Canadians have toasted in the new year and may want to get a head start on their tax-planning.

This year, Ottawa has brought in new tax measures. Many of the changes, such as inflation-based adjustments to tax brackets, or what your TFSA contribution room will be, are routine.

However there are other changes that may require more extensive tax-planning, for example, capital gains tax changes that could take full effect for the first time in 2025. Here’s what you need to know.

Canadians will pay higher CPP contributions but have higher RRSP contribution limits while needing more complex capital gains tax planning{ai:summary}<p>Canadians are entering the new year with new tax measures from Ottawa, including routine inflation-based adjustments to tax brackets and TFSA contribution limits. However, significant changes, particularly to capital gains tax, may necessitate more extensive tax planning ahead of their full implementation in 2025. </p><p>#economy</p>

The taxman is coming. Are you up on what's new for 2025?

Loading...