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.

Times are tough but there are some things that are just too important to pass up on.  One of them is the RRSP contribution for the 2023 tax filing year.  The final deadline for reducing your 2023 taxes is February 29 this year.  That’s a Thursday and here are 9 great reasons why you shouldn’t miss this opportunity.

Expecting a tax refund or GST/HST payment?  You may not get it if you owe money to the Canada Revenue Agency (CRA), including repayments of the Canada Emergency Response Benefit (CERB) and other pandemic supports you may have received.  Here is what you need to know and why contacting the CRA is so important to get on better financial ground in 2024:

How does a person know whether a trust exists or not? The answer to that question can at times be more complicated than you’d imagine.  There are occasions where a written document, such as a Will, very clearly purports to establish a “trust” but fails to do so. There are other occasions where there is no written document present at all, but nonetheless a trust relationship is deemed at law to have arisen.  In some provincial jurisdictions, a trust to hold land cannot be validly created unless there is a written document in place.

It’s a question we are often asked and we are proud to tell you why Knowledge Bureau may provide the perfect career, training or entrepreneurial solution you or your firm may need at this moment. Knowledge Bureau is a certified, national post-secondary educational institute which provides world class business education and continuing professional development to advisors in the tax, accounting and financial services and vocational training  to those who wish to enter these industries.

Now is the time to leap into new educational options with selected certificate courses for only $495 – today only! Your choice: Bookkeeping in a Digital World or Understanding Business Valuation. Learn more about the curriculum of these engaging programs as you start or continue your pathway to DMA™ Designation. Use code: 24LEAP. Cannot be combined with any other tuition offer. All taxes extra.

The carbon tax is increasing again on April 1 and for some, so is the federal rebating system to offset it. Taxpayers and their spouses must file their T1 returns electronically by March 15 to get the new Canada Carbon Rebate (CCR) by the first payment date on April 15.  Otherwise, they will have to wait until the next payment date in July.  Confused?  You are not alone; there have been lots of changes.  Here’s what you need to know about this rebranded carbon tax rebate and the new amounts payable for 2024-2025.