Some quick points to consider…
– The limit on the deduction for non-taxable allowances paid by an employer to an employee using a personal vehicle for business purposes will increase in 2025 by 2 cents to 72 cents per km for the first 5,000 km driven and to 66 cents for each additional km (higher rates apply in the territories).
– The final phase of enhancement to the Canada Pension Plan, which commenced in 2019, culminates in 2025. For employees earning $81,200 or more, both employers and employees are each subject to CPP contributions of $4,430 in 2025. Self-employed individuals would be liable for both the employee and employer premiums, bringing their required contributions to $8,860.
– Bare trusts remain exempt from filing T3 Returns for 2024, unless CRA specifically requests one.

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