Managing Your Personal Taxes 2024‑25

Personal tax affects us all in some way. Regardless of your stage in life — from starting your career to retirement and estate planning — you face a number of complex and sometimes confusing questions. And whether you’re investing for the future, looking to buy your first home, selling a business, dealing with medical expenses or emigrating from Canada, your tax profile will be impacted.

In this helpful guide you’ll find the following topics:

(with links to PDF chapters)

    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.




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