2025 Tax Season: Key Deadlines & Filing Requirements – What You Need to Know!
As the 2025 tax season approaches, are you ready to file on time and maximize your tax savings? At Looknauth CPA Professional Corporation, we want to make sure you stay ahead of deadlines, avoid penalties, and navigate the tax season smoothly. Whether you’re an individual taxpayer, a self-employed entrepreneur, or a business owner, here’s your ultimate guide to important […]
How Canadian Businesses Can Benefit from $93 Billion in Clean Economy Investment Tax Credits
Introduction As countries worldwide push toward net-zero emissions by 2050, Canada is taking bold action to support businesses investing in clean energy and sustainable technologies. The federal government has launched six major Clean Economy Investment Tax Credits (ITCs), representing $93 billion in incentives by 2034–35, to spur investment, create jobs, and strengthen Canada’s position in […]
New Tax Rules for Short-Term Rentals: What Property Owners Need to Know
Introduction If you rent out a short-term rental property in Canada, new tax regulations could significantly impact your income tax deductions. As of January 1, 2024, the federal government has introduced strict rules denying deductions for non-compliant short-term rentals. This means that if your short-term rental is not properly registered, licensed, or permitted in your […]
Navigating the New Capital Gains Tax Rules: How It Impacts Individuals and Businesses
Major Changes to Capital Gains Taxation in Canada On September 23, 2024, the Deputy Prime Minister and Minister of Finance introduced proposed amendments to the Income Tax Act and Regulations, which significantly increase the capital gains inclusion rate. Although these changes are still subject to parliamentary approval, the Canada Revenue Agency (CRA) has already begun […]