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Explore Managing Your Personal Taxes: a Canadian Perspective for helpful tax‑saving ideas
Helping your personal tax plans take shape
Welcome to Managing Your Personal Taxes 2024-25: A Canadian Perspective. Whether you’re an employee, an investor, a small business owner or a professional seeking to enhance your tax-related knowledge, this guide is designed to help you along your planning journey.
The world of tax can often seem daunting, filled with intricate rules and ever-changing laws and regulations that can overwhelm even the most diligent among us. Our aim with this guide is to break down these barriers, offering clear explanations, practical advice and up-to-date information to help make tax planning more accessible.
Canada’s tax system offers a range of opportunities for you to realize savings. The key is to know where to find them and which are available to you. Our objective is not only to inform but also to empower you. By understanding the intricacies of personal tax, you can make informed decisions, plan strategically for the future and potentially save money.
In the following pages, you’ll find tips, strategies, suggestions and important updates to help you understand your unique tax situation and plan for the future, benefit from government incentives and — perhaps most important — save you time, money and, hopefully, stress.
We encourage you to use this guide as a starting point and to then seek additional advice from tax professionals to apply the personal tax rules to your unique situation. We hope this guide will help you feel more confident in your ability to manage your taxes effectively. Thank you for choosing EY’s Managing Your Personal Taxes as your ally in your journey through the world of personal tax.
This guide is up to date as of October 31, 2024. For more tax‑planning ideas and savings, visit us at ey.com/en_ca/services/tax, or contact us at the EY office nearest you, listed at the back of this guide.
Download Managing Your Personal Taxes 2024‑25
In this helpful guide you’ll find the following topics:
Recent changes to the taxation of capital gains and employee stock options
The Government of Canada’s announcement in the 2024 federal budget to increase the inclusion rate for capital gains realized after June 24, 2024 came as a surprise to many.
Considering selling your business?
Learn about the tax and business considerations to help make the sale a success.
Investors
From interest and dividend income to capital gains and losses, charitable donations to RRSPs, TFSAs and more, find out how you can benefit from proper planning.
Professionals and business owners
If you’re a professional or you own a business, there are many valuable tax-planning opportunities available to you.
Employees
From benefits such as company cars, to stock options and sales tax rebates, employees of Canadian companies can take advantage of some helpful tax-saving opportunities.
The principal residence exemption
Find out how you may be able to earn the capital gain you realize on the sale of a principal residence in a way that is free from tax.
Families
Learn about tax credits and planning strategies that you need to be aware of that could potentially save you and your family a significant amount.
Tax assistance for long-term elder care
Learn about tax credits available for individuals, tax relief for assisted care and medical expenditures.
Retirement planning
Whether you’re just starting your career or have years of service under your belt, you need to plan for retirement. And tax planning should be at the center of your retirement strategy.
Estate planning
While we may not like to think about the inevitable, an effective estate plan can minimize tax on and after your death and provide benefits to your surviving family members over the long term.
A guide to US citizenship
Given the complexity of US citizenship and nationality law, it’s not surprising that many people have no knowledge of their US citizenship status.
US tax for Canadians
If you’re a Canadian resident, but not a US citizen, who spends significant amounts of time in the US for either work or leisure, you may be considered a US tax resident and required to file US federal income tax returns.
Emigration and immigration
When an individual immigrates to or emigrates from Canada in a calendar year, he or she is treated as a canadian resident for the period he or she is resident in Canada, and a nonresident for the period he or she is a nonresident of Canada, and is usually referred to as a part-year resident.
Canadian tax for nonresidents
If you’re not a Canadian resident but you receive Canadian-source income, that income may be subject to Canadian income tax, including the Alternative Minimum Tax (AMT).
Tax payments and refunds
Now that we’ve given you some good ideas on how to save on your taxes, let’s take a look at how you can make the final part of the process as efficient and effective as possible.
Download Managing Your Personal Taxes 2024‑25
Additonal resources
Tax Alerts - Canada
Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian businesses.
Tax calculators & rates
Calculate your annual federal and provincial combined tax rate with our easy online tool.
TaxMatters@EY
Your monthly Canadian summary of recent tax news, case developments, publications and more.
