Ontario Advisers

“Tax Tip Tuesday: Keep Your Receipts!”

Small expenses add up! Keep receipts for business lunches, mileage, and supplies. Come tax season, these deductions can save you more than you think.

Important updates to the 2025 Federal and Provincial tax legislation announced by the Canada Revenue Agency (CRA).

These changes may affect your payroll deductions starting July 1, 2025.

Federal Changes:
The lowest federal income tax rate will be reduced from 15% to 14% effective July 1, 2025. For the full year, the tax rate will be 14.5%, with 14% applying for the remaining six months. This change only affects the lowest income tax bracket (up to $57,375).

Provincial Changes:
Alberta: A new tax rate of 8% will apply to the first $60,000 of taxable income starting in 2025. For the first six months, the rate remains at 10%, and a pro-rated rate of 6% will apply for the remaining six months.

Connect with us for a free consultation!

“Leaving Canada or already a non-resident? No worries — we take care of all your tax filing needs, from departure to non-resident obligations!”

Enjoy a 10% Discount – Don’t Miss Out!

We’re excited to offer you a 10% discount. Take advantage of this limited-time offer!