How Carney's budget could affect your wallet, from a $150 cheque to a $1.5-million yacht

Now that the dust has settled on the 2025 federal budget announcement, it’s time to see how ordinary Canadians might see their everyday lives affected by some of the government’s decisions . Here are a few takeaways.

If you’re the type who still deposits paper cheques in the ATM (or hands them to a bank teller) there’s good news. The budget proposes raising the amount of money immediately available from a just-deposited cheque to $150 from the current $100.

“Access to cheque fund rules are now over a decade old and have not kept pace with cost-of-living increases or technological advances,” the budget document notes.

It also plans to reduce the number of days banks may hold deposited cheque funds before releasing them to customers, and to raise the current threshold of $1,500, below which shorter hold periods apply.

At the other end of the financial scale from a $150 cheque, the budget removes a tax that was introduced in 2022 on airplanes with a value of more than $100,000 or boats worth more than $250,000. This luxury tax was equal to the lesser of 10 per cent of the total value of the vehicle or 20 per cent of the value above the threshold.

It should be noted that cars worth more than $100,000 are still subject to this tax.

The budget notes that unlicensed debt advisors, also known as lead generators, can deceive consumers into filing for bankruptcy in exchange for payment.

“When filed unnecessarily, insolvency proceedings can increase the costs of unnecessary fees and fines, and the longstanding perpetuation of a borrower’s cycle of debt,” it says.

It plans to add remedies, including restitution, for non-compliance with the Bankruptcy and Insolvency Act, and to increase the maximum criminal fines under that Act to $100,000 from the current $5,000, and to $1 million for corporations.

The Canada Post Corporation Act restricts Canada Post from increasing stamp prices without Governor-in-Council approval, a process the crown corporation calls “lengthy and cumbersome,” taking up to nine months.

The new budget proposes amendments to the Act that will let Canada Post set postage rates on its own.

“This measure is expected to benefit all Canadians by helping improve the future financial sustainability of Canada Post operations,” the budget states .

According to the Canadian Bankers Association , the number of bank branches in Canada has been falling in recent years, dropping 9 per cent from 2012 to 2022. As of last October there were 5,460 branches in Canada, compared to 5,605 the previous year, and 5,783 in 2020.

The budget proposes to amend the Bank Act to require that banks provide public notice of branch closures on their websites, and to prohibit the charging of certain account switching or closure fees from the time the bank gives notice of its intent to close a branch until 12 months following the closure.

The budget also says the government will review fees charged by banks, including Interac e-transfer fees and ATM fees. “We will use every tool and agency at our disposal to address any unjustified fees and pain points for Canadians,” it says. “We will provide an update on this work in 2026.”

Under the heading “Delivering a middle-class tax cut,” the government is moving forward with the proposal to reduce the lowest marginal personal income tax rate to 14 per cent from 15 per cent, effective July 1, 2025.

This is the tax rate applied to the first $57,375 of an individual’s taxable income. The maximum tax savings will be $420 per person and $840 per couple in 2026.

• John Ivison: Carney’s budget finally offers hope that years of economic mismanagement may be over
• FIRST READING: The most egregious jargon of Carney's budget, from 'rightsizing' to 'fiscal firepower'

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