Tax news

Updated January 2025

NEW FOR 2024

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


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Estates

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


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RRSPs

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


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CRA Reviews & Audits

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


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Children and Families

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


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Students

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


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Medical Expenses

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


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Corporations

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


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Tax Free Savings

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

 


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Tax Rates

New tax rates.


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Office Policies

Updated office hours and new digital-only policy.


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