Martin Lee and Thanusan Raveendran, in a recent article published in the Canadian Tax Foundation’s Tax Focus publication, discuss a possible anomaly in the small business deduction rules. The authors highlight the anomaly using several examples and highlight several tax planning possibilities. Please click here to read their article.

CRA Clarifies Tax Deadlines for Taxpayers Affected by Capital Gains
The CRA has delayed the capital gains inclusion rate increase to January 1, 2026, requiring tax form revisions and causing filing delays. Relief from late penalties and interest is granted until June 2, 2025, for impacted T1 filers and May 1, 2025, for T3 slips. T5008 deadlines extend to March 17, 2025.