??? CRA Digital Transition: Mark Your Calendar For 2025
Shayan Rashid, CPA, CA
Co-founder Award-Winning Cloud CPA Firm | Helping Companies Scale to 10X | Clean Energy Founder | Entrepreneurial Coach | Pioneering Virtual Bookkeeping & Tax for Entrepreneurs | Newsletter for Canadian Entrepreneurs
REMINDER
GST/HST Filing Deadline: For businesses with a fiscal year ending on December 31, 2024, the GST/HST return is due by March 31, 2025, along with any outstanding payments.
Digital Platform Operators Deadline Alert!
Under Canada’s new digital platform reporting rules, businesses facilitating online transactions must file a 2024 information return by January 31, 2025, and provide the same details to sellers. This applies to platform operators, including nonresidents, involved in rentals, goods, or services. Filing requires a CRA RZ account, submission via XML Schema, and a Web Access Code for nonresidents.?
Top Business Tax Changes for 2025 You Can’t Miss
As we step into 2025, several tax updates are set to impact businesses across Canada. From changes in capital gains to digital service improvements, here’s what you need to know to stay ahead.
Online Mail Transition:?Starting spring 2025, CRA will default most business correspondence to online mail via My Business Account. Ensure your email is updated for seamless communication. How to Prepare:
Here are some additional updates to note for 2025:
For more details, visit Canada.ca and explore these changes further. Stay informed, stay prepared!
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Interest Rate Drops to 3% as Bank of Canada Navigates Trade Risks
The Bank of Canada has reduced its policy interest rate by 25 basis points to 3%, citing growing trade tensions with the United States. Governor Tiff Macklem warned that a prolonged trade conflict could weaken economic growth while pushing inflation higher. The central bank's latest report outlines potential scenarios where U.S. tariffs could reduce Canada’s GDP by up to three percentage points. While inflation remains near the 2% target, future rate cuts remain uncertain, with markets pricing in a potential drop to 2.5% by year-end if tariffs are implemented.
Capital Gains Inclusion Rate: Uncertainty Ahead
With Parliament prorogued until March 2025, the capital gains inclusion rate increase from 1/2 to 2/3 remains in limbo. CRA will still collect at the 2/3 rate until a final decision is made. If you’ve realized significant capital gains after June 25, 2024, consider discussing your approach with your team.
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Wonderful updates Shayan....
Founder + CEO at Ohmer | Passionate about proptech innovation and reshaping the real estate landscape | Investor in cutting-edge technologies driving systemic efficiencies
1 个月Thank you, Shayan, for sharing these critical updates for 2025. The CRA's transition to online mail and the new digital platform reporting rules are significant changes that businesses must prepare for. Additionally, the ongoing adjustments in capital gains tax, despite parliamentary suspension, highlight the importance of staying informed. At Ohmer Canada, we are committed to adapting to these developments to ensure compliance and optimize our financial strategies. Your insights are invaluable as we navigate this evolving landscape. #TaxUpdates #Finance2025 #OhmerCanada #Compliance #DigitalTransition