Liberals vow ‘cost-effective’ use of gun grab cash in budget

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OTTAWA — Here are some random takeaways from Budget 2025.

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Millions for weapon seizure

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Budget 2025, one of the Liberals' most controversial and costly policies, overhauls the fiscal impact of the federal government's so-called measures. “Firearm Assault Compensation Program” to $38.7 million over three years starting in fiscal year 2025-26.

The program, the budget promises, will be implemented “in the most efficient and cost-effective manner possible,” promising to keep it within existing funding targets of $742 million.

The government has so far spent more than $70 million developing the program, and the parliamentary budget specialist said the compensation portion of the program could cost as much as $746 million in 2021.

Bank commission overview

As part of its 2025 budget affordability efforts, the federal government will begin overview of fees charged to consumers by banksincluding fees charged at ATMs and when transferring money online through services such as Interac wire transfers.

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“We will use all the tools and agencies at our disposal to eliminate any unnecessary fees and address pain points for Canadians,” the 2025 budget documents say.

Information and cost will be announced in 2026.

Luxury tax will be abolished

Citing that it costs more to administer than what it brought, the 2025 budget will bring Controversial luxury tax in Canada to an unceremonious end.

The tax has come under fire from Canada's struggling aerospace and maritime industries, which have said the tax is costing them millions in revenue and have canceled orders.

The levy would generate about $779 million in new tax revenue but would deal a nearly $3 billion hit to Canadian industry, according to a spokesman for Parliament's 2021 budget.

The sliding scale tax would target new luxury aircraft costing more than $100,000, as well as new boats or yachts with a price exceeding $250,000.

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Expanding access to funds through checkable deposit

While it's been a while since many Canadians have written or deposited physical checks, the government is considering modernizing the rules surrounding so-called “legacy financial products.”

The new rules will amend the Banking Act to increase the funds immediately available on deposited checks from $100 to $150 and eliminate differences between checks deposited in person and by other means. Rules will also be introduced to ensure that the changes apply to trust and loan companies.

There are also changes coming to reduce how long banks keep deposited checks, as well as increasing the current $1,500 threshold for immediate access to funds on deposit.

Canada Strong Pass Update

As announced earlier last month, Canada Strong Pass Program will be extended for two years.

The program will come into effect for the Christmas season from December 12 to January 15 and again next summer.

The program, which allows discounted admission to national parks, museums and galleries, as well as discounted rail fares, will cost $116.30 over two years.

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