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On November 4, 2025, Canada's Minister of Finance and National Revenue, François-Philippe Champagne, tabled the Liberal Government's federal budget, Building Canada Strong, in the House of Commons (Budget 2025). Among other things, Budget 2025:
- proposes a suite of enhanced tax incentives, referred to as the "productivity super-deduction", to promote investment and innovation in Canada, which includes measures reinstating the accelerated investment incentive and introducing immediate expensing for certain manufacturing and processing buildings;
- announces enhancements to the scientific research and experimental development (SR&ED) tax incentive program;
- proposes to expand the list of critical minerals eligible for the Clean Technology Manufacturing Investment Tax Credit to include antimony, indium, gallium, germanium, and scandium;
- proposes to broaden the Clean Electricity Investment Tax Credit to include the Canada Growth Fund as a qualifying entity for the credit and to specify that financing provided by the Canada Growth Fund will not reduce the capital cost of clean electricity property for the purposes of computing the credit; and
- further confirms the Government's commitment to follow through on outstanding proposals to expand eligibility for the Clean Technology Investment Tax Credit, the Clean Technology Manufacturing Investment Tax Credit, and the Clean Hydrogen Investment Tax Credit.
For a discussion of these tax measures and others in Budget 2025, please see McCarthy Tétrault's 2025 Canadian Federal Budget Commentary – Tax Initiatives.
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