12/29/2025
HERE IS WHAT'S NEW ON THIS YEAR'S 2025 INCOME TAX RETURN...
Over 10 Million Uncashed Cheques Since 1998 Are Waiting For You At CRA Online:
The CRA MyAccount online service now flags your account to show if they have any uncashed cheques available for you. We've already identified/claimed dozens of cheques for our customers there. See details here...
https://www.canada.ca/.../services/uncashed-cheque.html
Ontario Fertility Treatment Tax Credit:
Get up to a 25% credit on a maximum of $20,000.00 in expenses paid for fertility-related medical expenses (in Canada only). See details here...
https://www.ontario.ca/.../ontario-fertility-treatment...
Bare Trust Filing Requirements Clarified/Deferred:
In the past couple of years, there was quite a mess surrounding a new requirement to register a Trust and file a T3 Trust Return for folks who had cursory/joint ownership of property for convenience or estate-planning purposes. This caused quite a stir since the rules were poorly outlined and most accountants simply had to "guess" as to whether or not there was a filing requirement? Due to this mess, the CRA has issued some clarifications on this matter and is likely to further clarify the requirements as this issue evolves. See details here...
https://www.canada.ca/.../filing-trust.../what-changed.html
ELIMINATED: Capital Gains Inclusion Rate:
Good news -- the proposal to increase the Capital Gains Income Tax Rate for any Capital Gains realized after June 24, 2024 from 50% to 66.7% has been postponed indefinitely. See details here...
https://www.canada.ca/.../update-cra-administration...
ELIMINATED: Canada Carbon Rebates. See details here...
https://www.canada.ca/.../child.../canada-carbon-rebate.html
ELIMINATED: Direct Deposit bank account changes via eFile must now be done directly by the taxpayer. See details here...
https://www.canada.ca/.../direct-deposit-changes...
ELIMINATED: Underused Housing Tax (UHT). See details here...
https://www.canada.ca/.../exci.../underused-housing-tax.html
We're here for all of your income tax questions -- don't hesitate to give us a call/email/message -- we're happy to help.
KasTek -- where we truly treat EVERY tax return like it's our own!
