Department of Finance Canada released Budget 2025: Canada Strong on November 4, 2025.
The budget was presented as an investment budget built around housing, infrastructure, defence, productivity, competitiveness, and public-service efficiency.
Finance Canada said the budget includes $60 billion in savings and revenues over five years through the Comprehensive Expenditure Review and related measures.
The department also said the budget is intended to enable $1 trillion in total investment over five years through public spending and stronger capital investment.
Budget 2025 rests on two fiscal anchors. The first is balancing day-to-day operating spending with revenues by 2028-29 while shifting spending toward investments intended to grow the economy.
The second fiscal anchor is maintaining a declining deficit-to-GDP ratio.
Finance Canada pointed to Canada's net-debt-to-GDP ratio, listed at 13.3 per cent, and to Canada's AAA credit rating as part of the fiscal context for the budget.
The release also placed tariffs in the background. It said 85 per cent of Canada's trade with the United States was tariff-free, while Canadian exporters faced an average U.S. tariff of 5.4 per cent.
The budget is not one measure. It is the fiscal framework for later tax, benefit, infrastructure, housing, defence, and investment legislation.