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2025 Q4 - Tax Tips and Traps

  • Writer: Renae Witzaney
    Renae Witzaney
  • Oct 22
  • 1 min read

The highlights from the tips and traps this quarter outline recent tax updates affecting individuals and businesses. Key changes include a significant overhaul of the Voluntary Disclosures Program, which now distinguishes between “prompted” and “unprompted” applications with varying relief levels. It also highlights a Federal Court decision denying TFSA overcontribution relief due to loss in value, a Tax Court ruling disallowing clothing expense deductions for commissioned employees, and clarification on spousal versus child support payments for tax purposes. Other topics include court guidance on deductible moving expenses, the impact of a postal strike on CRA and Service Canada operations, updated direct deposit procedures to enhance security, and CRA’s automatic switch to electronic mail for many taxpayers, urging individuals to review their communication preferences.

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