Steps to Get Ready for 2024 Taxes

As we approach 2025, it's essential to start preparing for the upcoming tax season. Understanding the changes, key dates, and filing options will help ensure a smooth process and maximize your potential refunds. Here's a comprehensive guide to getting ready for your 2024 taxes.

What's New for 2024 Taxes?

Every year, there are updates to benefits, credits, and allowable expenses that can impact your tax return. For the 2024 tax year, be sure to review any changes that may affect your deductions, credits, or overall tax situation. Updated information will be included in the 2024 income tax package, so stay informed to avoid missing out on potential savings.

Important Dates to Remember

Mark your calendar with these key tax dates for 2024:

• February 24, 2025: Earliest day to file your taxes online.

• April 30, 2025: Deadline to file your taxes and make any payments owed.

• June 16, 2025 (extended from June 15 as it falls on a Sunday): Deadline to file if you or your spouse or common-law partner are self-employed.

Know What to Report and Claim

Being organized and accurate with your reporting and claims is crucial to avoid delays or errors.

Report Your Income

You must report all income sources, including:

• Self-employment income

• Foreign investment income

• Income from assets

• Other earnings such as grants, pensions, or government benefits

Claim Deductions, Credits, and Expenses

Explore all available tax deductions and credits to reduce your tax liability. Ensure you're aware of any tax instalments and eligible expenses you can claim.

Get Your Tax Slips

Understand and gather your necessary tax slips, such as the T4 and T4A. Ensure you receive them on time and know how to obtain copies if needed.

Keep Your CRA Information Up-to-Date

Ensure your information with the Canada Revenue Agency (CRA) is accurate and current, including your:

• Address

• Phone number

• Name

• Marital status

Registering for direct deposit and keeping it updated can help you receive your payments and refunds faster.

Ways to File Your Taxes

There are various ways to file your tax return:

• NETFILE-certified tax software (for electronic filing)

• Tax preparer using EFILE-certified software (electronic filing)

• Community volunteer tax clinic (for eligible individuals)

• Paper tax return

• SimpleFile services (by invitation only)

Once completed, you can file your tax return online or mail it to your tax centre.

Payment or Refund

If You Have a Balance Owing

If you owe taxes, you have options:

• Pay in full by the April 30, 2025 deadline.

• Arrange to pay over time.

• Explore options if you are unable to pay the full amount.

Getting a Refund

If you paid more taxes than required, you'll receive a refund. Make sure your direct deposit information is up-to-date to receive it faster.

After You File Your Tax Return

Once you've submitted your tax return, make sure to:

• Review your Notice of Assessment.

• Check the status of your refund.

• Make any necessary changes to your tax return if needed.