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Canada’s Budget 2025: Key Tax Shifts That Could Reshape Your Finances

Prime Minister Mark Carney’s first federal budget signals a recalibration of Canada’s tax landscape, targeting both economic competitiveness and equity for low-income Canadians. Here’s what you need to know.

Simplified Filing and Support for Low-Income Canadians

The government plans to automatically file taxes for low-income individuals whose income falls below the federal basic personal amount. The Canada Revenue Agency (CRA) will prepare and submit returns on their behalf if they don’t act within 90 days. This aims to ensure access to missed benefits and rebates.

Corporate and Personal Tax Adjustments

A “super-reduction” will lower the marginal effective corporate tax rate to 13.2%, positioning Canada below both U.S. and OECD averages. Meanwhile, a temporary Top-Up Tax Credit will assist those affected by the earlier reduction of the first personal income tax rate to 14%.

Curbing Double Credits and Rationalizing Incentives

Starting 2026, Canadians can no longer claim the same home renovation under both the Medical Expense and Home Accessibility tax credits—a move to prevent “double-dipping.” The Canadian Entrepreneurs’ Incentive has also been scrapped following the cancellation of the proposed capital gains hike.

Cuts to Luxury and Housing Taxes

The budget eliminates the Underused Housing Tax and luxury taxes on aircraft and vessels, citing administrative savings and a boost to aviation and boating industries.

Source: Global News – Budget 2025: What It Means for You

The High School Dropout Who Built an $8B Empire and Bought an NBA Team

How does someone go from a 1.9 GPA to owning an NBA franchise? In My First Million’s latest episode, Ryan Smith, founder of Qualtrics and owner of the Utah Jazz, reveals how he turned early failure into extraordinary success.

From Basement Startup to Billion-Dollar Exit

Dropping out of high school, Smith joined his father to build a simple survey tool that grew into Qualtrics, a global software powerhouse later valued at $8 billion. Along the way, he turned down a $500 million acquisition offer, betting instead on his long-term vision — and winning.

The Discipline Behind the Dream

Smith’s success story isn’t about luck — it’s about systems, obsession, and execution. His advice: master sales, narrow your focus, and work backward from your ideal outcome. Success, he insists, comes from discipline that compounds over time.

Source: My First Million

The Overlooked Expense: Closing Costs Every First-Time Buyer Should Expect

For many first-time homebuyers, the focus often rests on the down payment—the most visible cost of homeownership. Yet, an equally important financial factor is frequently underestimated: closing costs. These expenses can quietly add thousands to your purchase total, catching even well-prepared buyers off guard.

Understanding these costs upfront ensures a more accurate budget, a smoother transaction, and fewer financial surprises on closing day.

Key Closing Costs to Anticipate

Planning with Precision

A prudent benchmark is to allocate 3–5% of the home’s purchase price toward closing costs. This proactive approach prevents last-minute financial strain and helps maintain liquidity after the purchase.

For buyers entering the market, mastering these financial details isn’t just about avoiding surprises—it’s about purchasing with foresight and control.

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B.C. Couple Loses Final Appeal Over $1.4M Anti-Tax Scheme

A long-running battle between a British Columbia couple and the Canada Revenue Agency (CRA) has ended decisively. The Federal Court of Appeal in Vancouver has rejected Russell Porisky and Elaine Gould’s challenge to tax assessments tied to $1.4 million in undeclared income, calling their appeal “without merit.”

The Rise and Collapse of Paradigm Education

From 2004 to 2008, Porisky and Gould operated Paradigm Education Group, a pseudo-legal enterprise that sold seminars, books, and training materials promoting the false claim that Canadians could “opt out” of paying income tax. The couple earned millions while reporting no income to the CRA.

Courts Reject “Natural Person” Argument

Porisky argued that individuals could declare themselves “natural persons” distinct from taxpayers, claiming income tax amounted to “a form of slavery.” The Tax Court dismissed these theories as “convoluted and head-spinning,” reaffirming that Canadian tax laws apply universally.

The appeal marks the final chapter in a case that has become a touchstone in Canada’s crackdown on tax protester movements. Several other Paradigm affiliates have faced convictions and fines, underscoring the CRA’s continued vigilance against schemes designed to evade taxation under the guise of personal sovereignty.

Source: CBC News

What Happens to Your Taxes When You Die in Canada

In our latest video, we unpack what really happens to your taxes after death — because in Canada, tax obligations don’t end when life does.

Deemed Disposition Explained

When someone dies, the CRA treats all assets as if they were sold at fair market value right before death. This “deemed disposition” can create capital gains taxes on property, investments, and registered accounts.

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Your TFSA isn’t always tax-free 😬 The CRA can and will tax you if they think you’re running a business inside it. Don’t let a “tax-free” a... See more

The Spousal Advantage: If a spouse survives, certain assets can transfer tax-free through spousal rollover provisions. This doesn’t remove the tax — it simply defers it until the spouse sells or passes away.

Why It Matters: Without planning, estates may need to sell assets just to cover taxes. Smart estate and tax planning can protect family wealth and reduce what goes to the CRA.

Master ChatGPT for Work Success

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Find your customers on Roku this Black Friday

As with any digital ad campaign, the important thing is to reach streaming audiences who will convert. To that end, Roku’s self-service Ads Manager stands ready with powerful segmentation and targeting options. After all, you know your customers, and we know our streaming audience.

Worried it’s too late to spin up new Black Friday creative? With Roku Ads Manager, you can easily import and augment existing creative assets from your social channels. We also have AI-assisted upscaling, so every ad is primed for CTV.

Once you’ve done this, then you can easily set up A/B tests to flight different creative variants and Black Friday offers. If you’re a Shopify brand, you can even run shoppable ads directly on-screen so viewers can purchase with just a click of their Roku remote.

Bonus: we’re gifting you $5K in ad credits when you spend your first $5K on Roku Ads Manager. Just sign up and use code GET5K. Terms apply.

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