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Toronto Skies Roar as Canadian International Air Show Thrills CNE Crowds

  The skies above Mississauga and Toronto will serve as a backdrop in the coming days for numerous aircraft not often seen in this airspace. Toronto’s waterfront was alive with excitement this Labour Day weekend as thousands gathered for the 76th annual Canadian International Air Show (CIAS) , the grand finale of the Canadian National Exhibition. From August 30 to September 1, the skies above Lake Ontario became a stage for breathtaking aerial displays, with performances running daily from 12:00 p.m. to 3:40 p.m. This year’s lineup featured crowd favourites like the Canadian Forces Snowbirds , the CF-18 Demonstration Team , and the U.S. Air Force F-35 Demo Team , alongside thrilling newcomers such as Dan Fortin in his Nanchang CJ6 and Marco Rusconi piloting a P-51 Mustang. The Northern Stars aerobatic team wowed spectators with precision stunts, while the roar of jet engines echoed across the city. While ticket holders enjoyed prime views from the Exclusive Air Show Zone at Mar...
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CRA 2025: New TFSA Limits, Adjusted Tax Brackets, and More!

 

The Canada Revenue Agency (CRA) has announced several key updates for 2025 that will impact taxpayers across the country. Here's a brief overview of the most notable changes:


New TFSA Limits

Starting January 1, 2025, Canadians will be able to contribute an additional $7,000 to their Tax-Free Savings Account (TFSA), bringing the total contribution room to $102,000 for those who have maximized their contributions since the program's inception in 2009. This increase is indexed to inflation and aims to provide more flexibility for savings and investment.


Adjusted Tax Brackets

In response to inflation, the CRA has adjusted the federal tax brackets for 2025. The new brackets are as follows:

  • 0 to $57,375: 15%
  • $57,375 to $114,750: 20.5%
  • $114,750 to $177,882: 26%
  • $177,882 to $253,414: 29%
  • Above $253,414: 33%

These adjustments are designed to ensure that taxpayers are not pushed into higher tax brackets solely due to inflation.


Other Updates

  • The basic personal amount (BPA) has been increased to $16,129, allowing individuals to earn this amount without paying federal income tax.
  • The Canada Pension Plan (CPP) benefits will see a 2.7% inflation adjustment, providing a slight increase in payments.

These changes reflect the CRA's ongoing efforts to adapt to economic conditions and support Canadians in managing their finances effectively.




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