This Month’s Poll
The automobile deduction limits raised — the CCA ceiling for passenger vehicles to $39,000 plus tax for 2026. In your opinion, is that high enough?How Popular is the Charitable Donation Extension
On January 23 , Finance Canada released draft legislation to confirm the extension of the charitable donation deadline for the 2024 tax year to February 28, 2025. However, this law won’t be passed until the House of Parliament returns from the prorogue.
Breaking News - Capital Gains Inclusion Rate Increase Postponed to January 1, 2026
Breaking News - From Finance Canada today - a postponement of capital gains inclusion rate increase from June 25, 2024 to January 1, 2026—the new date on which the capital gains inclusion rate would increase from one-half to two-thirds on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and most types of trusts.
Extension of Donation Deadline – Gifts in Kind Don’t Qualify
Last week Finance Canada released draft legislation to confirm the extension of the charitable donation deadline for the 2024 tax year to February 28, 2025. But it’s not for all donations. The fine print in this legislation matters before going ahead and making the donation. Check it out:
Capital Gains: News on Tax Forms and Changes
Say tuned this Friday, January 31 when CRA is set to release its capital gains calculation forms. Will they include the proposed new capital gains inclusion rate calculations? Recall the April 2024 Budget, when our now resigned finance minister Chrystia Freeland announced that the proportion of capital gains that qualify as taxable income would be increased for some tax filers. Is it law? No. What should tax filers do?
Is the Canada Carbon Rebate for Small Business Taxable?
Many small businesses are currently receiving the long-awaited Canada Carbon Rebate, and for some it’s a sizable sum. Is it taxable? It shouldn’t be, according to an announcement made by the Finance Minister last November after the CFIB raised the issue. In fact, its written statement on the matter on its website also casts this as a tax-free payment. But did you know, the law says something different?
Get Hooked on Preparing Taxes!
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