Individuals have roughly another month to file their taxes to avoid late-filing penalties and interest charges.
The deadline for individuals is April 30, while self-employed individuals have until June 16 this year because the 15th falls on a Sunday.
Jeffrey Zhang, a tax expert with H&R Block, says there’s another hidden deadline people should be aware of.
He notes that anyone who has capital gains on their tax return can automatically get a soft extension to June 2 without penalty or interest charges, provided they pay before that date.
One obvious change this year is the removal of the consumer carbon tax starting April 1.
“The carbon tax rebate will also be ended,” explained Zhang. “The last payment will be April 22. To get that last payment on time, you must file your 2024 income tax by April 2.”
Another change this year will see the Canadian Dental Care Plan expanded to cover all uninsured adults, whereas the previous coverage only applied to seniors, disabled Canadians, and children under 18.
This year, there will also be a change to the Home Buyers’ Plan. The contribution limit has been raised to $60,000 from $35,000. The Home Buyers’ Plan (HBP) allows you to withdraw funds from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or a specified disabled person.
A new income-tested benefit, the Canada Disability Benefit, will provide low- and modest-income working-age persons with disabilities up to $200 per month in financial support.
Zhang offered some advice for people who earn income through digital platforms such as eBay or Airbnb.
“These platforms are now required to share information with the CRA, so they will send all their transaction summaries to the CRA for taxpayers,” he said. “When you file your income tax, make sure your numbers match theirs.”
A recent study by H&R Block Canada revealed that only 7 per cent of Canadians reviewed their T4 details when filing taxes last year, while less than 1 in 5 plan to do so this tax season.
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