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Canada to rescind its digital services tax (DST) and the CRA advised businesses aren’t required to file a DST return or pay any DST owing at this time.
Despite Parliament being prorogued and subsequently dissolved, the CRA has confirmed that it will continue to administer the proposed increase to the lifetime capital gains exemption to $1.25 million retroactively, effective June 25, 2024.
The 2024 federal budget proposed an increase of the capital gains inclusion rate to 66.67% effective June 25, 2024, amongst other measures. However, given the prorogation of parliament between January 6 and March 24, 2025, the future of this proposed change has been uncertain.
Canadian businesses are monitoring potential effects of US tax policies on cross-border trade, the Canadian economy etc. under Donald Trump's administration.
FES 2024 announces a deficit of $61.9 billion and projects a deficit of $48.3 billion in 2024-2025 in the baseline projection. This is compared to a deficit of $39.8 billion projected for the same period in Budget 2024.
The federal government has announced plans to introduce legislation that would provide a two-month GST/HST relief on a variety of consumer goods.
Certain Canadian entities must examine their supply chain and prepare for annual reporting obligations to comply with rules under the Modern Slavery Act.
The federal government has released draft legislation for the new residential property flipping rule introduced in Budget 2022. Read more in our summary.