The Tax Centre

  How to give authorization to your tax preparer:

   You must already be registered for a CRA account.

• Sign in to your CRA account

• On the "Welcome" page, select your Individual account to access My Account

• Select Profile from the left-side menu

• Select Add in the "Authorized representative(s)" section

• Read the "Before you begin" information and select Start

• Enter and confirm the required information provided by your tax preparer

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  CPP2 Contributions: A second, higher earnings limit (CPP2) exists for 2025. Workers earning above the Year's Maximum Pensionable Earnings 

  (YMPE) will pay 4% on income between the YMPE and the additional maximum of $81,200.

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  Volunteer Firefighters & Search and Rescue: The amount for volunteer firefighters (VFA) and search and rescue volunteers (SRVA) increased to

  $6,000, up from $3,000.

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  RRSP Deduction Limit: The 2025 RRSP deduction limit is the lower of $32,490 or 18% of the previous year's earned income, up to a maximum of

  $180,500.

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  Short-Term Rentals: Expenses for non-compliant short-term rentals are no longer deductible.

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  Income Tax Rate Reduction: The lowest federal income tax rate (on income up to $57,375) drops to 14% as of July 1, 2025. Due to the mid-year 

  change, the effective rate for the 2025 tax year is 14.5%.

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  Tax Brackets & Indexing: For the 2025 tax year, the lowest bracket applies to income up to $57,375

.