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February 26th, 2025
Navigating capital gains: Compliance updates and tax planning strategies
Facing uncertainty with the proposed capital gains increase? Discover proactive tax strategies to navigate changes before they take effect in 2026.
Posted on February 26th, 2025 in Commodity Tax (HST), Domestic Tax
In the Spring of 2025, CRA will change the default method of correspondence for most businesses to online only. This means that most businesses will receive their notices of assessment, letters, forms, statements, and other documents from CRA through My Business Account rather than by traditional mail. Notifications that new mail is available online will be sent to the email address(es) registered on My Business Account. Business correspondence will be presumed to be received on the date that it is posted in My Business Account.
This change will apply to all of the following:
CRA recommended taxpayers sign in to My Business Account to ensure the email address on file is current. There can be up to three email addresses for each program account.
Owners of new businesses should ensure to register for My Business Account and provide a valid email address to ensure that they do not miss notifications or correspondence from CRA.
Impacted businesses can continue to receive paper mail by opting out of the online default by taking one of the following two actions starting in May 2025:
No information was provided on the required lead time to avoid the transition and continue to receive traditional mail.
This change will not apply to the following who will continue to receive traditional mail:
Ensure that your email address listed in My Business Account is up to date. Consider opting out of electronic only communications in May 2025, if that is your preference.
Article originally published in: Tax Tips & Traps 2025 First Quarter – Issue 149.
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