Author: General - Admin

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.

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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.

A June 2, 2022 Technical Interpretation discussed the taxability of funds received through crowdfunding campaigns. CRA first noted that amounts received through a crowdfunding arrangement could represent loans, capital contributions, gifts, income or a combination of two or more of these.

All eligible Canadian resident seniors (over age 65), children under 18
and individuals eligible for the disability tax credit can now apply for the Canadian Dental Care Plan.

The 2024 Federal Budget proposed to increase the capital gains inclusion rate form 50% to 2/3 of the actual gain, effective for capital gains realized on or after June 25, 2024, for all tax payers (including corporations and trusts) other than individuals.

On April 16, 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2024 – Fairness for Every Generation, to the House of Commons.
No changes were made to personal or corporate tax rates. Some highlights include the following:

Changes requiring more trusts (and estates) to file tax returns and more
information to be disclosed, first proposed in the 2018 Federal Budget, were delayed several times in the legislative process. The final rules (that are now law) first apply for 2023, with a filing deadline of April 2, 2024.