12/02/2025
TaxTips.ca December 2025 Newsletter
https://mailchi.mp/taxtips/taxtips-dec-2025-newsletter
- 2025/2026 Detailed Tax & RRSP Savings Calculator - Great Tax Planning Tool!
Calculate 2025 or 2026 taxes for both spouses. Input all types of income, expenses and tax credits. Calculates pension splitting, OAS clawback, savings from RRSP contributions, your marginal tax rate, and much more.
- Simple Tax Calculator: Compare Rates Across Canada
Try our easy-to-use Basic Tax Calculator for 2026 and earlier. Instantly compare taxes payable and marginal rates across all provinces and territories—for all types of income. It’s a fast, easy way to get an estimate of your tax situation, and see how other provinces compare.
- 2025 Federal Budget - November 4, 2025
Unbelievable deficits; Some good things: cancellation of UHT program, 100% write-off of manufacturing and processing capital assets, Top-Up Tax Credit; Proceeding with many previously-announced measures; many other measures.
- UHT Eliminated - No Tax After 2024!
The 2025 Federal Budget proposes to eliminate the Underused Housing Tax (UHT) for all years after 2024. Penalties and interest will continue to apply for failing to file or pay the UHT for 2022–2024, but this marks the end of a program that was poorly planned & poorly implemented, and was costly to the public.
- At-a-Glance: 2025/2026 Canadian Tax Rates
Our 2025/2026 tax rate tables provide combined federal and provincial/territorial marginal tax rates for capital gains, both types of Canadian dividends, and other income. If you want to know your own marginal tax rates for 2026, use the Detailed Calculator.
- Life in the Tax Lane December 2025: Important Budget Updates!
10-minute video topics - Budget 2025 benefits for taxpayers:
- First-time Home Buyers' GST Rebate – Effective Date
- Automatic Tax Filing for Individuals – Budget 2025
- Failure to Make Electronic Payments
- Tax Payment Grace Period
- Delayed Slips Posted Online by CRA
- Repetitive Pre- and Post-Assessment Requests
- Worker Misclassification – Trucking Sector – Budget 2025
- Get a Tax Refund for Tuition!
Did you know that if you had working income of $11,511 to $165,430 in 2024, and were at least 25 in 2025, you can get a refund of part of your tuition via the Canada Training Credit? The available credit grows by $250 each year that you have work income within the thresholds for that year.
- TFSA Withdrawals: Why Timing Matters
Did you know that taking money out of your TFSA this year increases your contribution room next year? If you’re planning a withdrawal, do it by December 31 so your room grows on January 1, 2026.
- Up to $20,000 for Accessible Home Upgrades in BC
The BC Rebate for Accessible Home Adaptations (RAHA) helps low-income seniors and people with disabilities make their homes safer and more accessible. Eligible homeowners, renters, and landlords can receive up to $20,000 per home to support modifications that promote independent living. Check if your province has something similar!
- Are You a "Misclassified Employee"? - Watch out for CRA!
Did your employer require you to incorporate? Is that employer your only client? If so, you could be a misclassified employee, or a personal services business (PSB) with a higher tax rate and limited expense deductions. These situations will be under investigation by CRA.
- 2026 CPP Contributions Up Almost 5% from 2025
The employee/employer maximum for 2026, including enhanced CPP is $4,646.45, and for self-employed the maximum is $9,292.90.
- 2026 QPP Contributions Up Almost 5% from 2025
The employee/employer maximum for 2026, including enhanced CPP is $4,966.40, and for self-employed the maximum is $9,516.80.
- Tax-Free Canada Carbon Rebate For Small Businesses - Final Payment
The Dept. of Finance has announced the rates for the final payment, which CRA will begin issuing before the end of the year. The per-employee rates vary from $56 in PEI to $153 in Saskatchewan.
