Finance Canada: No More Spring Budgets

Finance Canada announced on October 7 that Canada’s federal budgets will be brought down in the fall starting with the November 4, 2025 event; a significant departure from the spring schedule (February, March or April) that has been the cycle for several decades. This is going to affect many other events as we know them, and in the annual government spending approval cycle. There will also be a new budget process for capital vs. operational expenses. Here’s what you need to know:

Matthew and Ashley live in Winnipeg. They have two children, ages 3 and 5.  They own their own home. 

Brian and Patricia retired a few years ago.  Brian is 74 and Patricia is 72.  The couple live in Halifax, NS and have RRIF balances of $300,000 and $400,000 respectively.

Robert and Jackie are contemplating retirement.  Robert is 65, earns $55,000 from employment and also receives a $24,000 pension.

Glen is single, age 55.  He lives alone in a rental apartment in Hamilton, Ontario.  His current salary is $55,000.  His rent is $1,000/month.

Now that the date of the Federal Budget has been announced, Tuesday April 21, and the Minister has met with learned private-sector economists, who confirmed the March private-sector forecasts will do in interpreting plans for the near future, there is much speculation on what the budget will announce and for whom

According to Finance Canada, more than 1.2 million net new jobs have been created in Canada since the depths of the recession—one of the strongest job creation records in the G-7.