February 2025

UPDATE

Relevant for Short-Term Rental Hosts

As if the ever-changing landscape of housing regulations weren’t enough, starting May 1, 2025, there’s a new rule that will require all short-term rental hosts to have a valid registration number in order to keep their listings active.

Registration Requirement

Starting May 1, 2025, all individuals operating short-term rentals must have a valid registration number to continue listing their properties. Here’s what you need to know:

From May 1-31, 2025: If you do not have a valid registration number by May 1, your listing may be removed, and you won’t be able to accept new bookings.
From June 1, 2025, onward: Unregistered listings will be fully removed from the platform, and any existing bookings may be canceled.
Penalties: Operating without a valid registration could result in administrative fines.

Fees and Early Registration Discounts

We know, it’s not always fun to pay extra fees, but here’s what you can expect in terms of registration fees:

For short-term rentals you live in: $100 annually
For short-term rentals you do not live in: $450 annually

Early Registration Discount

If you’re proactive (and we know you are), there are discounts for early registration:

50% off if you register before March 1, 2025
25% off if you register between March 1 and March 31, 2025

Action Required

To avoid any disruptions or penalties, make sure your short-term rental is properly registered before May 1, 2025. Registering early not only ensures your listing stays active but also saves you money on fees—so it’s a win-win!

If you have any questions or need assistance with the registration process, don’t hesitate to reach out. We’re here to help you navigate this new change!

Sincerely,

The Ivory Planning Group Team

KEY DATES & DEADLINES

FOR EVERYONE:

FOR BUSINESSES:

January 1st - Additional Eligible TFSA Room

The TFSA contribution limit for 2025 is $7,000. There is no deadline to contribute, and your total contribution room is based off of this additional $7,000 plus any past years' room not utilized. Please let us know if you have any questions or if we can assist with your 2025 deposits.

January 30th - Prescribed Interest Loans Payment Due

The loan interest for 2024 prescribed loans must be paid on or before January 30th 2025. If the interest payments are not made when required, the attribution rules will apply for the current and all future years.

February 28th - RRSP Deadline

You are eligible to make additional contributions to your RRSPs to reduce your 2024 taxable income and therefore potentially increase your tax refunds. We will be in touch with you to discuss whether an RRSP contribution (and how much) makes sense for your situation.

April 30th - Personal Tax Filing Deadline

To prevent late filing penalties and interest accruing, personal taxes need to be filed on time. We will not be able to guarantee your return's completion before the due date unless all documentation has been submitted to us at least 10 days prior to the filing deadline. We will be reaching out to all our clients when tax season commences, to walk you through the filing process. Please hold on to any personal tax documents you have to send us until we request them at the beginning of March.

June 16th - Self Employed Personal Tax & GST Filing Deadline

If you are self employed, both you and your spouse's deadline for filing personal taxes is June 15th, but as it lands on a weekend, will be pushed to June 16th. If you have a GST account, your GST filing is due the same day. The same 10-day rule as above will apply to documents being submitted before the filing deadline.

NEW March 7th - T4/T5 Filing Deadline

CRA requires that all 2024 T4s and T5s are filed on time for yourself and your staff, and will often charge penalties if this deadline is missed. The deadline to file has recently been extended an additional week by the CRA to accommodate those affected by a recent change in the CRA's online filing process.

March 31st - Medical/Benefit Expenses Claimed

Please ensure you have processed claims for all of your 2024 medical expenses to your formal Group Benefits Plan, Plan Direct Resources, or MyHSA. If you have any questions on how to make these claims please don’t hesitate to reach out to our office and we can walk you through the process.

March 31st - GST Filing Deadline (for Dec year end Corporations only)

For corporations with December year ends, GST filings and amounts owing are both due at the end of March. Please keep this in mind when gathering your corporate tax documents to submit for filing. We encourage all clients to be proactive in collecting the required information to allow adequate preparation time for GST filings and estimates on amounts owing.

*** Corporate Year End Deadlines ***

As most of you are aware; corporate tax returns are due 6 months after the company's year-end date, and amounts owing on corporate tax returns will begin accruing interest 3 months after the year end date if they are not paid (2 months for companies that do not qualify for the Small Business Deduction). We cannot guarantee on-time filing for any returns that have submitted their complete year end documents less than 45 days prior to the company's filing due date. Please keep this timeline in mind when submitting required information and responding to queries.

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Disclaimer

We have included in this company update general information and commentary on financial planning, accounting, tax and wealth management topics that we think may be of interest to you. Although we do our best to provide accurate information, we cannot guarantee that what you read will be applicable to your personal situation. This update is NOT to be considered or used as financial advice, and any implementation of investment, accounting, or financial planning strategies should be discussed with your advisory team first.

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