The government is moving forward with the proposal to deliver tax relief for Canadians by reducing the lowest marginal personal income tax rate from 15 per cent to 14 per cent, effective July 1, 2025.

If you have not filed your GST/HST returns, any refund or rebate you are entitled to will be held until we receive your required returns. This includes your T2 corporation income tax refund if you are a corporation, and your T1 personal income tax refund if you are a sole proprietor or partnership.

Please find here an article from CRA that highlights some of their big changes to look for in 2024. The two arguably largest in the list to look out for are:

The government has proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis.