As we embrace this festive season, we want to extend our sincerest gratitude to our clients and partners for your continued trust in us. And a special thank you to our dedicated HVGP team for their hard work and commitment throughout 2024.
It’s been a pleasure supporting your accounting and consulting needs, and we look forward to another year of collaboration.
Before you dive into your holiday festivities, we’d like to remind you of a few important tax planning deadlines and tips as we approach year-end. Our office holiday hours are listed below, and we’re here to assist you with any questions you may have as we wrap up 2024 and prepare for 2025.
Please note that during the ongoing strike activity by Canadian Union of Postal Workers with mail disruptions, payments can be made through EFT and Credit Card Payment. Interest will still apply for the late payments sent by mail.
Wishing you a joyful holiday season and a prosperous 2025!
Our Holiday Hours
| Monday, December 23rd | Regular hours |
| Tuesday, December 24th | Office closes at 1pm |
| Wednesday, December 25th | Office closed |
| Thursday, December 26th | Office closed |
| Friday, December 27th | Regular hours |
| Monday, December 30 | Regular hours |
| Tuesday, December 31st | Office closes at 1pm |
| Wednesday, January 1st | Office closed |
| Thursday, January 2nd | Regular hours |
| Friday, January 3rd | Regular hours |
IMPORTANT PERSONAL TAX DEADLINES AND UPDATES:
The 2024 RRSP contribution deadline for it to be deductible for the 2024 tax year is Monday, March 3, 2025
The 2024 personal income tax filing deadline is Wednesday, April 30, 2025. If you or your spouse are self-employed, your filing deadline is Monday, June 16, 2025.
U.S. Residents – Consider your U.S. filing obligations, information exchange agreements have increased the flow of information between CRA and the IRS.
NEW! Short-term rental properties – As of January 1, 2024, expenses incurred to earn short-term rental income will not be deductible for tax purposes when the rental operation is not compliant with the applicable provincial or municipal licensing, permitting or registration requirements. If the operation is compliant for only a portion of the rental period, deductions will generally be denied on a pro-rata basis. However, if the operation is compliant by December 31, 2024, the operation will be considered compliant for all of 2024.
NEW! Capital gains rate inclusion – As of June 25, 2024, 2/3s of capital gains in excess of $250,000 per year are proposed to be taxable. Capital gains of $250,000 or less will effectively continue to be included at a 50% rate due to a new deduction.
Capital losses carried forward and claimed in 2024 will be applied at the blended capital gains inclusion rate for 2024. This rate considers capital gains realized at both the 50% and 2/3 inclusion rate in 2024. That is, a capital loss of prior years claimed in 2024 cannot be applied only to capital gains included at the 2/3 rate if capital gains were also realized at the 50% rate (i.e. before June 25, 2024).
For more year end tax planning information please read our YE newsletter.
Please contact our office if you have questions regarding the information provided at 905 891 5339.
