Tax changes are coming in 2025. Here’s what Canadians need to know
Global News
There are several changes coming into effect as early as Jan. 1 that could affect people’s pocketbooks and how they file tax returns.
As Canadians ring in the new year with cost of living top of mind, many would likely want to get ahead on their finances for 2025.
There are several changes coming into effect as early as Jan. 1 that could affect people’s pocketbooks and how they file tax returns.
The official 2025 tax season kicks off in mid-February.
Here’s what is changing for tax filing, government benefits and savings contributions, among other tax-related updates.
There are questions looming over the implementation of the capital gains tax changes that were introduced earlier this year.
The federal government tabled a notice of ways and means motion in June, increasing the inclusion rate for taxable capital gains, but legislation is yet to be passed to formalize those changes.
In preparing for the 2025 tax filing season, the Canada Revenue Agency is able to take direction from the ways and means motion, even if it hasn’t been passed formally through Parliament.
Global News has reached out to the CRA for clarity about the impending changes to capital gains taxes.
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