Mischelle Y Barker Accounting Services

07/11/2025

Birthday Special

06/29/2025

01/13/2025

For all you parents, here's a CCB update

Updates to the Canada Child Benefit (CCB) 2025

In alignment with the increased tax brackets for 2025, the CRA will also be increasing CCB payments(opens in a new tab) by 2.7 per cent, which could help put a little extra money in your family’s pockets next year.

The base benefit for those with a child under 6 has been increased from $7,787 per year up to $7,997. For those with a child between 6 and 17, the base CCB benefit has been increased to $6,748 from $6,570 issued the year before.

Mischelle Y Barker Accounting Services
Contact me at 416 819 6474

01/13/2025

Have ever wondered how the late penalty for your income tax is calculated? See below

What are the CRA’s late-filing fees for 2025?

If you file your taxes later than the April 30 deadline, the CRA imposes a fee of 5 per cent(opens in a new tab) of your balance owed, and will impose an additional 1 per cent fee for each passing month that you don’t pay your balance in full.

Mischelle Y Barker Accounting Services
Contact me at 416 819 6474

01/13/2025

It's Tax Time, are you ready to file?

Do you know your income tax brackets? Have ever wondered how your taxes are calculated on your T4 slip?

As you prepared to file your 2024 taxes, have a look below to find out your income tax brackets.

1. New personal income tax brackets for 2025
Canada has a progressive tax system that gradually increases taxes based on the total amount earned in the year.

For 2025, the previous year’s tax brackets(opens in a new tab) will be increased by 2.7 per cent to account for inflation and are as follows:

15 per cent tax on the first $57,375, plus

20.5 per cent on income earned over $57,375 up to $114,750, plus

26 per cent on income earned over $114,750 up to $177,882, plus

29 per cent on income earned over $177,882 up to $253,414, plus

33 per cent on income earned over $253,414

Alongside these federal taxes, you’ll also be responsible for paying any applicable provincial or territorial taxes, based on where you live.

Mischelle Y Barker Accounting Services
Contact me at 416 819 6474