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Canadian tax

Skyscrapers in downtown Toronto, where the Ontario government tabled the 2025 Fall Economic Statement

Highlights from Ontario’s 2025 Fall Economic Statement

Canadian tax /

Ontario’s 2025 Fall Economic Statement offers fiscal restraint at a time of deep economic uncertainty. While the federal government’s recent budget leaned heavily on deficit spending and incentives to spur private-sector investment, Ontario’s plan takes a more cautious path—limiting spending commitments and staying focused on a gradual return to balance. The Fall Economic Statement projects […]

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Income tax return illustrating CRA Voluntary Disclosures Program

Changes to the Canada Revenue Agency Voluntary Disclosures Program

Canadian tax /

The CRA has revised several important aspects of its voluntary disclosures program (“VDP”), effective for disclosures filed on or after October 1, 2025. Unprompted filers Unprompted filers have received no communication (verbal or written) about an identified compliance issue related to their disclosure. A taxpayer can qualify as an Unprompted filer if the taxpayer has

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Parliament Hill where the capital gains inclusion rate was deferred

Capital gains inclusion rate hike deferred until Jan. 1, 2026

Canadian tax /

The federal government last week announced plans to defer implementation of the proposed capital gains inclusion rate increase to January 1st, 2026, from the original proposed date of June 25th, 2024. The proposed measure would see the capital gains inclusion rate increase to two-thirds from one-half on annual capital gains realized by corporations and most

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Capital gains inclusion rate and business in Canada

Capital gains uncertainty—and some of the business tax measures taking effect in 2025

Canadian tax /

The tabling last year of proposed capital gains inclusion rate changes was controversial. The measure’s continued implementation is proving even more contentious. Last week the Canada Revenue Agency confirmed that it would, indeed, continue implementing the increase to the capital gains inclusion rate—to two-thirds from one half on all capital gains earned by corporations and

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Food Bank and new NPO reporting requirements

New NPO reporting requirements announced in 2024 Fall Economic Statement

Canadian tax /

The federal government’s 2024 Fall Economic Statement is proposing significant changes to reporting requirements for non-profit organizations (NPO) in Canada. Currently, a non-profit organization must file an annual information return with the Canada Revenue Agency if any one of the following three conditions are met: Total passive income (interest, dividends, rents, royalties) exceeds $10,000 in

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children's building toys exempt from HST

Potential HST holiday compliance pitfalls for small businesses

Canadian tax /

With the hectic holiday season upon them, businesses across Canada have a new administrative task to manage in the coming days: accounting for the federal government’s HST holiday (see the government announcement for the full details and implementation guidelines). The measure—which has now received royal assent and will be in effect between December 14th, 2024

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