Several provincial and federal laws will take effect on January 1, 2025, including:
- Ontario Building Code: The new code will establish minimum standards for building construction in Ontario, including health and safety, fire prevention, and construction materials. The code is intended to improve the quality and safety of buildings while reducing regulatory burdens for the construction industry.
- Criminal interest rate: A new criminal interest rate will take effect, making it illegal to enter into an agreement to receive interest at a rate higher than 60% effective annual rate (EAR). This rate applies to most credit agreements, including auto loans, credit cards, and installment loans.
- Indexed income tax thresholds, personal amounts, and tax reduction amounts: These amounts will be indexed based on changes in the consumer price index, with an indexing factor of 2.8%. Employees will automatically receive the increase, regardless of whether they file Form TD1ON.
- GST/HST holiday: A temporary holiday will be in place from December 14, 2024, to February 15, 2025, for certain taxable supplies, such as groceries, snacks, and restaurant meals.
- Changes to the electronic filing of information returns are coming in January 2025.
- Ontario government is capping child-care fees at $22 per day for families enrolled in Canada-wide Early Learning and Child Care programs.
- To help reduce the administrative burden on drivers, commercial vehicle operators and police services, Ontario is amending a regulation under the Highway Traffic Act to raise the total threshold to report a collision that involves property damage to police from $2,000 to $5,000.
Don’t miss out on Doppler!
Sign up here to receive our email digest with links to our most recent stories.
Local news in your inbox so you don’t miss anything!
Click here to support local news
0 Comments