Hewaily CPA

09/17/2025

The Bank of Canada cut its policy rate by 25 basis points on Wednesday to 2.5 per cent, citing a weaker Canadian economy and less upside risk to inflation as reasons for the move.

01/29/2025

Interest rate reduced

12/11/2024

Bank of Canada cuts key interest rate by 50-basis to 3.25% with slower pace of cuts going forward

12/02/2024

Canada Revenue Agency (CRA) released the new tax numbers for 2025:

➡ The inflation rate that will be used to index the 2025 tax brackets and amounts will be 2.7%

➡ The new 2025 federal brackets are: zero to $55,375 of income (15%); above $55,375 to $114,750 (20.5%); above $114,750 to $177,882 (26%); above $177,882 to $253,414 (29%), with anything above that taxed at 33%.

➡ For 2025, the increased BPA (Basic Personal Amount) will be $16,129 meaning an individual can earn up to this amount in 2025, before paying any federal income tax.

➡ Tax-Free Savings Account (TFSA) limit will remain at $7,000 for 2025.

➡ RRSP dollar limit for 2025 is $32,490, up from $31,560 in 2024. The amount you can contribute to your RRSP in 2025 is limited to 18% of your 2024 earned income, which includes (self-)employment and rental income, up to the RRSP dollar limit of $32,490, plus any unused RRSP contribution room from 2024, subject to any pension adjustments.

02/10/2024

Personal filing dates for 2023 taxes:

Feb 29 2024: Deadline to contribute to an RRSP, a PRPP, or an SPP

Apr 30, 2024 : Deadline to file your taxes

Jun 15, 2024: Deadline to file your taxes if you or your spouse or common-law partner are self-employed

Payment date for 2023 taxes

Apr 30, 2024: Deadline to pay your taxes

01/24/2024

No change on interest rate as Bank of Canada sticks to 5%

The Bank of Canada has announced its trendsetting interest rate will remain steady at five per cent, a move widely expected by economists. The central bank says it expects to turn its attention to how long interest rates will stay high rather than whether more increases are needed.

01/23/2024

10/04/2023

The Underused Housing Tax (UHT)
The Underused Housing Tax is an annual federal 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022.
It appears that the Minister of National Revenue is offering transitional relief to affected owners regarding the Underused Housing Tax (UHT) for the 2022 calendar year. The key points of this relief are as follows:
- Penalties and Interest Waiver: For the 2022 calendar year, penalties and interest related to the Underused Housing Tax Act (UHTA) will be waived. This waiver applies to both late-filed UHT returns and late-paid UHT payable amounts.
- Conditions: To benefit from this relief, affected owners must meet two conditions:
o The UHT return must be filed.
o The UHT payable must be paid.
- Deadline for Compliance: To take advantage of this transitional relief, the UHT return must be filed or the UHT payable must be paid by October 31, 2023. This gives affected owners an extended period to fulfill their obligations and avoid penalties and interest charges for the 2022 calendar year.
It's important for affected owners to ensure that they meet the specified conditions and file their UHT returns or pay their UHT payable amounts by the given deadline to avoid any penalties and interest charges. Additionally, it's advisable for individuals or businesses affected by this relief to consult with tax professionals or relevant authorities for any specific guidance or details regarding the application process.

For more information:

A federal 1% tax on the ownership of vacant or underused housing in Canada.

10/02/2023

Have you filed your business’s GST/HST returns yet? Make sure to keep up with your tax obligations so you don’t miss out on any refunds that you may be entitled to. For more info on filing deadlines:
https://ow.ly/yyhU50PPMeF

Have you filed your business’s GST/HST returns yet? Make sure to keep up with your tax obligations so you don’t miss out on any refunds that you may be entitled to. For more info on filing deadlines: https://ow.ly/yyhU50PPMeF

[Image description: A smiling person rests their head on their hand. The text in the lower left hand side reads: "Do you know your GST/HST account obligations?".]

10/02/2023

Ontario Increasing Minimum Wage to $16.55 an Hour
https://news.ontario.ca/en/release/1002886/ontario-increasing-minimum-wage-to-1655-an-hour