Quebec Agreement. |
| Legislative Amendments to the Department of Employment and Social Development Act | In Budget 2025, the government proposes to amend the Department of Employment and Social Development Act to enable the delivery of integrated and efficient services across government. |
| Legislative Amendments to the Administrative Tribunals Support Service of Canada Act and to the Canadian Environmental Protection Act | In Budget 2025, the government proposes to amend the Administrative Tribunals Support Service of Canada Act, to allow the Minister of Justice to amend the Schedule in respect of territorial boards, and the Canadian Environmental Protection Act to statutorily constitute the Environmental Protection Tribunal of Canada, as well as make any consequential amendments to other statutes. |
| Legislative Amendments to the Judges Act | In Budget 2025, the government proposes to amend the Judges Act to move 10 judicial positions in Ontario to Unified Family Courts positions (8 positions) and Ontario Court of Appeal positions (2 positions). |
| Legislative Amendments to the Government Annuities Improvement Act | In Budget 2025, the government proposes to amend the Government Annuities Improvement Act to eliminate the legislative requirement for a duplicative audit of the Government Annuities Account. |
| Legislative Amendments to the Tobacco and Vaping Products Act | In Budget 2025, the government proposes to amend the Tobacco and Vaping Products Act to extend the legislative review cycle of the Act from two years to five years. |
| Protecting Artists' and Creators' Copyrights | In Budget 2025, the government proposes to amend the Copyright Act to create an Artist's Resale Right in Canada, ensuring Canadian visual artists benefit from future sales of their work. |
| Legislative Amendments to the Aeronautics Act and the Canada Transportation Act | In Budget 2025, the government proposes to amend the Aeronautics Act to further strengthen Canada's aviation safety and security regime, and to amend the Canada Transportation Act to make temporary orders respecting international standards or obligations within all modes of transportation. |
| Canada Development Investment Corporation (CDEV) Enabling Legislation | In Budget 2025, the government proposes to introduce enabling legislation to continue the Canada Development Investment Corporation (CDEV) as a special Act corporation, including the power for the Minister of Finance to acquire shares of CDEV or lend to it from the Consolidated Revenue Fund. |
| Critical Minerals Sovereign Fund | In Budget 2025, the government proposes to introduce legislation or amend existing legislation in order to create a Critical Minerals Sovereign Fund to make equity investments, provide loan guarantees, and enter into offtake agreements for critical minerals projects and companies. |
| Legislative Amendments to Enable Divestiture of Freshwater Fish Marketing Corporation | In Budget 2025, the government proposes to amend the Freshwater Fish Marketing Act to permit the divestiture of the Freshwater Fish Marketing Corporation. |
| Legislative Amendments to the Canadian Energy Regulator Act | In Budget 2025, the government proposes to amend the Canadian Energy Regulator Act to increase the maximum duration for export licences of liquified natural gas from 40 years to 50 years. |
| Legislative Amendments to the Red Tape Reduction Act | In Budget 2025, the government proposes to amend the Red Tape Reduction Act to provide all federal ministers with the authority to enable regulatory sandboxes through issuing temporary and limited exemptions from legislative or regulatory requirements to allow for testing of products, services, processes, or new regulatory approaches. |
| Legislative Amendments to the Farm Credit Canada Act | In Budget 2025, the government proposes to amend the Farm Credit Canada Act to require regular legislative reviews to ensure alignment with the needs of the agriculture and agri-food sector. |
| Penalising Predatory Debt Advisors | In Budget 2025, to protect Canadians from receiving irresponsible advice from unlicensed debt advisors, the government proposes to add civil remedies, including restitution, for non-compliance with the Bankruptcy and Insolvency Act, and increase the maximum criminal fines under that Act from $5,000 to $100,000 for individuals, and to $1 million for corporations. |
| Amendments to the Territorial Lands Act | In Budget 2025, the government announces its intention to introduce amendments to the Territorial Lands Act to protect and advance the national interests of Canada and the interests of Inuit in Nunavut. |
| Amendments to the Broadcasting Act | In Budget 2025, the government proposes to amend the Broadcasting Act to restore the right to privacy of individuals to the interpretation provisions and remove a duplicative provision relating to official languages. |
| Amendments to the Building Canada Act | In Budget 2025, the government proposes to amend the Building Canada Act to add to the information that must be included in the public registry of national interest projects the extent to which each project can contribute to clean growth and to meeting Canada's objectives with respect to climate change. |
| Amendments to the Canada Post Corporation Act | In Budget 2025, the government proposes to amend the Canada Post Corporation Act to deregulate the setting of postage rates. |
| Modernising the Energy Efficiency Act | In Budget 2025, the government proposes to amend the Energy Efficiency Act to modernise the Act, including to provide for regulatory sandboxes, incorporation by reference to simplify and streamline regulatory development, new statistical powers, coverage for online retailers, and updated fines. |
| Amendments to the Canadian Environmental Protection Act, 1999 | In Budget 2025, the government proposes to amend the Canadian Environmental Protection Act, 1999 to eliminate the automatic five-year termination date for equivalency and administrative agreements. |
| Amendments to the Competition Act | In Budget 2025, the government proposes to amend the Competition Act to update the greenwashing provisions by removing the requirement for businesses to substantiate their environmental benefit claims based on internationally recognised methodology standards and the ability for third parties to bring cases directly to the Competition Tribunal for greenwashing complaints. |
| Canada Infrastructure Bank | In Budget 2025, the government proposes to amend the Canada Infrastructure Bank Act to increase the statutory appropriation limit for the Canada Infrastructure Bank from $35 billion to $45 billion. |
| Faster dissolution of federal corporations listed as terrorist entities | In Budget 2025, the government proposes to amend the Canada Business Corporations Act, the Canada Not-for-profit Corporations Act, and the Canada Cooperatives Act to allow for quicker dissolution of a federal corporation when it is listed as a terrorist entity under the Criminal Code. |
| Building one Canadian economy | In Budget 2025, the government proposes to introduce legislation to give the Major Projects Office greater independence and managerial flexibility to facilitate its work to advance major projects and streamline federal regulatory project approval. |
| Improving the Integrity of Student Financial Assistance | In Budget 2025, the government proposes to amend the Canada Student Financial Assistance Act to address integrity issues related to private educational institutions. |
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