# Asrani CPA

> Accounting, Tax, Payroll


## Posts

- [CRA Administrative Updates to the 2025 Income Tax Package](https://asranicpa.ca/cra-administrative-updates-to-the-2025-income-tax-package/): Weekly Canada Tax Update – Administrative Changes, No New Tax Rates This Week This week’s Canada tax update focuses on administrative and compliance-related changes, rather than new tax rates or credits. While there were no federal or Ontario tax rate changes announced, several updates from the Canada Revenue Agency (CRA) and Parliament are still important for taxpayers, businesses, and advisors. 1. CRA Administrative Updates to the 2025 Income Tax Package The CRA has made administrative changes to the 2025 income tax package. These changes relate to how returns are filed, not how much tax is paid. What changed: Certain low-usage […]
- [](https://asranicpa.ca/2688-2/): Priority: Federal + Ontario (no material Ontario tax releases found in the past 7 days from accessible official sources) Coverage: Federal + Provincial + (1) Gazette/CRA administrative notice Changes since last brief New federal consultation package (Income Tax Act proposals) opened for comments. Revenu Québec announced VDP program changes effective for disclosures filed after Dec 17. B.C. posted a PST administrative update clarifying ZEV model listings. Top 3 changes (client impact first) 1) Federal: New Income Tax Act proposals released for consultation (comment deadline) Status: Proposed/Draft (consultation) Key dates: Public comment deadline Feb 10, 2026 www.gazette.gc.ca Who’s affected: Corporations, individuals, […]
- [2025 Year-End Tax Planning Checklist: How to Save Taxes and Increase Refunds in Canada](https://asranicpa.ca/2025-year-end-tax-planning-checklist-how-to-save-taxes-and-increase-refunds-in-canada/): 2025 Year-End Tax Planning Checklist: How to Save Taxes and Increase Refunds in Canada As 2025 comes to a close, taking a few proactive steps before December 31 can significantly reduce taxes, increase refunds, and unlock valuable credits. Below is a practical year-end tax checklist for individuals, families, and business owners. 1. Maximize RRSP Contributions RRSP contributions made by December 31, 2025 (or up to March 3, 2026, for deduction flexibility) can reduce taxable income for 2025. Consider spousal RRSPs to split income and reduce future retirement taxes. High-income earners benefit the most at marginal tax rates above 40%. 2. […]
- [Key Canadian Tax Developments You Should Know – December 2025 Update](https://asranicpa.ca/key-canadian-tax-developments-you-should-know-december-2025-update/): December 2025 has brought several important tax and compliance updates from the CRA and federal regulators. While we did not see major tax-rate changes or benefit revisions this month, there are meaningful developments that impact individuals, small businesses, payroll teams, and tax advisors. Below is a clear and practical summary of what matters most. 1. CRA Issues Warning on Aggressive Insurance-Based Tax Schemes The CRA released a national advisory highlighting its concerns over aggressive tax schemes involving insurance products — especially “investment” or “insured retirement” structures promoted as ways to avoid tax on passive investment income. These arrangements are often […]
- [Québec Introduces New Foreign-Property Reporting Form (TP-1079.8.BE-V)](https://asranicpa.ca/quebec-introduces-new-foreign-property-reporting-form-tp-1079-8-be-v/): 1. Québec Introduces New Foreign-Property Reporting Form (TP-1079.8.BE-V) Revenu Québec has released a major new filing requirement for taxpayers and partnerships holding foreign property outside Canada with a total cost greater than $100,000 at any time during the year. Key details: Applies to taxation years and fiscal periods ending after December 30, 2025 Very high penalties for non-filing: $500/month (up to $12,000), doubled after official demand Additional 5% of total cost if >24 months late For false statements: greater of $24,000 or 5% of cost Reassessment period extended by three years if related income was unreported Impact:This is now one […]
- [Weekly Canada Tax Update — Federal & Provincial Highlights (Nov 16–22, 2025)](https://asranicpa.ca/weekly-canada-tax-update-federal-provincial-highlights-nov-16-22-2025/): 1. Budget 2025 Implementation Act (Bill C-15) Moves to Second Reading The federal government advanced Bill C-15, which includes: LCGE increase to $1.25M SR&ED program enhancements New clean-manufacturing and clean-electricity tax credits Repeal of the Underused Housing Tax starting 2025 Various GST/HST modernizations Impact:Business owners planning a sale, corporations relying on SR&ED, clean-energy investors, and those holding taxable real estate will see significant changes. 2. Canada Carbon Rebate for Small Businesses — Final Rates Released The Department of Finance confirmed the final per-employee rebate amounts for the 2024–25 period: Ontario: $98 per employee Alberta: $120 Saskatchewan: $153 Manitoba: $110 Atlantic […]
- [Budget 2025 Tax Proposals: What Individuals, Corporations & Investors Need to Know](https://asranicpa.ca/budget-2025-tax-proposals-what-individuals-corporations-investors-need-to-know/): As Canada heads toward the 2025 tax year, both individuals and businesses should pay close attention to the federal and provincial tax proposals outlined in Budget 2025. While not yet enacted, these measures have significant financial planning implications — especially for corporations investing in capital assets, families managing personal income, and investors in clean-technology or resource-based projects. This detailed review summarizes the most important proposals and outlines how taxpayers can prepare before legislation is finalized. 1. Federal Tax Proposals a) Lower First Federal Personal Tax Bracket Budget 2025 proposes reducing the first federal tax bracket from 15% → 14.5% in […]
- [Changes to Covid 19 - Support Program](https://asranicpa.ca/changes-to-covid-19-support-program/)
- [2021 Employer Health Tax](https://asranicpa.ca/2021-employer-health-tax/)
- [Election 2021: Conservative Platform for Taxes, Benefits and Businesses](https://asranicpa.ca/election-2021-conservative-platform-for-taxes-benefits-and-businesses/)
- [Election 2021: Liberal Platform for Taxes, Benefits and Businesses](https://asranicpa.ca/election-2021-liberal-platform-for-taxes-benefits-and-businesses/)
- [Election 2021: NDP Tax and Business Platform](https://asranicpa.ca/election-2021-ndp-tax-and-business-platform/)
- [2021 Automobile Rates](https://asranicpa.ca/633-2/): Every year, the (CRA) Canada Revenue Agency updates the per kilometre rates. It was announced in December 2020 that current rates will also be applicable for the year 2021. The limit will remain at 59 cents per kilometre for the first 5,000 kilometres and 53 cents per kilometre for each kilometre above 5,000. ·        An additional 4 cents per kilometre applies for travel in the Northwest Territories, Nunavut and Yukon. ·        The maximum purchase price eligible for (CCA) capital cost allowance on passenger vehicles remains at: ·        $30,000 plus sales tax for non-zero-emission passenger vehicle ·        $55,000 plus sales tax, […]
- [$5000 Business Grant](https://asranicpa.ca/5000-business-grant/)
- [HASCAP: Application for highly affected sectors credit availability program](https://asranicpa.ca/hascap-application-for-highly-affected-sectors-credit-availability-program/)
- [Ontario Small Business Support Grant - 2021](https://asranicpa.ca/ontario-small-business-support-grant-2021/)
- [Tax Changes for 2021 (Canada)](https://asranicpa.ca/tax-changes-for-2021-canada/)
- [Benefit and Credits for 2020 tax year](https://asranicpa.ca/benefit-and-credits-for-2020-tax-year/)
- [Extension of Covid-19 relief measures](https://asranicpa.ca/extension-of-covid-19-relief-measures/)
- [Canada Emergency Business Account](https://asranicpa.ca/canada-emergency-business-account/)
- [Canada Emergency Rent Subsidy](https://asranicpa.ca/canada-emergency-rent-subsidy/)
- [Canada Wage Subsidy](https://asranicpa.ca/canada-wage-subsidy/)
- [Good News for Realtors](https://asranicpa.ca/good-news-for-realtors/)
- [Canada Recovery Benefit (CRB)](https://asranicpa.ca/canada-recovery-benefit-crb/)
- [CERB is ending, What Happens After it Ends](https://asranicpa.ca/cerb-is-ending-what-happens-after-it-ends/)
- [Business Ownership](https://asranicpa.ca/business-ownership/)
- [TFSA Update 2020](https://asranicpa.ca/tfsa-update-2020/)
- [Income Tax Update - 2019](https://asranicpa.ca/income-tax-update-2019/): Income Tax – Update 2019 PDF
- [Tax Changes 2019](https://asranicpa.ca/tax-changes-2019/)
- [Ten Ways to reduce taxes in 2019](https://asranicpa.ca/ten-ways-to-reduce-taxes-in-2019/)
- [Employee vs. Self- Employed – Differences for Tax Purposes](https://asranicpa.ca/employee-vs-self-employed-differences-tax-purposes/): Employee vs. Self- Employed Determining whether an individual is an employee or an independent contractor has crucial implications for legal and tax purposes. Individuals need to determine their employment status to classify income as either business income or employment income. Corporations will need to make the determination to classify their income as either active business income or personal services business income. Several factors are considered in determining whether an individual is an employee or independent contractor, based on the relationship of the contractual agreement. Generally, there is a two-step test Step 1 The intent of the relationship. Was the intent […]
- [Income Sprinkling changes 2018](https://asranicpa.ca/income-sprinkling-changes-2018/): Changes 2018 – Income Sprinkling   What is income sprinkling? Income sprinkling is a strategy used by higher income small business owners to redirect their income to other, lower income family members, through payment of dividends. As these dividends are discretionary and can e paid in any amount and year to specific family members depending on their income and tax brackets. What are the changes are being made to the TOSI (tax on split income) rules to prevent income sprinkling Finance has proposed new changes to the income sprinkling rules so any amount received by way of dividends directly or […]
- [Canada Revenue Agency announces maximum pensionable earnings for 2018](https://asranicpa.ca/canada-revenue-agency-announces-maximum-pensionable-earnings-2018/):   The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2018 will be $55,900—up from $55,300 in 2017. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada. Contributors who earn more than $55,900 in 2018 are not required or permitted to make additional contributions to the CPP. The basic exemption amount for 2018 remains $3,500. The employee and employer contribution rates for 2018 will remain unchanged at 4.95%, and the self-employed contribution rate will remain unchanged at 9.9%. The maximum employer and employee contribution […]
- [PAYROLL CPP AND EI RATES - 2018](https://asranicpa.ca/payroll-cpp-ei-rates-2018/): Payroll Canadian Pension Plan (CPP) and Employment insurance (EI) rates for Employees and Employers. Federal EI premium rates and maximums   Year Maximum Annual Insurable Earnings Rate(%) Maximum Annual Employee Premium Maximum Annual Employer Premium 2018 $51,700 1.66 $858.22 $1,201.51 2017 $51,300 1.63 $836.19 $1,170.67 2016 $50,800 1.88 $955.04 $1,337.06 2015 $49,500 1.88 $930.60 $1,302.84 2014 $48,600 1.88 $913.68 $1,279.15 2013 $47,400 1.88 $891.12 $1,247.57 2012 $45,900 1.83 $839.97 $1,175.96 2011 $44,200 1.78 $786.76 $1,101.46 2010 $43,200 1.73 $747.36 $1,046.30 2009 $42,300 1.73 $731.79 $1,024.51 2008 $41,100 1.73 $711.03 $995.44 2007 $40,000 1.80 $720.00 $1,008.00 2006 $39,000 1.87 $729.30 $1,021.02 2005 $39,000 1.95 $760.50 […]
- [Proposed Tax Changes for 2018?](https://asranicpa.ca/proposed-tax-changes-for-2018/):   What are the proposed changes for 2018? One of the changes that will affect small business owner’s in 2018 The latest plan for the liberal government to close the loophole which the government says have allowed business owners to avoid higher tax rates. Income Sprinkling: Lot of accountants and tax lawyers used income sprinkling as a planning tool which allowed a business owner to split his or her income among family members by paying them salaries, wages or dividends to family members, who may or may not involved in a business. The new rule will increase the tax on […]

## Pages

- [US Self-Employed Tax Overview Assistant](https://asranicpa.ca/us-self-employed-tax-overview-assistant/): This tool provides general educational information about US self-employment tax concepts. It does not provide tax advice, calculations, or filing instructions. US tax laws vary by individual circumstances and by state.  
- [US Tax Basics Assistant (Educational Only)](https://asranicpa.ca/us-tax-basics-assistant-educational-only/): This tool provides general educational information about US federal tax concepts. It does not provide tax advice, calculations, or state-specific guidance. US tax laws vary by individual circumstances and by state.  
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