Budget 2025 Implementation Act, No. 2

Bill C-31, the Budget 2025 Implementation Act, No. 2, is the second omnibus bill implementing measures from the 2025 federal budget. Introduced by Finance Minister Champagne, it establishes a regulatory framework for stablecoins and digital payments, implements international Crypto-Asset Reporting requirements, bans most employment non-compete clauses across federally regulated industries, restructures the Canadian Human Rights Commission, and enacts a range of tax measures.

Every Canadian, directly or indirectly. Workers gain protection from non-compete clauses that restrict job mobility. Crypto investors and exchanges face new reporting obligations. Fintech firms and banks must comply with the stablecoin framework. Human rights complainants encounter a restructured CHRC process. Taxpayers are affected by the various budget tax measures.

A new stablecoin and payments framework regulates digital payment instruments for the first time. Crypto-Asset Reporting aligns Canada with international standards, requiring exchanges to report customer holdings. Most employment non-compete clauses become unenforceable, freeing workers to move between employers. The Canadian Human Rights Commission is restructured to improve case handling. Various tax measures from Budget 2025 are formally enacted.

The bill was introduced by Finance Minister Champagne on May 7, 2026. It has passed first reading and is now at second reading in the House of Commons, where MPs debate the bill in principle. As a budget implementation bill, it will follow the standard finance bill process through the House of Commons, with committee study to follow second reading.