March 21, 2025 Ottawa, Ontario Canada Revenue Agency The confidence and trust that individuals and businesses have in the CRA is a cornerstone of Canada’s tax system. The CRA regularly adjusts and improves its systems and processes to safeguard sensitive information against ever evolving threats to its digital services. To support our ongoing efforts to…
Category: Personal income tax news
2025 Alberta Budget Summary
On February 27, 2025, Alberta Minister of Finance Nate Horner announced the 2025 Alberta Budget. The Budget aims to strengthen health care, education and communities, support vulnerable Albertans, and diversify the economy. No changes were made to the existing provincial corporate tax rates. Crowe MacKay’s tax experts summarize the Alberta Budget’s new tax measures below.…
Income taxes down, property taxes up — especially in Calgary: How Alberta Budget 2025 affects you
Income tax cut The biggest way the new budget is likely to affect you is through a reduction in the personal income-tax rate. Alberta plans to cut the rate on the first $60,000 of income from 10 per cent to eight. This was a promise the United Conservative Party initially made during the 2023 election campaign. The…
Tax season starts today! File your 2024 income tax and benefit return to get the benefits and credits you may be eligible for
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,…
Tax filing deadlines
These are some of the applicable deadlines: January 26, 2026 IRS e-filing opened for US returns February 23, 2026 CRA e-filing opens for Canadian returns March 2, 2026 – deadline for RRSP contributions for 2024. February 28, 2026 – T4 and T5 slips have to be issued March 16, 2026 – deadline for first Canadian…
EFILE news and program updates
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
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
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
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
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…