Our periodic newsletter, Tax Insights, will keep you up-to-date on a broad range of corporate and personal tax issues.
June 9, 2025 update: On June 3, 2025, US President Donald Trump signed an executive order that increases from 25% to 50% the tariff on imports into the United States of steel and aluminum products from all countries and revises the “stacking” order of operations which determines the application of the tariffs.
June 2, 2025 update: On May 20, 2025, the Canada Border Services Agency provided additional guidance on which US-origin goods would be eligible for the six-month remission of retaliatory Canadian surtax when imported into Canada.
On May 27, 2025, the newly elected federal government tabled a Notice of Ways and Means Motion before Parliament to introduce a bill that would implement the First-Time Home Buyers’ GST Rebate.
The Canada Revenue Agency is switching to online mail for most business communications and correspondence.
On April 28, 2025, the US Customs and Border Protection released a notice that provides additional details on US President Donald Trump’s executive order.
On May 15, 2025, Ontario’s Minister of Finance, Peter Bethlenfalvy, presented the province’s budget.
On April 28, 2025, the Federal Court of Appeal (FCA) rendered its judgement in Northbridge Commercial Insurance Corporation v. The King, 2025 FCA 83.
May 6, 2025 update: On April 10, 2025, the Canada Revenue Agency released a Digital Services Tax submission guide and instructions on filing DST returns.
May 2, 2025 update: On April 29, 2025, US President Donald Trump signed executive orders that retroactive to goods imported into the United States after March 3, 2025, eliminate the “stacking” of certain tariff rates and allow automobile manufacturers in the United States to receive an “import adjustment offset,”.
On April 28, 2025, Canadians re elected a federal Liberal minority government. The Liberal Party of Canada’s election platform does not propose any sweeping general corporate or personal income tax or GST/HST rate changes.
On April 2, 2025, US President Donald Trump signed an executive order that imposes a baseline reciprocal tariff at a rate of 10%, on most imports into the United States from all trading partners and a higher reciprocal tariff of up to 50% for certain trading partners.
March 27, 2025 update: On March 21, 2025, Prime Minister Mark Carney announced that the federal government will “cancel the proposed hike in the capital gains inclusion rate” that had been proposed in the 2024 federal budget.
March 27, 2025 update: On March 21, 2025, Prime Minister Mark Carney announced that the federal government will cancel the proposed increase to the capital gains inclusion rate and maintain the proposed increase to the lifetime capital gains exemption limit to $1,250,000.
On March 25, 2025, Minister of Finance, Éric Girard, tabled the Québec government's 2025-2026 budget. This Tax Insights highlights the main tax measures outlined in the budget.
Most GST/HST and QST registrants that are a financial institution are required to file an Annual Information Return and those that are a selected listed financial institution (SLFI) are also required to file a SLFI Return.
On March 20, 2025, Manitoba’s Minister of Finance, Adrien Sala, presented the province’s budget.
On March 4, 2025, the Federal Court of Appeal rendered its judgement in 1351231 Ontario Inc. v. The King, 2025 FCA 53.
March 7, 2025 update: On March 6, 2025, US President Donald Trump signed two executive orders, effective March 7, 2025 (and expected to apply until April 2, 2025).
On March 4, 2025, British Columbia’s Minister of Finance, Brenda Bailey, presented the province’s budget.
On February 27, 2025, Alberta’s President of Treasury Board and Minister of Finance, Nate Horner, presented the province’s budget.
