Filing your taxes for the 2024 tax year is essential to comply with the Canada Revenue Agency (CRA) and maximize your benefits. This guide provides an overview of important dates, recent updates, and steps to ensure a smooth tax-filing experience in 2025.
Key Dates and Deadlines
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February 24, 2025: The CRA’s NETFILE service opens, allowing you to submit your 2024 income tax and benefit return online.
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April 30, 2025: Deadline for most individuals to file their income tax and benefit return and pay any taxes owed. Filing and paying on time helps you avoid late-filing penalties and interest.
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June 15, 2025: If you or your spouse/common-law partner are self-employed, this is your filing deadline. However, since June 15 falls on a Sunday in 2025, the CRA will consider your return filed on time if received by June 16, 2025. Note that any taxes owed are still due by April 30, 2025, to avoid interest charges.
What’s New for the 2025 Tax-Filing Season
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Document Verification Service: This new service allows you to verify your identity and gain immediate access to your online CRA account without waiting for a security code by mail.
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Online Chat in My Account: You can now discuss account-specific issues with a live CRA agent directly through the “My Account” portal.
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Simplified Access: Access to the “My Account,” “My Business Account,” and “Represent a Client” portals has been streamlined with a single sign-in process.
Steps to File Your Taxes
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Gather Necessary Documents: Collect all relevant tax slips (e.g., T4, T5), receipts for deductions or credits, and any other supporting documents.
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Choose a Filing Method:
- Online: Use the CRA’s NETFILE service or certified tax software to file electronically.
- Paper: Complete a paper return and mail it to the CRA.
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Complete Your Return: Ensure all income is reported, and applicable deductions or credits are claimed.
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Submit by the Deadline: File your return and pay any taxes owed by the applicable deadlines to avoid penalties and interest.
Additional Tips
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Stay Updated: Tax laws can change annually. Regularly check the CRA website or consult a tax professional for the latest information.
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Keep Records: Maintain copies of your filed tax returns and all supporting documents for at least six years.
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Seek Assistance if Needed: If you’re uncertain about any aspect of your tax return, consider reaching out to a tax professional or using the CRA’s resources for guidance.
By staying informed and organized, you can navigate the 2025 tax-filing season with confidence and ensure compliance with all CRA requirements.
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