| An update from the Canada Revenue Agency
The following changes to business taxes will take effect beginning in 2025. Some changes may also impact your filings for the 2024 tax year. Below is a highlight of the changes. For more details, please click on the button below.
- Transitioning to online mail for most business correspondence instead of by paper mail
- The CRA is administering proposed capital gains inclusion rate legislation
- Trust reporting for the 2024 tax year – Bare trusts not required to file the T3 Return and Schedule 15
- Changes to Canada Pension Plan maximum pensionable earnings and contributions in 2025
- Changes for short-term rentals (common accommodation sharing platforms include AirBnB, CanadaStays, FlipKey and VRBO)
- The CRA’s fall digital service improvements
- Changes to electronic filing of information returns
- Extension of administrative policy for T4/T4A reporting related to Canadian Dental Care Plan (CDCP)
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