On November 4th, 2025, the Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, presented Budget 2025 – Canada Strong to the House of Commons.
No changes were proposed to personal or corporate tax rates. Some highlights 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 in 2025.
- Intercorporate dividends – In certain situations, a new rule would suspend tax refunds that would normally be received on dividends paid to affiliated corporations.
- Automatic tax filings – The government would commence an initiative to automatically file tax returns for certain low-income Canadians.
To read a detailed commentary on the proposed budget, please click here.
If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.
Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.