Get ready for the 2025 tax filing season! This article outlines key dates, deadlines, and important changes to be aware of, including digital reporting requirements, carbon tax updates, and the new Digital Services Tax Act. Learn how to avoid late filing penalties and maximize your tax benefits.
This year, there are several changes to be aware of, including updates to the CRA ’s digital reporting requirements, shifts in carbon tax policies, and the introduction of new tax measures like the Digital Services Tax Act. Below, I’ll review this upcoming year’s tax filing deadlines, late penalties, and key changes to keep in mind as you approach the 2025 tax deadline. The tax filing deadline or “Tax Day” for 2025 is Wednesday, April 30.
If you’re actively employed or were temporarily employed in 2024, you should receive a T4 slip in the mail from each employer you worked for this past year within the first couple of months of 2025. The taxable income you earned from the job is listed on your T4 slip. It’s important to keep your T4 slip for each job you worked in 2024, as you’ll use (or digitally scan) the information in each slip to help you accurately file your tax returns. Filing by this date ensures you avoid late-filing penalties and interest charges on any taxes owed. If you expect to receive a refund or are eligible for benefits like the Canada Child Benefit (CCB), filing early can help you access those funds sooner. Although the deadline is several months away, it’s a good idea to get a head start and begin collecting your documents, as well as reviewing any changes to tax laws or regulations
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