Tax News

Updated January 2025

A few items of note that are brand new for 2024 and may impact your tax return.

In this world nothing can be said to be certain, except death and taxes.

The deadline for contributing to your own or a spousal RRSP is March 3, 2025…

In Canada we file taxes based on the honour system. The check and balance for this, is random reviews by CRA.

The Federal and Ontario Children’s Fitness and Arts Tax Credit has been eliminated.

Tuition fees paid to accredited post-secondary schools and reported on a Tuition Tax Credit form (T2202A) are deductible.

In general, medical expenses are often overlooked. This is one area where taxpayers should be careful to keep receipts.

News specific to small-business corporations. What to file and when, how to take money out of your corporation.

The TFSA contribution limit for 2024 was $7,000 and for 2025 it will stay the same.

New tax rates.

Updated office hours and new digital-only policy.