2025 Q3 - Tax Tips and Traps

The highlights from the tips and traps this quarter include several key tax developments in Canada, including a proposed reduction of the lowest personal tax bracket, from 15 % to a rate of 14.5 % in 2025 and 14 % thereafter (offset by correspondingly reduced tax credits). It also raises awareness of important administrative shifts like the automatic transition to electronic mail for businesses and increased CRA enforcement around electronic payments. Additional significant updates include tax relief measures, such as a full GST rebate for first-time home buyers purchasing new homes up to $1 million, as well as business-focused incentives like an expanded exploration tax credit for critical minerals, reinstated accelerated CCA write-offs on certain assets and extended clean technology and carbon capture credits.