Canadian Income Tax Act with Regulations, Annotated, 117th Edition, 2025

Canadian Income Tax Act with Regulations, provides valuable cross-references, comprehensive editorial notes, and a breadth of related third-party references, all selected by experienced tax specialists.

The Full Text of the Income Tax Act and Regulations 

Since the Income War Tax Act first came into force over a century ago, the size and complexity of the legislation have grown exponentially. Over the past months, numerous new amendments and proposals continued this trend. Canadian Income Tax Act with Regulations, Annotated contains all of the latest legislative developments since the previous edition, which notably includes:

• Recent changes to Regulations, including:
  • Regulations Amending the Income Tax Regulations (Technical Amendments): SOR/2024-231, November 22, 2024—amendments to various tax rules applicable to registered pension plans, pooled registered pension plans, qualified investments, employee stock options and mark-to-market rules to provide greater clarity or flexibility in the interpretation and administration of the tax rules so that their intended policy objectives will apply in particular situations; new amendments and those previously released
  • Regulations Amending the Income Tax Regulations (Prescribed Arrangement — Air Canada): SOR/2025-75, March 6, 2025—amendments to reflect updated agreements between Air Canada and unions relating to retirement compensation arrangements
  • Regulations Amending the Income Tax Regulations (Northern Residents Deductions): SOR/2025-97, March 12, 2025—reclassifies Haida Gwaii from the Intermediate Zone to the Northern Zone for the purposes of the Northern Residents Deductions
• Proposed tax measures, including:
  • Legislative Proposals Relating to the Income Tax Act and the Income Tax Regulations, August 12, 2024—these proposals include technical measures and the following measures from the 2024 Budget:
    • Canadian Entrepreneurs' Incentive
    • Disability Supports Deduction
    • Employee Ownership Trust Tax Exemption
    • Workers Cooperatives
    • Charities and Qualified Donees
    • Registered Education Savings Plans
    • Non-Compliance with Information Requests
    • Avoidance of Tax Debts
    • Mutual Fund Corporations
    • Synthetic Equity Arrangements
    • Manipulation of Bankrupt Status
    • Accelerated Capital Cost Allowance for Productivity-Enhancing Assets
    • Accelerated Capital Cost Allowance for Purpose-Built Rental Housing
    • Interest Deductibility Limits
    • Clean Electricity Investment Tax Credit
    • Clean Technology Investment Tax Credit
    • Clean Hydrogen Investment Tax Credit
    • Clean Technology Manufacturing Investment Tax Credit
    • Proposals relating to various Clean Economy Tax Credits
    • Other consequential amendments related to the Clean Electricity Investment Tax Credit
    • Withholding for Non-Resident Service Providers
    • Substantive CCPCs

• • Draft legislative proposals related to the Income Tax Act (Charitable donations), January 23, 2025—extends the donation period for 2024 taxes to the end of March 2025
  • Legislative Proposals Relating to the Income Tax Act, February 21, 2025—proposes a new EV supply chain tax credit

Additional features

• Editorial notes with explanations, tips, and traps
• The Multilateral Instrument, which modifies the terms of tax treaties between Canada and agreeing countries
• Full text of the Canada-U.S. Tax Treaty, with detailed editorial notes by Dentons Canada LLP
• Full text of the Canada-U.K. Tax Treaty    

Key references to additional resources, including:

• Cross references to related sections of the Act and Regulations
• Income tax folios, bulletins, circulars, technical interpretations, forms, guides, comfort letters, and news releases
• Canadian Tax Foundation, STEP Canada, and Wolters Kluwer newsletter articles
• Case annotations summarizing key court decisions

Numerous quick reference charts, including:

• 2024 tax rates and credits tables from PricewaterhouseCoopers LLP
• Tables of automobile, mileage, interest, exchange, and capital cost allowance rates
• Tax integration tables from PricewaterhouseCoopers LLP
• Summary tables of deadlines, offences, and penalties, and a tax calendar

Editorial Board — As of July 2025

Trust the tax and accounting intelligence from the top firms in Canada:

Joseph Frankovic LL.B., LL.M., Ph.D., CFA
Member of the Ontario Bar and the adjunct faculty of Osgoode Hall Law School

Dentons Canada LLP
Hannah Bourgeois B.A., J.D.
Paige Donnelly J.D., MBA, CFA
Gergely Hegedus, LL.B.
Mark Jadd LL.B.        
Larry Nevsky LL.B., CPA, CA 
Daniel Safi LL.B., J.D., LL.M.
Tony Schweitzer LL.B., LL.M.

Aird & Berlis LLP
Michael Goldberg B. Comm. Hons., LL.B.

PricewaterhouseCoopers LLP
Catherine Hibbard CPA, CA
Ruby Lim CPA, CA
Colin Mowatt CPA, CA

Wolters Kluwer Canada Limited
Robert Boucher CPA, CA
Jennifer Corris B.Math
Mark Ho CPA (Australia)
Cameron Mancell CFP®
Roderick McBey GJM, BA, LL.B., TEP
Ellen McClure LL.B., LL.M.
Peter Tomlinson B.A., LL.B.