Navigating the 2025 Tax Season:

Navigating the 2025 Tax Season:

Key Deadlines and Changes

Tax season is here again, and if you're in Canada, it's time to get prepared! Whether you’re filing as an individual, self-employed, or a business owner, staying on top of tax deadlines and new changes can save you stress (and possibly some money). Let’s break down what’s new for the 2025 tax season, key deadlines you need to know, and how to make filing as smooth as possible.

Important Tax Deadlines for 2025

Missing a deadline can mean penalties or delays, so here are the key dates to remember:

📌 April 30, 2025 – The deadline for most individuals to file their personal income tax return and pay any balance owed to the CRA.

📌 June 15, 2025 – If you're self-employed, you have until this date to file your return. However, if you owe taxes, you still need to pay by April 30 to avoid interest charges.

📌 March 1, 2025 – The last day to contribute to your Registered Retirement Savings Plan (RRSP) if you want to deduct it on your 2024 tax return.

What's Changing for the 2025 Tax Season?

The CRA has introduced some updates that could affect your taxes this year:

✅ If you're employed or self-employed, expect slightly higher deductions due to the increase in CPP contribution rates.

✅ The capital gains inclusion rate is increasing, meaning you might owe more tax when selling investments, real estate (not your primary home), or other assets.

✅ Until February 15, 2025, there’s a temporary GST/HST exemption on some essential items like children's clothing and prepared foods under $4.

✅ The CRA has introduced new online filing tools and faster refund options, making it easier to file your taxes digitally.

Tips for a Smooth Tax Filing

✔ Gather Your Documents Early – Collect your T4s, T5s, RRSP slips, and any receipts for deductions or tax credits.

✔ Use CRA’s Auto-Fill Feature – If you file online, you can import your tax slips directly from the CRA, saving time and reducing errors.

✔ Claim Your Tax Credits – Look out for credits like the Canada Workers Benefit (CWB), home office expenses, and climate action incentive payments if you’re eligible.

✔ File On Time – Even if you can’t pay your full tax bill, filing before the deadline avoids late penalties.

Staying on top of your taxes doesn’t have to be stressful. With the right preparation and awareness of new changes, you can file smoothly and maybe even save some money.

If you need help navigating the 2025 tax season, our team is here to assist you! Get in touch with us today for expert tax advice and filing support from our Tax Partners.