Tax Planning Strategies

This is a helpful resource summarizing important tax, retirement and estate planning information.

While most Canadians are aware of the April 30 personal income tax filing deadline, there are other important tax deadlines that must be observed over the course of the year – especially if you want to take advantage of certain tax deductions and credits. This calendar summarizes several important dates on the tax calendar and offers some tips to help you with your overall wealth planning. Where a deadline falls on a weekend or a holiday recognized by the Canada Revenue Agency (“CRA”), the deadline is generally extended to the next business day.

The table below outlines the 2025 top combined Federal and provincial/territorial marginal personal tax rates. The rates apply to taxable incomes over $253,414 in all jurisdictions, with the exception of the following thresholds: $259,829 in British Columbia; $362,961 in Alberta; $400,000 in Manitoba; $500,000 in Yukon; and $1,128,858 in Newfoundland and Labrador

Before the end of the year, it is a good idea to review your investment portfolio and consider engaging in a tax-loss selling strategy. In doing so, you can potentially reduce your overall tax liability (especially in 2024, due to the recent increase in the capital gains inclusion rate)1, or receive a refund on your previous year’s taxes paid.

Many U.S. citizens have lived in Canada most of their lives and often think of themselves as Canadians. This may be true in terms of national pride and culture; however, their U.S. citizenship means they must fulfil their U.S. income tax filing requirements. U.S. citizenship is acquired by being born in the U.S. or being born to U.S. citizen parents, and often the tax implications of being a U.S. citizen are overlooked. The U.S. imposes income tax on the worldwide income of U.S. persons, including U.S. citizens, U.S. residents and Green Card holders, regardless of where they reside. As a result, U.S. persons have annual U.S. income tax filing and reporting requirements that exist regardless of where they call home, and how much time they spend in the U.S.

On May 22, 2025, the U.S. House of Representatives passed a budget reconciliation bill, known as “The One Big Beautiful Bill.” There may be some significant, potential impacts to Canadian businesses and investors based on the proposed legislation currently being debated in the U.S. Senate. The One Big Beautiful Bill (the “Bill”) may become an Act if voted in by the U.S. Senate and then signed into law by President Donald Trump.