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Filing your taxes can be overwhelming, but understanding the available benefits can turn this annual task into an opportunity for financial optimization. When preparing your 2024 tax return in Canada, there are several tax benefits and credits that you may be eligible to claim. Before filing your 2024 taxes in Canada, here are some key things you should know and consider:
The deadline to file your personal income tax return is typically April 30th, unless it falls on a weekend or holiday, in which case the deadline may be extended to the next business day.
Make sure to gather all necessary documents, such as T4 slips, receipts, and other tax-related information, before filing.
| Due Dates | Description |
|---|---|
|
March 3rd, 2025 |
Deadline to contribute to an RRSP, a PRPP, or an SPP
|
|
Apr 30th, 2025 |
Deadline to file your taxes
|
|
Jun 15, 2025 |
Deadline to file your taxes if you or your spouse or common-law partner are self-employed |
Be aware of any new tax benefits and credits introduced for the 2024 tax year, such as the Canada Training Credit, Climate Action Incentive, and Digital News Subscription Tax Credit, and determine if you are eligible to claim them.
Canada Child Benefit (CCB):
The CCB is a tax-free monthly payment to help eligible families with the cost of raising children under the age of 18. Make sure to apply for and receive this benefit if you have children.
Goods and Services Tax/Harmonized Sales Tax (GST/HST) Credit:
The GST/HST credit is a tax-free quarterly payment to help individuals and families with low and modest incomes offset the GST or HST they pay. Ensure you apply for and receive this credit if you qualify.
Canada Workers Benefit (CWB):
The CWB is a refundable tax credit that supplements the earnings of low-income workers. Make sure to claim this benefit if you are eligible.
Disability Tax Credit (DTC):
The DTC is a non-refundable tax credit for individuals with disabilities or their supporting persons. Ensure you claim this credit if you meet the eligibility criteria.
Medical Expenses Tax Credit:
You can claim eligible medical expenses for yourself, your spouse or common-law partner, and certain dependents on your tax return. Keep receipts and documentation for these expenses.
Home Buyers’ Plan (HBP) and Lifelong Learning Plan (LLP):
The HBP and LLP allow you to withdraw funds from your Registered Retirement Savings Plan (RRSP) for specific purposes without tax consequences. Ensure you follow the rules and report these transactions accurately.
Public Transit Tax Credit:
If you use public transit, you may be eligible to claim the Public Transit Tax Credit for the cost of eligible transit passes. Keep receipts and claim this credit if applicable.
Charitable Donations Tax Credit:
If you made charitable donations in 2024, ensure you claim the Charitable Donations Tax Credit on your tax return. Save your donation receipts to support your claim.
The Canadian government has introduced several new tax benefits to support individuals and families:
Canada Training Credit:
The Canada Training Credit is a new refundable tax credit that allows eligible individuals to claim a credit for eligible tuition and fees paid for courses taken to upgrade their skills. This credit helps support lifelong learning and skill development.
Climate Action Incentive:
The Climate Action Incentive is designed to provide financial support to Canadians in provinces where a federal carbon pollution pricing system is in place. Eligible individuals and families can receive this incentive to help offset the increased costs associated with the carbon price.
Northern Residents Deductions:
The Northern Residents Deductions have been enhanced to provide additional support to residents living in prescribed Northern and Intermediate Zones. This includes increases in the residency deduction amounts and enhanced benefits for eligible individuals.
Digital News Subscription Tax Credit:
The Digital News Subscription Tax Credit is a new non-refundable tax credit for amounts paid by individuals in 2024 for eligible qualifying subscription expenses for qualifying journalistic organizations. This credit aims to support journalism and access to reliable news sources.
Canada Workers Benefit (CWB) Boost:
The CWB Boost is an enhancement to the existing Canada Workers Benefit, providing increased benefits to low-income workers and families. This boost helps ensure that eligible workers receive additional financial support.
Family Caregiver Tax Credit:
The Family Caregiver Tax Credit is a new non-refundable tax credit available to individuals who provide care for infirm dependants. This credit recognizes and supports the valuable role of family caregivers in providing care for loved ones.
These are some of the common as well as new benefits and credits introduced in 2024, that you can consider taking for your 2024 tax return in Canada. It’s crucial to review the eligibility criteria and guidelines for each benefit to ensure you maximize your tax savings and access the support you are eligible for. Keep supporting documentation for your claims. Consult with a tax professional or use tax software to maximize your tax savings and ensure accurate filing.
By being well-informed about these aspects before filing your 2024 taxes in Canada, you can ensure a smooth and accurate tax filing process while maximizing your tax savings and benefits.
Here are some common tax benefits and credits to consider taking for your 2024 tax return in various provinces and territories of Canada:
These are just a few examples of tax benefits and credits available in different provinces and territories in Canada. It’s important to review the specific programs and eligibility criteria for each region to ensure you are maximizing your tax savings and taking advantage of all available benefits when filing your 2024 tax return. Accounting Farm is always available to help you. Contact us today.
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