If you file information returns, such as the T3 (trust income), T4 (remuneration paid), T4A (pension and other income), or T5 (investment income), there are some important updates you need to be aware of.

Tax season starts next week! When the calendar flips to February 24, 2025, you will be able to file your income tax and benefit return online. With the right preparation, filing your tax return can be a smooth and stress-free experience.

The Canada Revenue Agency (CRA) is here to help you file with confidence. When you file, you could be eligible to receive a refund or benefit and credit payments that put money in your pocket.

Tax season is almost here! Whether you’re a seasoned filer or it’s your first time, having the essential information can save you time and stress. It could even put more money in your pocket.

To help you, we’ve put together the key facts of what you need to know for this tax-filing season. This includes what’s new with our digital services and on the income tax and benefit return. 

If you lived in a northern or remote area for six months or more in 2024, you may qualify for the northern residents deductions. These deductions recognize the unique challenges northern residents face, such as higher living costs and limited access to services.

The deductions include a residency deduction and a travel deduction. These can provide relief for both your daily living expenses and eligible travel. If you are eligible, these deductions will reduce your taxable income.

Canada Revenue Agency (CRA) has reverted to administering the currently enacted capital gains inclusion rate of one-half. This means that all capital gains realized before January 1, 2026 will be subject to the currently enacted inclusion rate of one-half, unless an exemption applies.

The announcement also confirmed that the government intends to maintain the existing coming into force date of the proposed increase to the Lifetime Capital Gains Exemption (LCGE) limit to $1.25 million of eligible capital gains included in the previous Notice of Ways and Means Motion (NWMM) tabled in Parliament on September 23, 2024. This measure remains unchanged, and the CRA will continue to administer the proposed change, which applies to dispositions that occur on or after June 25, 2024. Indexation of the LCGE would resume in 2026.

You may be one of 2 million Canadians invited to use SimpleFile to automatically file your income tax and benefit return with the Canada Revenue Agency (CRA) for free this tax season!

The CRA is inviting individuals to use the SimpleFile by Phone service again this year. You may also be invited to try out a new digital option as part of a pilot, as we work to provide even more filing options to Canadians. With SimpleFile, you only need to answer a series of quick questions, and then the service uses your answers, with the information we have on file, to auto-file and process a tax return on your behalf.

Did you just move to Canada? Filing your income tax and benefit return is important to get the benefit and credit payments you’re entitled to. These payments can help support you financially.

On December 30, 2024, the Department of Finance announced the federal government’s intention to amend the Income Tax Act to extend the deadline for making charitable donations eligible for tax support in the 2024 tax year. Following this, on January 23, 2025, the Department of Finance announced that it had released draft legislation in support of this proposed change, which will be introduced in Parliament in due course. For more information, visit the Department of Finance website.

To help provide certainty as we head into tax season, the CRA is confirming that it will proceed with administering the 2024 deadline extension for charitable donations. The CRA is administering this proposed legislation, consistent with its longstanding practice. 

Changes to the income tax rules now deny income tax deductions related to non-compliant short-term rentals after 2023. If you rented out a residential property for short periods, these changes may affect you.

This tax season, the Canada Revenue Agency (CRA) wants to help you get all the benefit and credit payments that could put money in your pocket. Whether you’re filing your tax return, planning for retirement, or caring for loved ones, we have tips and resources to help you!

Tax season is almost here, and you may be wondering if you should file a tax return. Regardless of the amount you make or where your income comes from, doing your taxes every year can help improve your financial situation.

This tax season, the Canada Revenue Agency (CRA) has simplified its sign-in process, making it easier to access the My Account, My Business Account, and Represent a Client portals with a single sign in. We are prioritizing improvements to our digital services to make it easier to self-serve, while ensuring services are secure, efficient, and responsive to the needs of Canadians. Constantly improving our digital services helps people find the information they need without having to call us. We are pleased to be a part of an innovative solution to simplify access to our digital services.

As a student living in a digital world, you’re probably already pretty tech savvy, but now it’s time to get tax savvy! We know filing an income tax and benefit return can feel overwhelming and confusing, but we can help.

Tax savvy tip – filing your tax return every year can make your funds go further. You can potentially:

• get (or continue to get) the benefit and credit payments you’re eligible for, like the goods and services tax/harmonized sales tax (GST/HST) credit and related provincial or territorial credits;

• claim tax credits, like the tuition tax credit and interest paid on student loans;

• get a refund.

Whether you’re a homeowner, are saving for your first home, or just bought your first home, there are tax incentives you should know about. These incentives could help you reduce housing costs and maximize your savings. The Canada Revenue Agency (CRA) is here to make sure you have the information you need to take advantage of them.

Filing your income tax and benefit return is the first step to accessing any benefit or credit payments, or deductions you may be eligible for. When you do file your tax return, here are some housing initiatives to keep in mind that could put money in your pocket.

In 2024, there were several announcements about changes to business taxes that will take effect in 2025. We’ve gathered the key updates here, along with some helpful resources to make it easier to manage these changes and your taxes in the new year.

Tax season is almost here and now is the perfect time to start preparing! Getting ready early can help make sure you file your income tax and benefit return on time. It can also help you avoid delays or interruptions to any refund, benefit, or credit payments you’re eligible for. Last year, the Canada Revenue Agency (CRA) issued more than $52 billion in benefit payments because taxpayers filed their returns.

On December 12, 2024, the legislation to enact the Goods and Services Tax/Harmonized Sales Tax (GST/HST) break was passed into law by the Government of Canada. The GST/HST break lasts from December 14, 2024, to February 15, 2025, and gives a tax break on many everyday essentials.

If you want to ask for penalty and interest relief, you must send your request within 10 years from the end of the calendar year or fiscal period of concern. The CRA may also cancel interest and penalties that accrued within 10 calendar years of the year you made the relief request, regardless of the tax year or reporting period in which the debt originated.

No matter how you file your income tax and benefit return, the Canada Revenue Agency (CRA) is committed to making sure you get any refund, benefit, or credit payments that you may be eligible for. If you’re planning to file on paper this year, keep reading—this information is for you!

The Canada Revenue Agency provides a range of federal tax credits aimed at helping your business save money. By claiming these tax credits, you can lower your taxable income or lower the amount of tax you owe. To help you find which credits you may be eligible for, we’ve put together this handy resource.