Prosper Canada welcomes 2025 federal budget measures that enhance access to benefits, reduce banking fees, and better protect financial consumers

TORONTO, Nov. 5, 2025 /CNW/ - Prosper Canada, a national charity dedicated to helping Canadians build financial resilience and well-being, welcomes the Government of Canada's 2025 federal budget commitments that strives to make life affordable and secure for those living on low and modest incomes. By improving access to benefits, enhancing consumer protections, and reducing everyday costs, the budget supports the financial well-being of Canadians and communities across the country.

Prosper Canada and our partners are witnessing firsthand the growing and deepening financial vulnerability of Canadian households. According to a recent a recent survey, conducted by Léger on behalf of United Way Centraide, more than half (55%) of people living in Canada feel anxious about their personal finances, and 42% say they would only be able to cover their basic expenses for less than one month if they lost their main source of income.

With economic uncertainty expected to grow, we can't afford to let people with low incomes fall further behind. We need a financial ecosystem that works for everyone, and where everyone can contribute to building Canada's productivity.

Budget 2025 includes a number of measures that will contribute to strengthening the financial ecosystem for people with low incomes and help keep more money in their pockets. These include:

• The introduction of Automatic Federal Benefits for people with low incomes, including amendments to the Income Tax Act that will allow CRA to file a simple return for eligible individuals. Automated federal benefits will allow existing services to be further targeted for people who aren't eligible, people with more complex tax situations, or those who need to resolve issues with CRA.
• Ensuring that eligible people with disabilities can keep the full value of the Canada Disability Benefit and exempt it from being treated as income.
• Reductions in account transfer fees, review of ATM and other banks fees, making it easier for people to move checking accounts, and providing more timely access to $150 in cheque deposits.
• Action on financial fraud and economic abuse, that disproportionately impact vulnerable consumers.
• Increasing competition in the telecom industry and banking sector.
• Simplifying the regulatory and legislative environment for the financial for more predictable and transparent consultations.

"As more and more families struggle to make ends meet, we welcome these measures to ensure the most vulnerable are able to access critical income benefits and accompanying commitments to reduce bank fees and better protect financial consumers" said Elizabeth Mulholland, CEO of Prosper Canada.

"We need to make certain that we are helping those who need it most, and that the financial ecosystem and regulatory environment continue to evolve to support the most vulnerable" she concluded.

Prosper Canada looks forward to working alongside government, community partners and financial sector collaborators on a more inclusive financial ecosystem that helps to support more people to build their financial health and well-being in these challenging times.

About Prosper Canada

Prosper Canada is a national charity driving bold change that enables more people to prosper. With government, business and community partners across Canada, we are expanding life-changing financial empowerment services, innovating for greater inclusion and impact, and removing barriers to financial well-being for people with low and modest incomes. Our goal is a Canada where everyone has the opportunity and support to achieve financial well-being and live with dignity, stability, and possibility. Learn more at www.prospercanada.org

SOURCE Prosper Canada

Media contact: Wendy Abbott-Serroul, Sr. Manager, Marketing and Communications, [email protected], 416-993-6409