Canada's Budget 2025 Implementation Act No. 1 is now law, touching tax, housing, banking, transport and more

Plain-language summary · AI-assisted · not legal advice

The federal government has enacted a wide-ranging budget implementation statute that makes changes across dozens of areas of federal law. Key practical effects include: repealing the Digital Services Tax (with refunds payable to anyone who already paid it), sunsetting the Underused Housing Tax on January 1, 2035, authorizing up to $11.5 billion for a Build Canada Homes program and up to $1.515 billion for Canada Lands Company to support housing supply, and enacting a new framework for consumer-driven (open) banking. The Act also modernises rules for federally regulated financial institutions (banks, insurers, trust companies), establishes a new High-Speed Rail Network Act framework, dissolves the Freshwater Fish Marketing Corporation, creates a new Stablecoin Act framework, and strengthens the Superintendent of Financial Institutions' oversight powers. Businesses and individuals affected by any of these areas should review the specific provisions relevant to them, as many sections have staggered or order-in-council coming-into-force dates.

Who this affects: Canadian taxpayers and businesses previously subject to the Digital Services Tax · owners of underused or vacant residential property · federally regulated banks, insurers and trust companies · housing developers and real estate entities · veterans and public service pension plan members