Tax News - Forvis Mazars

Deferral of GST/HST, QST and Corporate Income Tax Payments

On March 21, 2025, the federal government announced a temporary relief measure to support businesses facing economic challenges. This measure allows businesses to defer the payment of GST/HST and corporate income tax balances from April 2 to June 30, 2025. During this period, no interest will be charged on any outstanding tax or GST/HST payments, including any existing balances.

HST Rate Reduction in Nova Scotia

The government of Nova Scotia has announced a reduction in the harmonized sales tax rate in the province.

Government Support for Canadian Businesses Facing U.S. Tariffs

In response to the ongoing impact of U.S. tariffs, both federal and provincial governments across Canada have rolled out a series of measures aimed at helping businesses remain competitive and sustainable. These initiatives include targeted financial assistance programs, loans, and funding designed to support businesses in maintaining operations, diversifying markets, and boosting productivity.

The 2024 Fall Economic Statement

The 2024 Fall Economic Statement was presented on December 16, 2024, by the federal government. Below is a summary of the proposed tax measures.
It is important to note that these measures will only take effect once adopted by law and granted royal assent. The current political context makes the implementation of the proposed measures uncertain.

Year-end tax planning 2023

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Another year is ending, and there are several tax issues to consider for 2023. While it’s best to have a sound tax strategy throughout the year, it’s not too late to end the year on the right foot.