Important Tax Updates for Canadians: Deadlines, Deductions, and New Programs
Tax season is here, and there are a few important updates to keep in mind that could affect your 2024 return and business correspondence with the CRA. Whether you’re preparing your personal taxes, managing your business accounts, or recently moved to Alberta, staying informed can save you time—and money. Here are the key changes and…
Capital Gains: 2025 Update
In April 2024, the Government of Canada announced a proposed increase to the change in the capital gains “inclusion rate” from ½ to 2/3rds for dispositions on or after June 25, 2024. However, with no legislation on the table in Parliament, and with Parliament currently prorogued, there was uncertainty whether this change would become law,…
GST/HST “Holiday”: Temporary Tax Relief on Select Essentials
On November 21, 2024, the Government of Canada announced a temporary Goods and Services Tax/Harmonized Sales Tax (GST/HST) relief on select holiday essentials. This measure applies from December 14, 2024, to February 15, 2025, offering temporary support to Canadians by removing GST/HST on specific categories of goods and services. Qualifiying Items The GST/HST relief…
