News and Announcements

Tax law changes that affect most taxpayers
  • Federal tax rate

    The lowest individual income tax rate will be reduced from 15% to 14%. Since the change takes effect halfway through the year, the full-year lowest marginal individual income tax rate for 2025 will be 14.5%.

    The rate applying to most non-refundable tax credits will continue to be the same as the lowest marginal individual income tax rate.

  • Capital Costs Allowance

    Previously introduced Accelerated investment incentive is in phase out period, in 2024 to 2025, CCA can still be claimed at the full rate without half-year rule in the year of acquisition. Class 43.1, 54, 55 and 56 can be claimed at 75% against the maximum allowed costs.

    Under proposed legislation, if you acquired property in class 43.1, 44, 46, 50, 54, 55 and 56, you can again write off the full allowable costs in the first year. The law might finally pass or never pass. We (and the CRA) would allow this claim at tax filing time. If you take full advantage of it, be prepared to make adjustment if the law failed to pass – though it is unlikely.

    The rate applying to most non-refundable tax credits will continue to be the same as the lowest marginal individual income tax rate.

  • Digital news subscription expenses  This credit is discontinued in 2025 tax year.
  • Notice of Assessment Download using the software

    This feature is discontinued. Now you need to log into your CRA account to get the assessments or reassessments.

  • For tax professionals, you can no longer file client authorization online. This feature has been paused in the middle of 2025 (July 15) because of security concerns.
  • Alberta residents: A new 8% tax bracket has been introduced on the first $60,000 of taxable income. 
  • Manitoba  residents: Basic personal amount will be reduced if your net income is more than $200K, and becomes zero when net income reaches $400K. 
  • When you get your Notice of Assessment, if the income that applied to a previous year is not what you expected, don’t be too surprised. The CRA could calibrate a number that reflects the real consequence of the application, that include how spouse tax return is affected, family benefits are affected etc. We encourage you use our software to test all scenarios before you determine that the CRA has made a mistake.
  • View CRA’s What’s new for 2025.