Our periodic newsletter, Tax Insights, will keep you up-to-date on a broad range of corporate and personal tax issues.
On March 21, 2025, Prime Minister Mark Carney announced that the federal government will “cancel the proposed hike in the capital gains inclusion rate” that had been proposed in the 2024 federal budget.
On March 21, 2025, Prime Minister Mark Carney announced that the federal government will cancel the proposed increase to the capital gains inclusion rate and maintain the proposed increase to the lifetime capital gains exemption limit to $1,250,000.
On March 25, 2025, Minister of Finance, Éric Girard, tabled the Québec government's 2025-2026 budget. This Tax Insights highlights the main tax measures outlined in the budget.
Most GST/HST and QST registrants that are a financial institution are required to file an Annual Information Return and those that are a selected listed financial institution (SLFI) are also required to file a SLFI Return.
On March 20, 2025, Manitoba’s Minister of Finance, Adrien Sala, presented the province’s budget.
On March 4, 2025, the Federal Court of Appeal rendered its judgement in 1351231 Ontario Inc. v. The King, 2025 FCA 53.
On March 12, 2025, the United States started applying a 25% tariff on imports of steel and aluminum products from all countries, including Canada, under section 232 of the US Trade Expansion Act of 1962.
On March 6, 2025, US President Donald Trump signed two executive orders, effective March 7, 2025 (and expected to apply until April 2, 2025).
On March 4, 2025, British Columbia’s Minister of Finance, Brenda Bailey, presented the province’s budget.
On February 27, 2025, Alberta’s President of Treasury Board and Minister of Finance, Nate Horner, presented the province’s budget.
On February 18, 2025, Nova Scotia’s Minister of Finance and Treasury Board, John Lohr, presented the province’s budget.
On February 13, 2025, US President Donald Trump signed a memorandum ordering the development of a comprehensive plan for reciprocal tariffs to restore fairness in US trade relationships and counter non-reciprocal trading arrangements.
On January 23, 2025 the Department of Finance released draft legislation to implement the Minister of Finance’s December 30, 2024 announcement to extend to February 28, 2025 the deadline for making donations eligible for tax relief in the 2024 tax year.
Canadian corporations are required to file annual income and capital tax returns and to meet several other Canadian annual filing and remittance deadlines.
On October 23, 2024, Nova Scotia’s government announced its intention to reduce the Harmonized Sales Tax rate that applies in the province from 15% to 14%, effective April 1, 2025, and a legislative motion was passed on December 10, 2024.
The Canada Border Services Agency has released an updated list of its trade compliance verifications for January 2025.
The interplay between customs valuation and transfer pricing is crucial for Canadian businesses involved in cross-border transactions with related parties.
On December 16, 2024, the federal government presented its 2024 Fall Economic Statement. To improve transparency in the non‑profit organization sector, the economic statement proposes to broaden the number of NPOs that are required to file an annual information return.
On December 16, 2024, the federal government presented its 2024 Fall Economic Statement (economic statement). The economic statement outlines several key measures aimed at enhancing Canada's customs and international trade framework.
Participating employers with a December 31 year end must remit the Goods and Services Tax/Harmonized Sales Tax and Quebec Sales Tax on deemed supplies made to registered pension entities and master pension entities with their December GST/HST and QST returns.
