October 6, 2025 – Ottawa, Ontario – Department of Finance Canada

The global economy has changed – and Canada must change with it.

Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, announced a new approach to federal budgeting that reflects the urgency of this moment and better positions Canada to build the homes, infrastructure, and industries our economy needs to grow. As the global economy is undergoing fundamental changes, we must build our economic strength so we can empower Canadians with greater certainty, security, and prosperity.  

To this end, the Government will introduce a new Capital Budgeting Framework. By distinguishing day-to-day operational spending from capital investment, this new framework will guide decisions and help prioritize investments that generate long-term benefits for Canadians, such as major projects, housing, clean energy, and infrastructure that will help grow our economy and attract private investments. It will enhance—not replace—existing financial reporting, while providing a clearer picture of the investments that strengthen Canada’s economy for decades to come. The Public Accounts of Canada will remain fully compliant with Public Sector Accounting Standards.

The government is also modernizing its budget cycle to better align with the needs of builders, businesses, investors, provinces, territories, and municipalities. Starting with Budget 2025, the federal budget will be tabled in the fall, with an economic and fiscal update released in the spring. This change will provide the certainty and predictability needed to plan ahead and ensure projects can begin as soon as construction season starts – helping every level of government make smarter, faster investment decisions.

Together, these changes mark a new era in how we plan and deliver – catalyzing generational investments that empower Canadians by building Canada’s economic strength.

The Government of Canada will release its full plan on November 4 with Budget 2025.