Tax season is almost here! Whether you’re a seasoned filer or it’s your first time, having the essential information can save you time and stress. It could even put more money in your pocket.

To help you, we’ve put together the key facts of what you need to know for this tax-filing season. This includes what’s new with our digital services and on the income tax and benefit return. 

Canada Revenue Agency (CRA) has reverted to administering the currently enacted capital gains inclusion rate of one-half. This means that all capital gains realized before January 1, 2026 will be subject to the currently enacted inclusion rate of one-half, unless an exemption applies.

The announcement also confirmed that the government intends to maintain the existing coming into force date of the proposed increase to the Lifetime Capital Gains Exemption (LCGE) limit to $1.25 million of eligible capital gains included in the previous Notice of Ways and Means Motion (NWMM) tabled in Parliament on September 23, 2024. This measure remains unchanged, and the CRA will continue to administer the proposed change, which applies to dispositions that occur on or after June 25, 2024. Indexation of the LCGE would resume in 2026.

In 2024, there were several announcements about changes to business taxes that will take effect in 2025. We’ve gathered the key updates here, along with some helpful resources to make it easier to manage these changes and your taxes in the new year.

Crypto-assets are digital assets that exist on a cryptographically secured distributed ledger. There are many types of crypto-assets, the most common being cryptocurrencies, such as Bitcoin, Ethereum and Tether. Transactions related to crypto-assets often have tax implications and must be reported on your income tax return.