Tax season is upon us again! For many Canadians, it’s a time to claim deductions, file returns, and (hopefully) look forward to a refund. Whether you’re a seasoned filer or tackling your taxes for the first time, staying informed about deadlines, deductions, and processes is critical to a stress-free tax season. Here’s everything you need to know about filing your 2024 taxes in Canada, including key dates, tips, and potential deductions.
Table of Contents
Key Deadlines for Filing Your 2025 Taxes
General Filing Deadline
The general deadline to file your taxes for the 2024 calendar year is April 30, 2025.
Self-Employed Individuals
If you’re self-employed or have a spouse or partner who is self-employed, you have until June 15, 2025 to file your return. However, keep in mind that any balance owing must still be paid by April 30, 2025, to avoid interest charges.
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When Can You Start Filing?
The Canada Revenue Agency (CRA) begins accepting electronically filed tax returns on February 24, 2025. While it’s tempting to file as early as possible, ensure you have all the necessary tax slips and documents first. Employers, financial institutions, and other entities are required to issue tax slips, like T4s, by the end of February 2025.
Additionally, the CRA’s autofill feature for online tax software may not be fully updated until mid-March, so it’s worth waiting if you plan to use this tool.
Important RRSP Contribution Dates
Final Contribution Date for 2024 Taxes
To reduce your taxable income for the 2024 tax year, you can make contributions to your Registered Retirement Savings Plan (RRSP) until March 3, 2025. Contributions made after this date will apply to your 2025 tax return.
How Long Does It Take to Receive Your Refund?
Online Filing
If you file online using certified tax software, the CRA aims to process your return and issue refunds within two weeks.
Paper Filing
For paper filers, expect a longer wait time—up to eight weeks. If you’re filing from outside Canada, processing could take up to 16 weeks.
Audits and Delays
Keep in mind that audits or additional reviews may delay your refund. To avoid delays, double-check your return for errors and ensure all necessary documents are included.
Documents You Need to File Your Taxes
Here’s a checklist of key documents you’ll need:
- T4 Slips: Employment income
- T5 Slips: Investment income
- RRSP Contribution Receipts: Up to March 3, 2025
- Charitable Donation Receipts: To claim donation credits
- Medical Expense Receipts: For eligible deductions
If you don’t receive a required document, such as a T4, by March 2025, check your CRA My Account or contact your employer directly.
What to Do If Your Refund Is Less Than Expected
If your refund is smaller than anticipated, it could be due to:
- Outstanding Balances: Owing taxes from previous years
- Debts to Government Agencies: Examples include student loans, EI overpayments, or immigration loans
- Errors in Filing: Double-check your calculations and documents
If you believe there’s been an error on the CRA’s end, contact them at 1-800-959-8281 to address the issue.
Top Deductions and Credits to Maximize Your Return
Disability Tax Credit
Designed for individuals with prolonged or severe impairments, this non-refundable credit can significantly reduce taxable income. Ensure you’ve applied and been approved before claiming.
Canada Worker’s Benefit (CWB)
A refundable tax credit available to low-income workers. You must meet income thresholds and residency requirements to qualify.
Canada Carbon Rebate
This tax-free rebate is automatically calculated based on your income tax return. Timely filing ensures you receive this payment promptly.
Work-from-Home Expenses
Claim a portion of your internet, phone, and utility bills if you worked from home in 2024. Note that the simplified flat-rate method is no longer available; you must now use the detailed method.
Multigenerational Home Renovation Tax Credit
Claim up to $50,000 for renovations that create a secondary unit for a senior or a qualifying adult with disabilities.
How to File Your Taxes
Online Filing
Choose CRA-certified tax software to file electronically. Ensure the software supports Netfile, the CRA’s online tax filing system.
Paper Filing
Prefer the traditional route? Download the forms from the CRA website or request them by phone at 1-855-330-3305. Paper T1 returns can be mailed to the CRA’s designated address.
What Happens If You File Late?
Filing late can lead to penalties:
- 5% of the balance owing
- 1% additional penalty for each month late, up to a maximum of 12 months
For refunds, filing late simply delays the payment. If you owe taxes but face circumstances beyond your control, such as illness or natural disasters, the CRA may waive penalties and interest.
Get Ahead of the Tax Season
Filing your taxes doesn’t have to be a stressful ordeal. With these key dates and insights in mind, you can file confidently, maximize your refund, and avoid penalties. For those expecting a refund, signing up for direct deposit ensures your money gets to you quickly. Don’t wait until the last minute—get started today!