Resources for Business Owners
Resources for Business Owners
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Stay organized and on top of your finances with these resources:
2025 News
Transition to Online Correspondence: Starting in spring 2025, the Canada Revenue Agency (CRA) will default to delivering most business correspondence through My Business Account instead of traditional paper mail. Businesses should ensure their email addresses are updated in the system to receive timely notifications.
canada.ca
Capital Gains Tax Inclusion Rate: Initially, the government proposed increasing the capital gains inclusion rate from 50% to 66.67% for businesses and individuals with gains exceeding C$250,000, effective June 25, 2024. However, the implementation has been deferred to January 1, 2026. Despite the delay, the CRA has been administering the proposed changes since June 2024.
canada.ca
Basic Personal Amount (BPA) Increase: The federal BPA, a non-refundable tax credit that reduces the amount of income tax owed, has been adjusted for inflation. For 2025, the BPA is set at $16,129. This means individuals earning up to this amount will not be taxed, and those with higher incomes may see a reduction in their taxable income.
RRSP Contribution Limit: The contribution limit for Registered Retirement Savings Plans (RRSPs) has increased to $32,490 in 2025, up from $31,560 in 2024. Contributing to an RRSP can help lower taxable income for the year.
British Columbia Carbon Tax Increase:
Effective April 1, 2025, British Columbia's carbon tax is set to increase from $80 to $95 per tonne of CO₂ equivalent. This will result in higher costs for fuels such as gasoline and natural gas.
www2.gov.bc.ca
It's essential for small business owners to stay informed about these changes to ensure compliance and optimize their tax strategies for the year.
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