• Canada Child Benefit (CCB) – Review your CCB payments and ensure your income and dependent information are up to date with CRA. This helps you receive the correct federal and provincial/territorial child benefit amounts for 2025.
• Caregiver Credit – If you provide ongoing support for a parent or family member with a physical or mental impairment, you may qualify for a Caregiver Credit of up to $5,505. Eligibility depends on relationship and income thresholds.
• BC Renter's Tax Credit - If you rent your home in B.C., you may be eligible for a refundable tax credit of up to $400. Conditions apply — keep your rental receipts and ensure your landlord is properly registered

Home Buyers and Homeowners

• First Home Savings Account (FHSA) - Eligible first-time home buyers can contribute up to $8,000 annually to a FHSA, with a lifetime maximum of $40,000. Unused room carries forward once the account is opened — another reason to set one up early.
• Home Buyers' Plan (HBP) - Withdraw up to $35,000 from your RRSP to buy or build your first home. The funds must be repaid over 15 years, beginning the second year after withdrawal.
• First-Time Home Buyers' Tax Credit - Claim a non-refundable credit of up to $1,500 when purchasing your first home.
• GST/HST New Housing Rebate - If you purchase or build a new primary residence, you may qualify for a partial rebate of the GST/HST paid.
• Multi-Generational Home Renovation Tax Credit - Claim up to $7,500 (15% of $50,000) in eligible renovation expenses to create a secondary suite for a senior or adult with a disability.
• Home Accessibility Tax Credit - For qualifying individuals, claim eligible home renovations that improve accessibility — up to $20,000 per year in expenses.
• BC Home Renovation Tax Credit for Seniors and Persons with Disabilities - B.C. residents may also claim up to $10,000 for eligible accessibility renovations to a principal residence.
• Underused Hosuing Tax - The Federal Budget 2025 announced the elimination of the UHT beginning with the 2025 calendar year. This means the 1% annual tax on the value of vacant or underused residential properties will no longer apply starting in 2025. However, owners of residential properties that were subject to the UHT for the 2022, 2023, and 2024 tax years must still meet their filing and payment obligations. Failure to file for these prior years can result in significant penalties, even if no tax is owing. Tip: If you owned a secondary property, rental unit, or vacation home during these years, review your situation with your tax advisor before the April 30, 2025 deadline to ensure all UHT filings are complete.

Employment and Training

• Work-from-Home Deduction - If you worked remotely more than 50% of the time for at least four consecutive weeks, you may be able to claim certain homeoffice expenses. A Form T2200 from your employer is required to verify eligibility.
• Home Office Expenses for Self-Employed or Commissioned Workers - Small-business owners and commissioned employees may deduct a portion of homerelated costs such as utilities, rent, and supplies. Keep receipts and floor-space calculations.
• Canada Training Credit (CTC) - Eligible taxpayers can accumulate up to $250 per year ($5,000 lifetime) to offset tuition or training costs. Ensure qualifying fees are paid before December 31.

Tax Credits and Deductions

• Disability Tax Credit (DTC) - Individuals with a severe and prolonged impairment may qualify for the DTC, which can significantly reduce income tax owing. Speak with your MWFS Tax Preparer for application details.
• Charitable Donations -
  
  • The first $200 of donations qualifies for a 15% federal credit
  • Donations over $200 earn a 29% federal credit (33% if your income exceeds $246,752).
  • Provincial/territorial credits also apply.
  •  Remember: only 80% of donation credits may be used for Alternative Minimum Tax (AMT) calculations.
  Consider donating publicly traded securities in kind to eliminate capital-gains tax — but note that gifts-in-kind may now be subject to AMT.
• Medical Expenses - Plan eligible purchases before year-end — such as dental work, glasses, prescriptions, or hearing aids. You can claim the lesser of 3% of net income or the annual CRA threshold.
• Moving Expenses - If you relocated at least 40 kilometres closer to work or school, you may deduct eligible moving expenses.
• Association Fees and Union Dues - Ensure receipts for 2025 membership dues are included with your tax documents.
• Digital News Subsciption Credit - Claim up to $500 for eligible digital-news subscriptions incurred before 2025.

Important Deadlines for 2025 Year-End Tax Planning