Budget Measures Implementation Act, 2025

Passed second reading 89 to 0

Bill 5 amends the Income Tax Act and other finance statutes to carry out the 2025 budget and extends the years in which deficits may be forecast.

A Budget Measures Implementation Act carries the tax and finance changes announced in a budget, here Budget 2025, into the statutes they touch. The largest measures: the speculation and vacancy tax rates rise from 2 to 3 percent and from 0.5 to 1 percent starting with the 2026 calendar year; film and television production credits grow, with an extra 5 percent basic credit for productions that start principal photography after December 31, 2024 and a new 2 percent credit for productions that hold a new class of certificate; the interactive digital media tax credit becomes permanent at 25 percent; and the Balanced Budget and Ministerial Accountability Act allows a forecast deficit through the 2027 to 2028 fiscal year.