What you need to know for the 2025 tax-filing season

Keep these dates in mind for tax season: 

• February 24, 2025 – You can start filing your 2024 income tax and benefit return online. 
• April 30, 2025 – Deadline for most individuals to file their income tax and benefit return and pay any taxes owed. By filing and paying on time, you will avoid late-filing penalties and interest. 
• June 15, 2025 – You generally have to file your income tax and benefit return by this date if you, or your spouse or common-law partner who was living with you at any time during the year, are self-employed. Since this date falls on a Sunday, we will consider your income tax and benefit return filed on time if we receive it on or before June 16, 2025. If you owe money, you will still need to pay by April 30, 2025, to avoid paying interest.

Before you file your income tax and benefit return, make sure you have included all the information from your tax slips from all your sources of income. 

Document verification service – It’s easier than ever to register for a CRA account! The document verification service allows you to verify your identity and get immediate access to your online account. You don’t have to wait for a CRA security code by mail, which can take up to 10 business days. More than 1 million individuals have already used it! 

Online chat in My Account – You can now discuss account-specific issues with a live CRA agent in My Account. This includes questions about personal income tax, benefits, payments to the CRA, and more. To use it, you need to sign in to your CRA account and go to My Account. You can find the chat widget at the bottom right corner of the page after signing in. 

Simplified access to your CRA Account – You can now access the My Account, My Business Account, and Represent a Client portals with a single sign-in. 

Alternative minimum tax (AMT) – Changes to the AMT calculation have been introduced for 2024 and later tax years. These changes include an increase to the minimum tax rate and the basic exemption threshold. There are also changes to the calculation of adjusted taxable income for AMT purposes, the special foreign tax credit, and the minimum tax carryover. The changes limit the value of most non-refundable tax credits.

Capital gains – The Department of Finance recently announced that it will introduce legislation in Parliament in due course, related to the capital gains inclusion rate change with a new effective date of January 1, 2026. The announcement confirmed the government’s intention that, effective for dispositions that occur on or after January 1, 2026, the inclusion rate will increase from one-half to two-thirds on capital gains realized in excess of $250,000 annually for individuals and on all capital gains realized by corporations and most types of trusts. The CRA will grant relief in respect of late-filing penalties and interest until June 2, 2025, for Individual filers and until May 1, 2025, for Trust filers to provide additional time for taxpayers reporting capital gains to meet their tax filing obligations.

Home Buyers' Plan (HBP) withdrawals – The HBP withdrawal limit has increased from $35,000 to $60,000 for withdrawals made after April 16, 2024. Temporary repayment relief was also introduced to defer the start of the 15-year repayment period by an additional three years for participants making a first withdrawal between January 1, 2022, and December 31, 2025. Accordingly, the 15-year repayment period will start in the fifth year following the year that the first withdrawal was made. 

Reporting rules for digital platform operators – Starting with the 2024 calendar year, reporting platform operators are now required to collect and report information on sellers using their platform to sell goods or provide certain services, such as the rental of real or immovable property. If you are a reportable seller, your reporting platform operator will provide you with an annual copy of the information that is collected and reported to the CRA under these rules by January 31, 2025, to help you file your taxes.

Short-term rentals – Starting January 1, 2024, if you owned, at any time, a non-compliant short-term rental you can no longer deduct the non-compliant amount. The non-compliant amount is a pro rata amount of the expenses related to a short-term rental that doesn’t comply with provincial or municipal restrictions. See the CRA webpage Changes to rules for eligible deductions from short-term rental income for more information.

Volunteer firefighters' amount (VFA) and search and rescue volunteers' amount (SRVA) – The VFA and SRVA have increased from $3,000 to $6,000. Eligible individuals who performed at least 200 hours of combined eligible volunteer service during the year can claim one of these amounts. 

For a full list of what’s new this tax season, go to What's new for 2024.