Capital Gains Chaos: Extensions & Unprecedented Delays to Tax Season 2025

Stop! Don’t file a T1 or T3 tax return yet, says a March 11, 2025, news release from the CRA, if you have been impacted by the chaos of the proposed capital gains inclusion rate increase.

Did you know that 93% of Canadians voluntarily participate in the tax system, with 90% filing on time every year?  Not only that but 91% of Canadians pay their tax liabilities on time.  Recently the trust factor has been declining according to CRA’s performance indicators and, with the faulty implementation of two new taxation regimes in Canada, there have been calls for accountability in CRA procedures.  However, this may be somewhat unfair to CRA, as tax law-making begins with the Federal Budget; the next one on April 16.  Here’s what’s at stake:

Tax, accounting and financial advisors who have deep and broad knowledge about tax efficient retirement income planning, starting with the options available to defer the OAS and CPP pension can provide a valuable added service to a broad base of clients in all three stages of retirement:  pre-retirement, the “in-retirement” period and post-retirement, when survivors seek clarity about survivor benefits.  And there is a wide knowledge gap, as discussed below. For these reasons receiving a professional certificate on the completion of the Knowledge Bureau’s Tax Efficient Retirement Income Planning course is an important investment. 

The Acuity Conference for Distinguished Advisors (DAC) takes place November 10-12 in Montreal, Quebec and we are pleased to welcome the thought leadership of many returning education partners to the stage. The speakers from these organizations are ready to wow the highly-engaged audience at the only multi-disciplinary conference for professionals in the tax, accounting and financial services. Register or partner with us by the June 30 early-bird deadline to save on delegate and sponsorship fees.

Now you can earn 20 life credits with AIC along with 30 KB, 30 life credits with ICM, 20 CIRO PD, and 20 MFDA and lead a collaborative team of professionals and help your clients accumulate, grow, preserve and transition sustainable wealth The RWM™ credentials signify comprehensive training in delivering holistic wealth management service. Want to learn more about the RWM™ approach? Register now to join us at a complimentary live-virtual event on May 7, hosted by practicing Real Wealth Managers™ and outstanding thought leaders, and explore an interactive online Orientation.

Mark your calendar for 17 big tax and benefit milestones in April! Prescribed interest rates from the Bank of Canada remain the same this quarter, but new rates for OAS are in effect. Check out the details below:

Two provincial budgets were released on either side of the Easter Weekend:  Ontario’s on March 26 and Manitoba’s on April 2, and their approaches were entirely different: one reflecting few taxes changes (but a promise of tax reform!); the other a plethora of broad-reaching new ones that will raise taxes and increase complexity.  Here’s what you need to know: