Income Tax Update for 2025: What’s Changing?

[@RealEstateTaxTips]

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[@marioglumpak2186]

Thanks again Cherry for this excellent update. Question - As corporation the capital gains have 2/3 inclusion rate currently, what happens if they roll that back next year, can we refile to get the difference in tax paid back?

[@RMM09]

I've been catching up on all your video's and very informative. I have a related question. I am being relocated for work and so I will be renting out my home while I am gone. It is my only property. If I claim/run this as a rental property, will it still qualify as my primary residence when the time comes to sell it ? (even though it has been generating rental income or loss) Thank you :)

[@stevenm936]

Trust reporting rules still seem murky especially if I don’t know if I’m in a trust relationship any time in 2025. What’s the penalty if any, for failing to file trust reporting in 2026?

[@DukeTDang]

T3 Trust filing - does if home was bought in husbands name, but now married is benefiting both husband and wife - does this require a T3 Trust Filing?

[@RealEstateTaxTips]

@@DukeTDang generally no

[@trudydolan1915]

Hi Cherry...around the 20 minute mark you talked about point #8. My husband and I have a rental property and both our names have always been on the mortgage and we only recently discovered that only my name is on title. We have both been splitting the income/loss on the rental property. If we sell, I'm assuming we split the capital gain, and then add 50% of that capital gain to each of our incomes? Is that correct? Lastly, are we exempt from new tax laws if we rent for more than 3 months at a time? I lied....lastly, if we sell the property to our son, do you have any tips/suggestions on how best to do that....we would NOT be gifting it to him. He would obtain a mortgage to buy from us. Thank you for your time.

[@RealEstateTaxTips]

@@trudydolan1915 you have so many questions. Call our office to discuss all the tax implications. Call us on Jan 2 though.

[@JohnLee-kx4tc]

2024 TFSA limited is 7000 not 6500? please verify thanks

[@RealEstateTaxTips]

You're absolutely correct-the TFSA contribution limit for 2024 is $7,000, an increase from $6,500 in 2023. Sorry for the mix-up in the years! The video has been updated to reflect the correct information.

[@villadrifft9381]

I like you, and I like your channel.

[@RealEstateTaxTips]

I appreciate that!

[@Opa773]

Is she saying everything Canadians need to know before taking decisions .

[@Viking7771]

Income tax is illegal!

[@RealEstateTaxTips]

@@Viking7771 someone does have to contribute to roads and infrastructure and healthcare. What’s illegal in my humble opinion is the mismanagement of our hard earned tax dollars.