Canada introduces Capital Budgeting Framework and fall budget cycle

The Government of Canada announced a new Capital Budgeting Framework and a permanent shift of the federal budget cycle to the fall, starting with Budget 2025; the full plan will be released on November 4, 2025.

• Main announcement: The Government will introduce a Capital Budgeting Framework that distinguishes capital investment (broadly defined to include expenses or tax expenditures that contribute to public or private sector capital formation, held on government or private/Indigenous/other government balance sheets) from day-to-day operating spending, and will table the federal budget in the fall beginning with Budget 2025 to provide greater predictability and align with construction seasons and stakeholder planning.
• Details and context: The Public Accounts of Canada will remain compliant with Public Sector Accounting Standards; the change aims to allow more budget measures to be included in time for the Main Estimates (which must be tabled by March 1), responding to calls from OGGO and the Parliamentary Budget Officer (PBO); the government says the full plan will be released on November 4, 2025.