It’s Federal Budget time

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Dear Valued Clients:

It’s Federal Budget time!

On November 4, 2025, the Federal Government tabled Budget 2025, which proposed
various provisions impacting individuals and businesses.

Some of the items of interest include the following:

  • Higher rate depreciation – A variety of new and extended accelerated capital cost allowance (CCA) measures would apply on capital asset acquisitions in the near future.
  • Bare trust filings – Filings in respect of bare trusts would be deferred until the 2026 year.
  • Underused housing tax (UHT) – The UHT would be cancelled starting with the 2025 year.
  • Intercorporate dividends – In certain situations, a new rule would suspend tax refunds that would normally be received on dividends paid to affiliated corporations.
  • Automatic Tax Filings – The government would commence an initiative to automatically file tax returns for certain low-income Canadians.

The government has also confirmed the cancellation of the proposed increase to the capital gains inclusion rate and the Canadian entrepreneurs’ incentive.

Please follow this link to the detailed commentary on Budget 2025.

Please contact us if you have any questions.Yours truly,

Chase | Sekulich
Chartered Professional Accountants

Written by Shannon Sekulich

I obtained a diploma in Business Administration – Accounting Option from Camosun College in 1999 and shortly thereafter wrote and passed the Graduate Management Admission Test, allowing me to apply for admission as a student in the School of Chartered Accountancy at the Institute of Chartered Accountants of British Columbia.

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