Posted November 5th, 2025
It’s Federal Budget time!
On November 4, 2025, the Federal Government tabled Budget 2025, which proposed various provisions impacting individuals and businesses.
Some of the items of interest include the following:
- Higher rate depreciation – A variety of new and extended accelerated capital cost allowance (CCA) measures would apply on capital asset acquisitions in the near future.
- Bare trust filings – Filings in respect of bare trusts would be deferred until the 2026 year.
- Underused housing tax (UHT) – The UHT would be cancelled starting with the 2025 year.
- Intercorporate dividends – In certain situations, a new rule would suspend tax refunds that would normally be received on dividends paid to affiliated corporations.
The government has also confirmed the cancellation of the proposed increase to the capital gains inclusion rate and the Canadian entrepreneurs’ incentive.
For additional details see our full summary.
Download Federal Budget 2025 Summary
Posted February 25th, 2025
It is now tax season. For your reference please download our personal 2024 tax organizer. Ensure you bring details, official receipts, and all tax slips as applicable.
Download Tax Organizer 2024
Posted April 17th, 2024
April 17 2024, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2024: A Plan to Grow Our Economy and Make Life More Affordable, to the House of Commons.
Below is our summary of the budget’s contents.
Download Federal Budget 2024 Summary
Posted November 30th, 2023
The partners of Connelly & Koshy are delighted to share some exceptional news that reflects the continued growth and success of our firm. We are immensely pleased to announce that Ms. Brenda Quast, CPA, CA has been admitted to the partnership.
Brenda is a Chartered Professional Accountant who specializes in tax and has completed the CPA Canada’s in-depth tax program. Brenda has been an integral part of our team for almost 19 years, consistently demonstrating outstanding professionalism, leadership, and a deep commitment to the success of our firm. Her hard work and diligence have not only contributed to the growth of our clients but have also played a significant role in shaping the positive and collaborative culture we value at Connelly & Koshy.
As Brenda steps into this new role, we are confident that her skills and leadership will continue to elevate the standards of excellence we uphold at Connelly & Koshy. Her promotion to partnership is not just a recognition of her past achievements but a testament to the trust we have in her ability to contribute to the future success of our firm.
Please join us in congratulating Brenda on this well-deserved achievement and a significant milestone in her career. We are fortunate to have her as part of our leadership team and we look forward to seeing the positive impact she will undoubtedly make in her new role as a partner.
Read full Announcement
Posted March 29th, 2023
March 29 2023, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2023: A Plan to Grow Our Economy and Make Life More Affordable, to the House of Commons.
Below is our summary of the budget’s contents.
Download Federal Budget 2023 Summary
Posted July 19th, 2022
Under a recently passed law (called the Underused Housing Tax Act), certain residential property owners now have a new annual return filing requirement with the CRA, and in some cases a new tax payment obligation.
Click here to Read Document.
Posted April 11th, 2022
On April 7, 2022, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, to the House of Commons.
Below is our summary of the budget’s contents.
Download Federal Budget 2022 Summary
Posted April 11th, 2022
It is now tax season. For your reference please download our personal 2021 tax organizer. Ensure you bring details, official receipts, and all tax slips as applicable.
Download Tax Organizer 2021
Posted October 22nd, 2021
Click here to read newsletter.
Posted April 20th, 2021
On April 19, 2021, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience, to the House of Commons.
No changes were made to personal or corporate tax rates (other than a temporary measure for zero-emission technology
manufacturers), nor to the inclusion rate on taxable capital gains.
Some highlights include:
A. Personal Measures
- The Canada Recovery Benefit and related programs will be extended.
- Individuals will have the option to claim a deduction in respect of the repayment of a COVID-19 benefit amount for the year when the benefit was received.
- Access to the disability tax credit will be broadened.
B. Business Measures
- The Canada Emergency Wage and Rent Subsidies (CEWS and CERS) will be extended.
- The Canada Recovery Hiring Program was introduced.
- The ability to immediately expense 100% of many capital asset purchases was introduced.
- The disclosure requirements for aggressive tax planning and filing positions will be expanded.
C. International Measures
- A 1% tax on the value of vacant or underused real estate owned by non-residents will be implemented.
D. Sales and Excise Tax
- Access to the GST/HST New Housing Rebate will be broadened for co-owners.
- A new tax of up to 10% will apply to the purchase of luxury vehicles, aircrafts or boats.
E. Electronic Filing, Payments and Certification
- Some CRA communications will be undertaken electronically without the taxpayer’s authorization.
- Certain levels of payments will be required to be made electronically.
To access our in-depth commentary please click here.
