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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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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