Recent changes – Employees

• For vehicle purchases and leases that took place after 2023, the prescribed capital cost for automobile expenses is increased from $36,000 to $37,000 (unchanged ceiling of $61,000 for an eligible zero-emission vehicle) and the monthly leasing cost ceiling is increased from $950 to $1,050 for leases entered into since 2024.
• For stock options exercised on or after June 25, 2024, the base deduction is reduced from 50% to 33.33% (1/3 of the taxable benefit). This deduction could be increased to 50% up to a combined annual limit of $250,000 for both employee stock option benefits and capital gains.

FEDERAL

• Since 2024, tax credits for volunteer firefighters and search and rescue volunteers have doubled.

NEW BRUNSWICK

• Since 2024, new tax credits for volunteer firefighters and search and rescue volunteers have been introduced.