You have until April 30, 2025, to file your 2024 income tax and benefit return. A lot of changes may affect your tax situation while you’re preparing your taxes.
Here are five that you should know.
- It’s easier than ever to manage your tax affairs online
Managing your personal tax information online is now easier thanks to the Canada Revenue Agency’s streamlined account registration process. You can instantly confirm your identification with the document verification service rather than waiting for a security code to arrive in the mail.
Moreover, you will be able to use the new online chat feature in your account to speak with a live agent about account-specific queries and problems without needing to contact once you have registered and have complete access to the site. - First-time homebuyer withdrawals
To purchase or build your first house, do you intend to take money out of your Registered Retirement Savings Plan? If so, you should be aware that first-time homeowners who qualify can now take out up to $60,000. - Short-term rentals
In the part of the tax year when your short-term rental property is non-compliant, you are not allowed to deduct any associated costs. The exemption for 2024 is that you are deemed compliant for the entirety of 2024 if your property complies with the applicable regulations of the municipality or province in which it is located by December 31, 2024. - Volunteer firefighters’ exemption amount
Are you a volunteer search and rescuer or firefighter? The amount on which your credit is based has gone from $3,000 to $6,000 if you had at least 200 hours of service in the previous year. - SimpleFile services
People with lower incomes might be invited by the government to safely file their taxes online or over the phone.
Learn more at: https://newscanada.com/en/5-changes-to-know-ahead-of-the-tax-filing-deadline-140183
Reference: https://newscanada.com/
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