Tax Tips: First Quarter 2025 - Buckberger Baerg & Partners LLP

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1ST QUARTER 2025 TAX TIPS

Overview

Tax Proposals: Capital Gains Inclusion Rate

The capital gains inclusion rate is proposed to increase from 50% to 2/3, effective June 25, 2024, for:
- Corporations and most trusts
- Individuals, graduated rate estates, and qualified disability trusts (on capital gains exceeding $250,000 annually)

GST/HST Tax Holiday: Rebate Applications

Ensure to keep receipts for purchases where GST/HST was charged improperly. Multiple claims can be included in a single rebate submission.

My Business Account: No More Paper Mail

In the Spring of 2025, CRA will change the default method of correspondence for most businesses to online only.
Ensure that your email address listed in My Business Account is up to date. Consider opting out of electronic only communications in May 2025, if that is your preference.

Insurable Employment: Related Individual

If an employee is a relative of the business owner, confirm whether their income is insurable or not, as this affects EI premiums and benefit eligibility.