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Where federal money comes from and where it goes, from the most recent federal budget. All figures are the government's own, in billions of dollars.

Most recent budget

Budget 2025: Canada Strong

Presented in the House of Commons on November 4, 2025

Money coming in, 2025–26
$507.5B
Money going out, 2025–26
$585.9B
Deficit, 2025–26
$78.3B

Parliament passed the budget's main changes to the law in Bill C-15, the Budget 2025 Implementation Act, No. 1. Received Royal Assent on March 26, 2026 (SC 2026, c 3).

Spring Economic Update, 2026: The government updated its economic and fiscal outlook after this budget. The figures on this page are the budget's own.

Where the money goes

All federal spending planned for 2025–26, existing programs included. Hover or tap a category for its amount.

  • Running federal departments and agenciesOther direct program expenses, including National Defence $150.2B 26%
  • Other transfer paymentsGrants and contributions paid by federal departments and agencies $115.6B 20%
  • Seniors' benefitsElderly benefits $83.1B 14%
  • Health and social transfers to provincesCanada Health Transfer $54.7B, Canada Social Transfer $17.4B, health agreements with provinces and territories $4.3B $76.4B 13%
  • Interest on the debtPublic debt charges $55.6B 9%
  • Equalization and territorial fundingEqualization $26.2B, Territorial Formula Financing $5.5B $31.7B 5%
  • Employment Insurance benefits $30.5B 5%
  • Canada Child Benefit $30.1B 5%
  • Everything elseOther transfers to provinces, territories and municipalities ($2.7B net), pollution pricing proceeds returned to Canadians ($5.0B), and net actuarial losses on public pensions ($5.0B) $12.7B 2%

Where the money comes from

Federal revenue expected in 2025–26.

  • Personal income tax $237.9B 47%
  • Corporate income tax $97.1B 19%
  • Goods and Services Tax (GST) $54.4B 11%
  • Other revenuesNon-tax revenues, as grouped in the budget $49.1B 10%
  • Other taxes and dutiesNon-resident income tax $13.7B, other excise taxes and duties $13.2B, customs import duties $9.9B $36.8B 7%
  • Employment Insurance premiums $32.2B 6%

Money in, money out, and the gap

When spending is higher than revenue, the government borrows the difference: that is the deficit. Years after 2024–25 are the budget's forecasts.

  • 2024–25 Deficit $36.3B
  • 2025–26 (this budget's year) Deficit $78.3B
  • 2026–27 Deficit $65.4B
  • 2027–28 Deficit $63.5B
  • 2028–29 Deficit $57.9B
  • 2029–30 Deficit $56.6B

The red end of each spending bar is the part not covered by revenue.

New money in this budget

Most federal spending continues from year to year. These are the changes this budget announced, over 2025–26 to 2029–30, grouped by the budget's chapters.

New spending and tax cuts
$140.8B
Savings found
$51.2B
Net cost of the budget's measures
$89.6B
  • Ch. 4 Protecting Canada's sovereignty and security $62.9B
  • Ch. 3 Empowering Canadians $48.1B
  • Ch. 2 Shifting from reliance to resilience $16.5B
  • Ch. 1 Building a stronger Canadian economy $13.3B
  • Ch. 5 Creating a more efficient and effective government saves $51.2B

Figures are rounded, so totals may differ slightly from the budget's own.

Biggest changes, by cost

The 8 largest changes in the budget, measured by how much they cost or save over 2025–26 to 2029–30.

  1. 1
    Rebuilding, Rearming, and Reinvesting in the Canadian Armed Forces $56.6B

    Spending · Chapter 4

  2. 2
    Comprehensive Expenditure Review saves $44.2B

    Savings · Chapter 5 · 2026–27 to 2029–30

  3. 3
    Middle-Class Tax Cut $27.2B

    Tax cut · Chapter 3

  4. 4
    Optimizing Productivity in Government saves $7.8B

    Savings · Chapter 5

  5. 5
    Launching Build Canada Homes $7.3B

    Spending · Chapter 3

  6. 6
    Equipping Companies for Growth and Diversification $6.5B

    Spending · Chapter 2

  7. 7
    Supporting Workers $4.9B

    Spending · Chapter 2

  8. 8
    A New Trade Infrastructure Strategy $4.2B

    Spending · Chapter 2

Ranked by five-year cost or savings as shown in each chapter's table of measures. Some entries are groups of related measures, named as the budget names them. Chapter 1's measures ($13.3 billion in total) are not itemized here.

An independent view

The PBO is an independent, nonpartisan officer of Parliament who analyzes the government's budgets and cost estimates.

Parliamentary Budget Officer: reports and analysis →

Sources