The Canada Revenue Agency (CRA) headquarters Connaught Building is pictured in Ottawa on Monday, Aug. 17, 2020.
Canadians can begin filing their income tax returns online as of Monday, with several changes in store for the 2024 tax filing season.The Canada Revenue Agency headquarters is shown in Ottawa. As of Monday, Canadians can begin filing their income tax returns. Most Canadians must file their tax return by April 30, which is also the deadline to make a payment for those who owe money to the government.
Canadians who are self-employed, along with their spouses or common-law partners, have until June 15. Since that day falls on a weekend, the CRA will consider a return to be on time if it is received by or postmarked on or before June 17.This marks the first year that taxpayers will be able to enter deductions on the First Home Savings Account , a type of tax-free account rolled out by the federal government last year to help Canadians save on their first home.
The program allows prospective homebuyers to start saving for up to 15 years once they open an account, with an annual $8,000 deposit cap and a lifetime contribution limit of $40,000.CBC News spoke with several experts last year who weighed in on the potential upsides — and downsides — of the First Home Savings Account and what it could do to make home ownership more accessible.Financial institutions and employers have until the end of February to send tax slips to the CRA.
For 2023 and future years, employees must now follow the CRA's detailed method to make these claims, Oakey wrote.Taxpayers also no longer have to apply for advance payments of the Canada Workers Benefit when they file their tax returns, Oakey said. Those payments are now issued automatically to those who were eligible to receive the benefit in the previous tax year.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
These are Canada's new tax brackets and income tax rates in 2024Cooler inflation in 2023 is affecting how much Canadians will pay in income tax this year.
Read more »
Torch Parade hosted in Gander ahead of Winter 2024 NL GamesCelebrations and preparations for the Winter 2024 Newfoundland and Labrador Games in Gander are already underway. To celebrate the 2024 Newfoundland and Labrador Winter Games being hosted in Gander this year, sixteen torch bearers marched to Gander Town hall over the weekend while an audience cheered them on.
Read more »
Day 2 schedule of the 2024 All Native Basketball TournamentAll four divisions have games
Read more »
9 Very Tasty Food Events Happening This February in VancouverVancouver food events for the month of February 2024.
Read more »
Checking the state of Bitcoin Ordinals in 2024Bitcoin [BTC] Ordinals have been a highlight for the king of cryptos since its inception in 2023 as it has grown over months
Read more »
Super Bowl 2024: Time, Channel, Halftime Show, How To Watch Chiefs Vs. 49ers LivestreamSuper Bowl 58 in Las Vegas on Sunday is shaping up to be quite a doozy.
Read more »