Minister of Finance and Intergovernmental Affairs Dominic LeBlanc (Beauséjour, NB) and Foreign Affairs Minister Mélanie Joly (Ahuntsic-Cartierville, Que.) announced that the Government of Canada is “[…]moving forward with 25 per cent tariffs on $155 billion worth of goods in response to the unjustified and unreasonable tariffs imposed by the United States on Canadian goods. These … Read more
Minister of Finance and Intergovernmental Affairs Dominic LeBlanc (Beauséjour, N.B.) announced that the federal government is deferring—from June 25, 2024 to Jan. 1, 2026—the date on which the capital gains inclusion rate would increase from one-half to two-thirds on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations … Read more
Deputy Minister of Finance Chris Forbes hosted a second briefing with Canadian industry and labour stakeholders, and provincial and territorial representatives on Canada-U.S. economic issues. Canada’s Deputy Ambassador to the United States of America, Arun Alexander, also joined the call. During this session, officials discussed the latest actions taken by U.S. President Donald Trump, including the … Read more
The Department of Finance released draft legislation (and related explanatory notes) to amend the Income Tax Act to extend the deadline for making donations eligible for tax support in the 2024 tax year to Feb. 28, 2025. This draft legislation provides further details on how the extended deadline will be applied and which types of donations will be … Read more
The Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2025. The following changes to limits and rates will be taking effect as of January 1, 2025: The ceiling for capital cost allowances for Class 10.1 passenger vehicles will be increased from $37,000 to $38,000, … Read more
Finance Minister and Deputy Prime Minister Chrystia Freeland (University-Rosedale, Ont.) highlighted the federal government’s mortgage reforms, which came into effect yesterday. “[…] effective December 15, 2024, the federal government has increased the $1 million price cap for insured mortgages to $1.5 million. For example, a minimum downpayment on a $1.4 million home would now be … Read more
Bill C-78, the Tax Break for All Canadians Act received Royal Assent, making essentially all food and many holiday essentials tax-free for two months. Specifically, this legislation removes the GST/HST on holiday essentials, like groceries, restaurant meals, drinks, snacks, children’s clothing, and gifts, from December 14, 2024, until February 15, 2025. The full release is available online. Contact Katherine.Cuplinskas@fin.gc.ca. … Read more
Finance Minister and Deputy Prime Minister Chrystia Freeland (University-Rosedale, Ont.) and Minister of Housing, Infrastructure and Communities Sean Fraser (Central Nova, N.S.) announced the 2024 Fall Economic Statement will double the loan limit for the Canada Secondary Suite Loan Program to $80,000, and launch the program in early 2025. In addition to the Secondary Suite Loan Program, starting Jan. … Read more
Finance Minister and Deputy Prime Minister Chrystia Freeland (University-Rosedale, Ont.) announced an investment of up to $240 million in Cohere, a Toronto-based AI leader—the first investment through the new $2 billion Canadian Sovereign AI Compute Strategy. The full release is available online. Contact Katherine.Cuplinskas@fin.gc.ca.
Finance Minister and Deputy Prime Minister Chrystia Freeland (University-Rosedale, Ont.) and Minister of Public Services and Procurement and Quebec Lieutenant Jean-Yves Duclos (Québec, Que.) highlighted how the government is putting more money in your pocket: Bill C-78, the Tax Break for All Canadians Act, has been adopted by the House of Commons and is now before … Read more
