Tax season is here and below are some changes that will affect business taxes in 2025.
Transitioning to online mail for most business correspondence
Beginning in spring 2025, the Canada Revenue Agency (CRA) will make online mail the default for most business correspondence, delivering notices, and updates.
Changes for short-term rentals
New legislative changes require short-term rentals to be compliant with the short-term rental laws in the municipality/province in which they are located in order to claim deductions. Short-term rental hosts were required to comply with these applicable provincial and municipal registration, permit, license, and operating requirements by December 31, 2024.
The CRA is administering proposed capital gains inclusion rate legislation
On January 31, 2025, the Minister of Finance announced that the federal government is deferring—from June 25, 2024 to January 1, 2026—the date on which the capital gains inclusion rate would increase from one-half to two-thirds on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and most types of trusts. The capital gains inclusion rate represents the portion of capital gains that is taxable.
For more information and other changes, visit www.canada.ca/en/revenue-agency.
MP – Calgary Centre Greg McLean proudly serves the following Communities: Altadore, Alyth, Bankview, Bel-Aire , Bonnybrook, Britannia, Burns Industrial, Chinatown, Cliff Bungalow , Connaught (Beltline), Currie, Downtown East Village, Downtown West End, Eau Claire, Elbow Park, Elboya, Erlton, Garrison Green, Garrison Woods, Highfield, Inglewood, Killarney-Glengarry, Lincoln Park, Lower Mount Royal, Manchester, Manchester Industrial, Marda Loop, Mayfair, Meadowlark Park, Mission, Mount Royal, North Glenmore Park, Parkhill, Ramsay, Richmond-Knob Hill, Rideau Park, River Park, Roxboro, Rutland Park, Scarboro, Scarboro/Sunalta West, Shaganappi, South Calgary, Sunalta, Upper Mount Royal, Victoria Park, Windsor Park
