April 2025

TAX PLANNING AND THE FEDERAL ELECTION

Tax season is in full swing, and the April 30 personal filing deadline is fast approaching—just two days after the federal election on Monday, April 28. With that in mind, we’ve outlined the key party proposals that could significantly impact you from a tax and planning perspective depending on the government elected.

Planning Insight: A deferral option could boost liquidity across markets.

Tip: If buying post-election, speak with a real estate lawyer to confirm rebate treatment on closing.

Tax Reform on the Horizon?

CPA Canada and the Canadian Tax Foundation continue to push for a major overhaul of the Income Tax Act. Only the Conservatives propose launching a Tax Reform Task Force within 60 days of taking office.

Goals include:

Simplifying small business rules
Stabilizing capital gains treatment
Clarifying tax rules for digital assets and remote work
Improving legislative clarity and consultation

Note: Reform would be a multi-year process—uncertain whether it will be a full rewrite or more patchwork changes.

Final Word: All items above are proposals only are subject to change and must pass committee and legislative scrutiny before becoming law. We’re tracking developments closely and will do our best to keep you informed.

Most importantly—vote on April 28!

KEY DATES & DEADLINES

FOR EVERYONE:

FOR BUSINESSES:

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.

*** 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.

Visit our Website

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.

Please feel free to unsubscribe at any time by clicking 'unsubscribe' at the bottom of the screen.