News Room

Start Tax Season 2025 on Sound Footing

Filing a tax return is difficult as the playing field is one of constant change:  the tax rules are in flux, particularly in the 2024 tax filing year,  with all the uncertainty around the capital gains provisions.  But in addition, taxpayers have undergone many financial and life event changes since their last T1 filings, each of which must be identified for each family member.  Here’s a primer for new year conversations between advisors and clients that cuts through the noise:  what matters is what you keep!

Breaking News: Capital Gains Changes Will Need to be Reported

Will proposed tax hikes for certain capital gains incurred after June 24, 2024 survive now that Parliament has been prorogued? Maybe not, but at this time, the proposals have not officially died for tax filing purposes and in fact, CRA has confirmed on January 7 that it will administer the provisions as if passed for the 2024 tax filing year.

When Can Canada Administer a Proposed Tax Change?

With Parliament prorogued with the resignation of the Prime Minister, and CRA’s announcement that it will administer the proposed changes to the capital gains inclusion rates, the capital gains deduction and other provisions of the April 16, 2024 budget, many have questioned how this is possible given that the proposals, and the related Notices of Ways and Means Motions (NWMM) have not been passed into law.  

Register by Jan. 10: The 2025 Advanced T1 Tax Update on January 15

Learn with Peers from Coast-to-Coast at Canada’s renowned Advanced T1 Tax Update, plus receive the Knowledge Bureau ‘Tax Bible’. All Students Receive Our Comprehensive Line-By-Line Knowledge Journal, Online Tax Course, Evergreen Explanatory Notes Research Library, PLUS PowerPoint Presentations from Expert Presenters! This year’s lineup includes Evelyn Jacks, Kim G C Moody, Joanne Thomas, and Ruth Horst. We invite you to check out the detailed agenda, learn more about our illustrious speakers and register by Jan 10 for early-bird tuition savings!

Mark Your 2025 Educational Calendar

Check out our new courses and educational calendar all leading down the pathway to Specialized Credentials and Continuing Education Credits.  You can register now, start today and study from anywhere with convenient online training options, including a special offer on DMA™ Programs with tuition savings until February 15 – and of course our rookie and technical CE Savvy Summit tax schools that start January 15 with the Advanced Personal T1 Tax Update.

Register by Feb 15 and Earn New Specialized Credentials

The DMA™ Distinguished Master Advisor is a technical specialist in one or more financial disciplines: personal tax, corporate tax, accounting, or small business management and business transition services. Register by February 15 to earn new specialized credentials that build confidence, bring new solutions and build new networks!

Late Year Tax Changes Affect Donations, Auto Expenses

Happy New Year 2025!  In case you missed it, there was some late year tax news to share from Finance Canada: an extension to the charitable donation contribution deadline from December 31, 2024 to February 28, 2025. In a second announcement, the automobile expense limits for 2025 were finally announced. Here’s what you need to know:
 
 
 
Knowledge Bureau Poll Question

Do you agree with extending the charitable donations giving deadline to February 28, 2025 for the purposes of reducing taxes on the 2024 tax return?

  • Yes
    69 votes
    56.56%
  • No
    53 votes
    43.44%