Potential Tax Changes
Federal Tax Changes 1. Middle-Class Income Tax Cut The federal government is implementing a reduction in the lowest personal income tax rate from 15% to 14%,
Post-election changes to your taxes:
With Mark Carney and the Liberals returning to power, tax policy is set to remain a top priority. Promises are aimed at easing the cost of
Be careful when claiming moving expenses
CRA wins case against remote worker who claimed $67,000 in moving expenses This case revolves around an Ontario taxpayer who, in her 2021 tax return, claimed
Increased TFSA Contributions
In 2024, Canadians achieved a new milestone in their Tax-Free Savings Accounts (TFSAs), with average balances reaching an all-time high of $44,987. This represents an 8%
Capital Gains Tax Changes
The Canadian government has postponed the implementation of proposed changes to the capital gains tax until January 1, 2026. Initially introduced in April 2024, these changes
Foreign property disclosure
Who Needs to File? In Canada, if you own foreign property with a cost exceeding CAD 100,000 at any time during the tax year, you must report it