The Department of Finance Canada has announced an increase in the capital gains inclusion rate from one half to two thirds for corporations, trusts, and individuals with capital gains exceeding $250,000, to be implemented starting June 25, 2024. This change aims to make the tax system fairer by adjusting the inclusion rate for capital gains and losses. Individuals will have access to a reduction in the inclusion rate on capital gains under the $250,000 threshold, with deductions for net capital losses, the Lifetime Capital Gains Exemption, and other proposed incentives also affected by the new rate. Additionally, changes to the Employee Stock Option Deduction and rules for net capital losses, partnerships, trusts, and other entities are detailed in the announcement. Non-residents disposing of taxable Canadian property will see an increase in withholding tax rates. These adjustments are part of efforts to improve the overall tax system and promote fairness for all taxpayers.

For more details, visit the CRA website.

Every July, your benefit payment is recalculated based on your adjusted family net income from the previous year. The Canada Child Benefit (CCB) is indexed to inflation. For example, payments from July 2024 to June 2025 are based on your adjusted family net income from 2023, and payments from July 2023 to June 2024 are based on your adjusted family net income from 2022. This means that any change in your income in 2023 will be reflected in your payments starting in July 2024. 

For more details, visit the official CRA website. 

Starting January 2025, the Canada Revenue Agency (CRA) will implement changes to the electronic filing of information returns. Key updates include the mandatory use of an updated T619 Electronic Transmittal record for all electronically filed information returns and the requirement to submit only one type of information return per file. Additionally, the annual system shutdown will occur earlier in December 2024. Businesses filing six or more information returns must file electronically to avoid penalties. The CRA provides various digital services and secure portals like My Business Account and Represent a Client to facilitate electronic filing. 

For more details, visit the official CRA website.