Category: Personal income tax news

Tax season starts today! File your 2024 income tax and benefit return to get the benefits and credits you may be eligible for

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News release February 24, 2025                            Ottawa, Ontario                            Canada Revenue Agency Today, you can start filing your 2024 income tax return online. For most individuals, the deadline to file is April 30,…

EFILE news and program updates

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T1 EFILE The Canada Revenue Agency’s EFILE, ReFILE and T1135 web services are now closed for the electronic filing of your clients’ initial and amended (T1) personal income tax and benefit returns and T1135 forms for T1. These services will re-open on Monday, February 24, 2025 at 8:30 a.m. (Eastern Time).  The Canada Revenue Agency’s T3 EFILE and T1135…

Update on the Canada Revenue Agency's administration of the proposed capital gains taxation changes

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January 31, 2025 Ottawa, Ontario Canada Revenue Agency The Department of Finance announced today that it will introduce legislation in Parliament in due course, related to the capital gains inclusion rate change with a new effective date of January 1, 2026. The announcement confirms the government’s intention that, effective for dispositions that occur on or after January 1, 2026, the inclusion rate will…

Don’t miss out on tax benefits for northern residents

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February 12, 2025 Ottawa, Ontario Canada Revenue Agency If you lived in a northern or remote area for six months or more in 2024, you may qualify for the northern residents deductions. These deductions recognize the unique challenges northern residents face, such as higher living costs and limited access to services. Find out if you…

Changes to rules for eligible deductions from short-term rental income

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What’s new Changes to the income tax rules now deny income tax deductions related to non-compliant short-term rentals after 2023. If you rented out a residential property for short periods, these changes may affect you. What is a short-term rental A short-term rental is a residential property that is rented or offered for rent for a period of less than 90 consecutive…

Tips and gratuities

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IntroductionEmployer responsibilitiesIs income from tips and gratuities part of an employee’s pensionable or insurable earnings, or both?Controlled tipsDirect tipsDeclared tips (in the province of Quebec only)More informationLegislative references Introduction This article is for employers and their employees who receive tips and gratuities. It explains how to treat tips and gratuities for purposes of the Canada…

Counterpoint: Why taking CPP at 60 can make sense, even when the hard math says otherwise

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Ted Rechtshaffen | March 21, 2017 1:52 PM ET More from Ted Rechtshaffen Pawel Dwulit/Bloomberg News Earlier this week, Lisa Bjornson and Fred Vettese wrote an excellent article suggesting that one should wait to take the CPP until age 70. The pure math is hard to dispute, as the government provides a bit of an…