GOC offering additional benefits
For Seniors (Federal): OAS Boost
- What: An increase to the Old Age Security (OAS) pension, potentially up to $100 more per month ($1200 annually) for eligible seniors.
- Why: To […]
Information from CRA often inaccurate
In a recent review, the auditor general’s finding is that tax-filers are often getting inaccurate information from CRA agents.
The auditor general’s office assessed the quality of the test calls it placed and found only 17 per cent of the answers provided to non-account-specific or general questions about individual taxes were accurate — and those sort of calls make up about one-fifth […]
Significant tax changes for 2025
Significant tax changes in Canada for 2025 include a federal income tax rate cut, updates to the Canada Pension Plan (CPP), adjustments to the capital gains inclusion rate, and the end of the consumer carbon tax. The Canada Revenue Agency (CRA) will also index tax brackets and certain non-refundable tax credits to account for inflation.
BC Climate Action Incentive Cancelled
The British Columbia Climate Action Tax Credit (BCCATC) has been cancelled as of April 1, 2025, along with the cancellation of the carbon tax itself. This means there will be no more quarterly BCCATC payments. While the CRA will still issue retroactive payments for previous benefit years, the last BCCATC payment was on April 4, 2025.
CRA delays in posting tax slips
With less than a month to go before the tax-filing deadline, scores of Canadians say their online accounts with the Canada Revenue Agency still aren’t showing a variety of tax slips, including, for many, the crucial T4s that record employment income.
The issue is linked to a CRA systems update that has resulted in some tax-slip providers, such […]
CRA News for 2024
Capital gains
Under proposed changes, the capital gains inclusion rate will increase to 2/3 for capital gains realized after June 24, 2024. However, a new capital gains reduction will apply so that the effective inclusion rate for capital gains of $250,000 or less will remain at 1/2 for dispositions after June 24, 2024. In addition, the […]
Home Buyer’s Plan Increase
The Home Buyers’ Plan (HBP) limit has been increased from $35,000 to $60,000 per person … and the repayment has been changed from 15 years to a payment holiday for the first 5 years thereby extending the overall repayment requirement to 20 years. Of course, you can pay it back quicker.
This is attractive because it is an interest free loan. If […]
Corporate taxation on passive investment income
Taxation of investment income earned in a corporation
When there is surplus cash in your corporation, the first step is to determine if the business will need the funds in the near future. Perhaps your corporation will need the excess cash to make tax instalments or a major business acquisition. If you decide to invest the surplus cash in your corporation, the […]
BC Transfer Tax for First Time Home Buyers
The first time home buyers’ program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.
To qualify for an exemption, at the time the property is registered you must:
Updated Canadian Dental Care Plan
The Canadian Dental Care Plan (CDCP) is helping make the cost of dental care more affordable for eligible Canadian residents aged 65 and over, children under the age of 18 and adults with a valid Disability Tax Credit certificate.