Get Ready for 2025: Key Tax Deadlines and New Changes You Need to Know
As we approach the 2025 tax season, it’s important to stay informed about the key deadlines and updates that may impact your personal income taxes in Canada. Whether you’re a salaried employee, a business owner, or someone with multiple income sources, knowing the right dates and changes can help you avoid penalties and maximize your refund. Here’s a quick guide to the essential tax dates and what’s new for 2025.
1. Important Tax Deadlines to Remember
April 30, 2025 – Deadline for Filing Your Personal Tax Return
If you’re a salaried employee, your personal income tax return is due by April 30, 2025. This is the final date for the 2024 tax year. If you miss this deadline, you may face late-filing penalties.
June 15, 2025 – Deadline for Self-Employed Individuals
If you are self-employed or have a spouse/common-law partner who is, you have until June 15, 2025 to file your tax return.
Tax Payment Deadline: April 30, 2025
Even if your return isn’t due until June, any taxes owed for the 2024 tax year must be paid by April 30, 2025 to avoid interest on the outstanding balance.
2. What’s New in 2025: Key Updates You Need to Know
Increased Basic Personal Amount
For the 2025 tax year, the Basic Personal Amount (BPA) will be raised to $15,000. for most Canadians, up from $14,398 in 2024. This means more of your income will be tax-free, which could reduce your overall tax bill. The BPA is non-refundable and applies to every taxpayer, so make sure you’re taking full advantage of this increase.
Changes to the Canada Workers Benefit (CWB)
The Canada Workers Benefit is expected to expand in 2025, offering higher payments for eligible low- and moderate-income workers. If you’re eligible for this refundable tax credit, be sure to review the updated eligibility rules to see if you qualify for a larger benefit.
With key changes like the increased Basic Personal Amount and expanded eligibility for the Canada Workers Benefit, 2025 offers great opportunities to reduce your tax burden—make sure you’re ready to take advantage!
3. Other Key Dates to Remember
RRSP Contribution Deadline: March 1, 2025
Contributions to your Registered Retirement Savings Plan (RRSP) for the 2024 tax year must be made by March 1, 2025. RRSP contributions are tax-deductible and can help reduce your taxable income, making it a great way to lower your tax bill while saving for retirement. Be sure to maximize your contribution room before the deadline.
T4 Slips and Other Income Statements: March 31, 2025
Employers must send out your T4 slip and other income-related statements (such as T5s for investment income) by March 31, 2025. Be sure to keep an eye on your mail or online account to ensure you have all the necessary documents before filing your taxes.
By staying on top of these key dates and understanding the changes for 2025, you can make the most of this tax season and avoid unnecessary stress. Whether you’re filing on your own or seeking professional help, now’s the time to get organized and plan ahead.
