Tax season is officially here in Canada, and whether you’re a seasoned filer or preparing your return for the first time, it’s always a good idea to be up to date with the latest changes and reminders. The Canada Revenue Agency (CRA) made a few updates this year, and staying informed can help you avoid penalties and maybe even get a bigger refund.
Here are the top five things to know before filing your taxes in 2025:
1. Filing Deadline for 2024 Taxes
Mark your calendars:
- General deadline: April 30, 2025
- Self-employed individuals (and their spouses): June 15, 2025
- Payment deadline (for everyone): April 30, 2025
Even if you’re self-employed and have until June to file, any taxes owed are still due by April 30. Filing late could mean interest charges, so don’t wait too long.
2. What’s New for 2024?
Each year, CRA rolls out changes. Here are a few key updates for 2024 tax returns:
- Increased Basic Personal Amount: The non-taxable portion of your income has gone up again—$15,705 for most people.
- Canada Workers Benefit (CWB) enhancements: More Canadians qualify, and there are automatic advance payments.
- First Home Savings Account (FHSA): If you opened one in 2023, you can now start reporting contributions—up to $8,000 annually, with a $40,000 lifetime limit.
3. Digital is the Way to Go
Most Canadians now file online using NETFILE-certified software. CRA encourages digital filing because it’s:
- Faster (refunds in as little as 8 business days)
- More accurate (many software options help reduce errors)
- Easier to track (via My Account or the MyCRA mobile app)
If you’re tech-savvy, take advantage of auto-fill features by signing in with your CRA account—this pulls in T4s, RRSPs, and other slips directly.
4. Tax Credits & Deductions You Might Be Missing
Here are a few credits and deductions many people forget:
- Climate Action Incentive Payment (CAIP): Now paid quarterly. Don’t forget to file even if you owe nothing!
- Medical expenses: Can add up quickly. Include travel for treatment, insurance premiums, or prescriptions not covered by your plan.
- Tuition & education amounts: Students can transfer up to $5,000 of unused credits to a parent, grandparent, or spouse.
- Home office expenses: If you worked from home in 2024 due to COVID-19 or hybrid work, you may still qualify—either via the simplified method or detailed method.
5. Watch for Scams
Tax season is prime time for fraud. The CRA will never:
- Ask for payment via gift cards, crypto, or e-transfer
- Threaten immediate arrest or deportation
- Send links for login or sensitive info via text or email
If you’re unsure whether a message is legitimate, contact CRA directly through your My Account or by calling.
Final Tip: Don’t Wait!
Procrastination leads to missed credits, late penalties, or delayed refunds. Gather your documents, download your slips, and get started early—especially if you’re expecting a refund.
