Author: General - Admin

CRA will receive information from online digital platforms that facilitate the sale of goods and provisions of services, such as Airbnb, VRBO, Uber, etc., in respect of the 2025 calendar year, by January 31, 2026. Ensure that all income is properly reported.

Looking to sell your business? Several tax-efficient options exist. These include the ability to shelter up to $1.25 million in capital gains under the lifetime capital gains exemption (indexed starting in 2026).

On November 4, 2025, the Minister of Finance and National Revenue, the Honourable Francois-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:

The voluntary disclosures program (VDP) provides taxpayers with a change to correct past tax errors or omissions before CRA finds them. If CRA accepts a disclosure, taxpayers may receive some penalty and interest relief and will not be referred for criminal prosecution. Any taxes owing will still have to be paid by the taxpayer in full.

The government has proposed to reduce the tax rate on the lowest bracket to 14% (from 15%) effective July 1, 2025, resulting in reduced tax for many individuals. This change would be implemented as a 14.5% rate for 2025 and 14% for 2026 onwards. However, the rate for personal tax credits would likewise be reduced, resulting in lower tax credits.

On May 15, 2025, the Hon. Peter Bethlenfalvy, Ontario’s Minister of Finance, presented the government’s 2025 budget: A Plan to Protect Ontario.

Released against the backdrop of unpredictable U.S. trade policy, this budget arrives at a key moment for Ontario’s economy, and the province’s relationship with its most important trading partner.

CRA has been significantly delayed in posting several tax sli8ps to its online portal this year. Adjustments to filed personal tax returns may be needed to report income that was missed.

The capital gains inclusion rate has been proposed to increase from 50% to 2/3, effective June 25, 2024, for corporations and most trusts as well as for the portion of capital gains realized in the year that exceeds $250,000 for individuals, graduated rate estates and qualified disability trusts.

New! As of June 25, 2024, 2/3s of capital gains in excess of $250,000 per year are proposed to be taxable. Capital gains of $250,000 or less will effectively continue to be included at a 50% rate due to a new deduction.

Any corporation or individual who had a tax balance owing of greater than $3,000 in the previous year has an installment requirement and not paying them on time can be very costly.