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How to Prepare and File Your 2024 Tax Return

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsMarch 6, 20250 comments

Each spring, Canadian individual taxpayers must turn their attention to the filing of an individual income tax return for the tax year which ended on the previous December 31. And, while it’s doubtful that many of them do so with any degree of enthusiasm, the rate of compliance ...

RRSPs, TFSAs, and FHSAs – Making the Annual Choice

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsFebruary 27, 20250 comments

For most taxpayers, the first few months of the year can seem to involve a seemingly unending series of bills and payment deadlines. During January and February, many Canadians are still trying to pay off the bills from holiday spending. The first income tax instalment payment of ...

Reporting Online Income on the 2024 Tax Return

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsFebruary 20, 20250 comments

The Canadian tax system casts a very wide net, in which each resident of Canada is taxable on all sources of income worldwide, with very few exceptions. In addition, Canada has what is known as a “self-assessing” system, in which Canadian residents voluntarily file an ...

Pension Income Splitting for the 2024 Tax Year

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsFebruary 13, 20250 comments

For most Canadian retirees, careful financial management is a necessity. Most live on an annual income which is less than that which they enjoyed during their working years, and opportunities to increase that income in any significant way are limited. As well, in recent years, inflation ...

How to Respond to a Tax Instalment Reminder

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsFebruary 6, 20250 comments

While virtually every working Canadian pays income taxes, the process by which those taxes are collected throughout the year is largely invisible to the taxpayer. That’s certainly the case for employees, because income taxes (and other statutory deductions like Canada Pension ...

Canada Pension Plan Contributions for 2025

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJanuary 30, 20250 comments

As of 2024, there are two contribution levels for the Canada Pension Plan (CPP). Income amounts and employee contribution percentages for 2025 for each contribution level are as follows. First tier contributions for 2025 are set at 5.95% of pensionable earnings between $3,500 ...

Employment Insurance Premiums for 2025

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJanuary 23, 20250 comments

The Employment Insurance premium rate for 2025 is set at 1.64%. Yearly maximum insurable earnings are increased to $65,700, making the maximum employee premium $1,077.48. As in previous years, employer premiums are 1.4 times the employee premium. The maximum employer premium for 2025 ...

Federal Individual Tax Credits for 2025

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJanuary 16, 20250 comments

Tax credit amounts on which individual non-refundable federal tax credits for 2025 are based, and the actual tax credit claimable, will be as follows: &nb ...

Federal Individual Tax Rates and Brackets for 2025

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJanuary 9, 20250 comments

Federal individual tax rates and brackets for 2025 (January 2025) The indexing factor for federal tax credits and brackets for 2025 is 2.7%. The following federal tax rates and brackets will be in effect for individuals for the 2025 tax year. Income level Federal ...

Tax Deadline and Limits for the 2025 Tax Year

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsJanuary 2, 20250 comments

Each new tax year brings with it a schedule of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning opportunities. Some of the more significant dates and changes for individual taxpayers for 2025 are listed below. Registered retirement ...

Firm Announcement: Welcoming a New Partner

By Amanda CoombesCommentaryJanuary 1, 20250 comments

The new year starts with an exciting announcement for Jones & O’Connell LLP, as we celebrate the designation of a new Partner to the firm. Our new Partner has distinguished himself through his ability to inspire those around him. His hard work and commitment to quality is ...

Tax Consequences of Holiday Gifts and Celebrations

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsDecember 27, 20240 comments

It seems incongruous, in the season of holiday gifts and celebrations, to consider the possible tax implications and consequences of those traditions. But, in some circumstances, the unwelcome spectre of an income tax bill arising from such activities does intrude. Fortunately, there ...

Tax Planning Steps to Take Before December 31, 2024

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsDecember 19, 20240 comments

December 31 , 2024 marks not just the end of the calendar year, but the end of the 2024 tax year for every individual Canadian taxpayer. And while the thoughts of most Canadians during the holiday season are focused on anything but their 2024 income taxes, the reality is that December ...

Some New Tax Breaks From The Federal Government

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsDecember 12, 20240 comments

On November 21, the federal government announced two new measures intended to relieve some of the financial stress currently being experienced by most Canadian families and households. That financial stress arises, in large measure, from the steady increase in the cost of goods and ...

Figuring Out When You Can Afford to Retire

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsDecember 5, 20240 comments

While almost everyone looks forward to retirement and an end to the day-to-day demands of working life, there’s also no question but that the decision to give up a regular paycheque is a stressful one. Particularly when the cost of life’s necessities – especially ...

Claiming Home Office Expenses for 2024

By Amanda CoombesAccounting, Auditing, Tax & Consulting NewsNovember 28, 20240 comments

It has been nearly five years since the start of the pandemic, and the work-from-home arrangements which became a necessity during that time have now become a choice for employers and employees. Relatively few employees still work from home on a full-time basis – many have returned ...