In this edition:
- Government of Ontario summarizes new legislation for January 1
- Federal charitable donation deadline extended to February 28
- Auto deduction rates and limits for businesses changed for 2025
- Five ways to improve Canada’s industrial carbon markets
- Focus on Climate
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Picture credit: S… / Adobe Stock
Government of Ontario summarizes new legislation for January 1
The Government of Ontario reminds businesses of new legislation that took effect yesterday, which will affect many businesses. Changes include regulations, fines, land use, and more.
Picture credit: adragan / Adobe Stock
Federal charitable donation deadline extended to February 28
Picture credit: Prostock-studio / Adobe Stock
Auto deduction rates and limits for businesses changed for 2025
The Department of Finance Canada has announced its changes to automobile income tax deduction limits and expense benefit rates that will apply in 2025. The ceiling for capital cost allowances is to be increased, as are deductible leasing costs and taxable benefits on personal vehicle allowances.
Did you know?
Canada will assume the presidency of the G7 in 2025.
Focus on Climate
Five ways to improve Canada’s industrial carbon markets
The Cement Association of Canada (CAC), along with 12 other leading firms, business associations and climate policy and renewable energy groups across the country from the energy, manufacturing and steel sectors, is proposing five ways to improve the country’s industrial carbon markets.
The groups contend industrial carbon pricing is the best way to get industry to reduce emissions, but the system isn’t working as well as it could because of barriers and red tape between provinces.
Industrial carbon pricing shifts the burden for the damage from greenhouse gas emissions to those who are responsible and able to avoid it. Instead of dictating who should reduce emissions, a carbon price allows emitters to lower their emissions or continue emitting and paying for their emissions.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
