On November 4, 2025, the Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, presented Budget 2025 – Canada Strong, to the House of Commons. No changes were proposed to personal or corporate tax rates. Some highlights include the following: A. Personal Measures Automatic tax filings for low-income Canadians to commence for the 2025…
The CRA Is Going Paperless. Here’s What You Need to Know The Canada Revenue Agency (CRA) is making a big shift. It’s moving toward a fully online system and phasing out paper-based authorizations and filings. This means it’s more important than ever to make sure your representative, like your accountant or tax advisor, is set…
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…
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…
On April 16, 2024, the Minister of Finance tabled the 2024 Federal Budget. While no changes were made to the federal personal or corporate tax rates, there are some key changes to be aware of: Effective June 25, 2024, the inclusion rate on any capital gains in a corporation or trust will increase from 1/2…
Recent amendments to the Income Tax Act have introduced significant changes for bare trusts, particularly in terms of reporting beneficial ownership information. Historically, bare trusts were exempt from filing a T3 Return. However, the landscape has shifted. Now, with few exceptions, bare trusts are mandated to submit a T3 Return annually. This is required even…
-The main difference between TFSAs and RRSPs is access: you can invest in and withdraw from a TFSA with near total freedom, while an RRSP is much more limited.
-TFSAs have a lower contribution limit than RRSPs, however both have very specific contribution limits.
-A TFSA are more of an investment account than a traditional savings account.
-You can only contribute cash savings to an RRSP.
Contributions to RRSPs are tax-deductible.
-A TFSA is a great option if you think you may need access to the funds before you retire.
-You cannot (in most circumstances) invest or withdraw your RRSP funds until age 55
-The main difference between TFSAs and RRSPs is access: you can invest in and withdraw from a TFSA with near total freedom, while an RRSP is much more limited.
-TFSAs have a lower contribution limit than RRSPs, however both have very specific contribution limits.
-A TFSA are more of an investment account than a traditional savings account.
-You can only contribute cash savings to an RRSP.
Contributions to RRSPs are tax-deductible.
-A TFSA is a great option if you think you may need access to the funds before you retire.
-You cannot (in most circumstances) invest or withdraw your RRSP funds until age 55
-The main difference between TFSAs and RRSPs is access: you can invest in and withdraw from a TFSA with near total freedom, while an RRSP is much more limited.
-TFSAs have a lower contribution limit than RRSPs, however both have very specific contribution limits.
-A TFSA are more of an investment account than a traditional savings account.
-You can only contribute cash savings to an RRSP.
Contributions to RRSPs are tax-deductible.
-A TFSA is a great option if you think you may need access to the funds before you retire.
-You cannot (in most circumstances) invest or withdraw your RRSP funds until age 55
