2024-2025 PERSONAL TAX UPDATES
PERSONAL TAX FILING AND PREPARATION (2024-2025) | Maximize Your Refund
2024-2025
TAX PREPARATION
CHECKLIST
Important Dates
Starting on February 24, 2025, you can file your personal income tax and benefit return online for 2024.
Tax filing deadline 2024 Canada for individuals and families (except self-employed people) is April 30, 2025.
People in Canada who are self-employed have until June 16, 2024, to turn in their taxes for the year 2024.
April 30, 2025: Deadline to pay your taxes
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Capital Gains Inclusion Rate – Increase delayed to Jan 1, 2026; remains at 50% until then.
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Home Buyers’ Plan (HBP) – Withdrawal limit increased to $60,000; repayment delayed for some.
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Short-Term Rental Income – Non-compliant rentals (under 90 days) cannot deduct expenses.
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Alternative Minimum Tax (AMT) – Higher tax rate (20.5%) and reduced tax credit benefits.
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CPP/QPP Enhancements – New 4% additional contributions for high earners; 8% for self-employed.
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Document Verification Service – Register for a CRA account instantly by verifying your identity online, without waiting for a security code by mail.
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Online Chat in My Account – Live chat with a CRA agent inside My Account for account-specific inquiries.
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Taxology Podcast – CRA’s new podcast explains tax tips, savings strategies, and fraud prevention.
CALULATE YOUR B.C. CLIMATE ACTION TAX CREDIT
Estimate your B.C. Climate Action Tax Credit with this easy calculator. Determine your annual and quarterly benefits based on income and family type.
Our B.C. Climate Action Tax Credit Calculator helps British Columbia residents estimate their annual and quarterly payments. This tax credit aims to reduce the financial burden of carbon taxes and is determined by your 2024 T1 Income Tax and Benefit Return. Payments are distributed quarterly in July 2025, October 2025, January 2026, and April 2026. Enter your income, family type, and number of children to estimate your potential credit.
Home Office Expenses for Employees (2024 Tax Year, Canada)
Discover key updates regarding the claiming of home office expenses for the 2024 tax year and learn how to maximize your tax savings. Stay compliant with the latest CRA guidelines! 🚀