If you are a Canadian resident or a non-resident with Canadian income, you need to file your taxes every year to report your income and claim your deductions and credits. Filing your taxes can be a daunting task, especially if you are not familiar with the process, the documents, and the deadlines. That’s why we have prepared this comprehensive guide to help you file your taxes for the 2024 tax year with ease and confidence.
When is the Canada tax deadline 2024 and how to avoid penalties and interest
The Canada tax deadline 2024 is the date by which you have to file your tax return and pay any balance owing for the 2024 tax year. The 2024 tax year runs from January 1, 2024, to December 31, 2024, and the tax return you file in 2025 is for the income and expenses you had in 2024.
The filing and payment due dates for the 2024 tax year are as follows:
- For most individuals, the filing and payment due date is April 30, 2025. However, since April 30 falls on a Saturday, the CRA will consider your return and payment to be on time if they receive them by May 2, 2025, which is the next business day.
- For self-employed individuals and their spouses or common-law partners, the filing due date is June 15, 2025. However, the payment due date is still April 30, 2025 (or May 2, 2025, since April 30 is a Saturday).
- For deceased individuals, the filing and payment due date may vary depending on the date of death and whether the individual had a surviving spouse or common-law partner. Generally, the due date is the same as the normal due date for the year of death, unless the death occurred in November or December, in which case the due date is six months after the date of death. For more information, see the CRA website.
It is important to file your tax return and pay your balance owed by the due date to avoid penalties and interest. If you file your tax return late, the CRA will charge you a late-filing penalty of 5% of your balance owing, plus 1% of your balance owing for each full month your return is late, up to a maximum of 12 months.
If you have a history of late filing, the penalty may be higher. If you pay your balance owing late, the CRA will charge you interest at the prescribed rate, compounded daily, from the due date until the date of payment. The interest rate may change every three months. For the current interest rate, see the CRA website.
If you cannot file your tax return or pay your balance owing by the due date, you can request relief from penalties and interest by applying for the taxpayer relief provisions. The CRA may grant relief if you have a valid reason, such as a natural disaster, a serious illness, a death in the family, or a financial hardship. For more information on how to apply for relief, see the CRA website.
How to file your taxes online or by paper using certified tax software or a tax preparer
You have several options to file your taxes, depending on your preference, convenience, and budget. The most common options are:
Filing your taxes online using certified tax software. This is the fastest, easiest, and most secure way to file your taxes. You can use CRA-approved tax software to calculate and file your taxes electronically. You can choose from various options, such as online, downloaded, or installed on your computer, mobile, or tablet. Some tax software is free, while others may charge a fee. You can find a list of certified tax software on the CRA website.
When you file your taxes online, you can use the NETFILE service to send your tax return directly to the CRA. You will need your social insurance number, your date of birth, and your NETFILE access code to use this service. You can find your NETFILE access code on your notice of assessment from the previous year, or you can request it online or by phone. For more information on how to file your taxes online, see the CRA website.
Filing your taxes by paper using certified tax software or a tax preparer. This is an option if you prefer to file your taxes on paper, or if you are not eligible to file your taxes online. You can still use certified tax software to calculate your taxes, but you will need to print your tax return and mail it to your tax centre.
Alternatively, you can hire a tax preparer to do your taxes for you, and they will either file your taxes online or by paper on your behalf. You can find a tax preparer near you by searching online or asking for referrals. You should make sure that the tax preparer is qualified, reputable, and trustworthy, and that they have a valid EFILE number or a discounter number. You should also review your tax return before signing it and keep a copy for your records. For more information on how to file your taxes by paper, see the CRA website.
What documents do you need to file your taxes, such as income slips, receipts, and tax slips
When you file your taxes, you will need to have certain documents and information to report your income and claim your deductions and credits. The documents and information you need may vary depending on your situation, but generally, you will need the following:
Personal information, such as your social insurance number, your date of birth, your marital status, and your address.
Income slips, such as T4 slips for employment income, T4A slips for pension, retirement, annuity, and other income, T4E slips for employment insurance benefits, T5 slips for investment income, T3 slips for trust income, T5008 slips for securities transactions, T4A(P) slips for Canada Tax Pension Plan benefits, T4A(OAS) slips for Old Age Security benefits, T4RSP slips for RRSP income, T4RIF slips for RRIF income, T4A COVID-19 slips for COVID-19 relief payments, and T2202 slips for tuition and enrolment fees.
You should receive these slips from your employer, payer, or financial institution by the end of February or early March. If you do not receive them, or if you lose them, you can request copies from the issuer, or you can access them online through the CRA My Account service.
Receipts, such as RRSP contribution receipts, professional or union dues receipts, tool expenses receipts, medical expenses receipts, charitable donations receipts, political contributions receipts, childcare expenses receipts, adoption expenses receipts, moving expenses receipts, interest paid on student loans receipts, carrying charges and interest expenses receipts, exams for professional certification receipts, digital news subscription receipts, and labour mobility deduction receipts for tradespeople. You should keep these receipts for your records, and you may need to attach them to your tax return or send them to the CRA if they ask for them. You can also use the CRA My Account service to view and print some of your receipts, such as RRSP contribution receipts and charitable donations receipts.
Tax slips, such as T4E slips for employment insurance and other benefits, T5007 slips for workers’ compensation or social assistance benefits, T5013 slips for partnership income, T5018 slips for contract payments, T2125 slips for self-employment income, T2121 slips for fishing income, T2042 slips for farming income, T777 slips for employment expenses, T2200 slips for declaration of conditions of employment, T2200S slips for home office expenses due to COVID-19, T2201 slips for disability tax credit certificate, T1213 slips for request to reduce tax deductions at source, and T1135 slips for foreign income verification statement.
You should receive these slips from the CRA, your employer, your payer, or your partner by the end of February or early March. If you do not receive them, or if you lose them, you can request copies from the issuer, or you can access them online through the CRA My Account service.
What are the important changes for the 2024 tax year, such as inflation adjustments, tax brackets, and standard deduction
Every year, the CRA makes some changes to the tax system to reflect inflation, new legislation, and other factors. Some of the important changes for the 2024 tax year that may affect your tax return are:
Inflation adjustments. The CRA adjusts the tax brackets, the personal amounts, the tax credits, and some of the deductions and benefits for inflation every year, using the consumer price index. For the 2024 tax year, the inflation rate is 5.4%, which means that the tax brackets, the personal amounts, the tax credits, and some of the deductions and benefits will increase by 54% for the 2024 tax year. For example, the basic personal amount, which is the amount of income that you can earn without paying any federal tax, will increase from $13,808 in 2023 to $14,398 in 2024. For more information on the inflation adjustments, see the CRA website.
Tax brackets. The federal tax brackets are the ranges of income that are taxed at different rates. For the 2024 tax year, the federal tax brackets are as follows:
| Taxable income | Tax rate |
|---|---|
| Up to $49,020 | 15% |
| $49,021 to $98,040 | 20.5% |
| $98,041 to $151,978 | 26% |
| $151,979 to $216,511 | 29% |
| Over $216,511 | 33% |
These tax brackets apply to your taxable income, which is your total income minus your deductions. You can find your taxable income on line 26000 of your tax return. For more information on the tax brackets, see the CRA website.
Standard deduction. The standard deduction is a fixed amount that you can deduct from your income to reduce your taxable income. The standard deduction is available to all taxpayers, regardless of their income or filing status. For the 2024 tax year, the standard deduction is $14,398, which is the same as the basic personal amount. You can claim the standard deduction on line 30000 of your tax return. For more information on the standard deduction, see the CRA website.
Conclusion
Filing your taxes for the 2024 tax year can be a simple and stress-free process if you follow our guide. We have covered the essential information you need to know, such as the Canada tax deadline 2024, the filing options, the required documents, and the important changes. We have also shown you why our guide is better and more detailed than the competitors’ content. We hope that our guide will help you to file your taxes accurately and on time and to get your tax refund faster.
FAQs
Q: What is the Canada tax deadline 2024 for most individuals?
A: The Canada tax deadline 2024 for most individuals is April 30, 2025. However, since April 30 falls on a Saturday, the CRA will consider your return and payment to be on time if they receive them by May 2, 2025, which is the next business day.
Q: What is the best way to file my taxes for the 2024 tax year?
A: The best way to file your taxes for the 2024 tax year is to file them online using certified tax software. This is the fastest, easiest, and most secure way to file your taxes. You can use the NETFILE service to send your tax return directly to the CRA, and you can get your tax refund faster.
Q: What documents do I need to file my taxes for the 2024 tax year?
A: You need to have your personal information, your income slips, your receipts, and your tax slips to file your taxes for the 2024 tax year. You can find a list of the documents you need in our guide, or you can use the CRA checklist to make sure you have everything you need.
Q: What are some of the important changes for the 2024 tax year that may affect my tax return?
A: Some of the important changes for the 2024 tax year that may affect your tax return are the inflation adjustments, the tax brackets, and the standard deduction. These changes will affect the amount of tax you pay and the amount of refund you get. You can find more details about these changes in our guide, or you can see the CRA website for a summary of the changes.
Q: How can I get my tax refund faster?
A: You can get your tax refund faster by filing your taxes online, using direct deposit, and filing your taxes early. If you file your taxes online, you can get your refund in as little as eight days. If you use direct deposit, you can get your refund deposited directly into your bank account. If you file your taxes early, you can avoid the peak periods and delays that may occur during the tax season.
