Canada’s tax landscape is evolving. From new personal tax brackets to updated small business deductions and GST/HST rules, here’s what Canadians need to know for the 2024–2025 tax years.
Each year, the Canada Revenue Agency adjusts tax brackets and credits to account for inflation. For 2024–2025:
Federal income tax brackets have increased slightly
Basic Personal Amount has been adjusted
CPP and EI contribution limits have changed
What this means:
Some Canadians may pay slightly less tax, while higher-income earners may see increased payroll deductions. Reviewing your pay stubs and tax planning early can prevent surprises at filing time.
If you’re a small business owner or self-employed, these updates are especially important:
Changes to capital cost allowance (CCA) rules
Continued focus on expense substantiation
Increased CRA audits for home office and vehicle claims
Tip:
Accurate bookkeeping is more important than ever. Clean records reduce audit risk and ensure you’re claiming every deduction you’re entitled to.
The CRA continues to crack down on improper GST/HST reporting. Key points include:
Mandatory registration once revenue exceeds $30,000
Stricter timelines for filing and remittance
Increased penalties for late or incorrect filings
If you’re unsure whether you should register or how to file correctly, professional guidance can save you thousands in penalties.
Payroll audits are on the rise, especially around employee vs contractor classification. The CRA is closely reviewing:
Misclassified contractors
CPP and EI underpayments
T4 and T4A accuracy
Reminder:
Misclassification can result in retroactive taxes, penalties, and interest.
With ongoing changes and increased CRA enforcement, proactive tax planning isn’t optional anymore. Working with a tax professional helps you:
Stay compliant with evolving rules
Minimize taxes legally
Avoid costly errors and penalties
Gain peace of mind year-round
Whether you’re filing a personal return, running a small business, or managing GST/HST and payroll, MapleTax Solutions is here to help.
Book a consultation today and ensure your taxes are handled accurately, efficiently, and with confidence.
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Business & Corporate Tax
Bookkeeping Services
Payroll Management
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