The 2025 tax season is upon us, and staying prepared is essential to maximizing your savings while avoiding penalties, interest, and late fees. At A Cube Advisory, we’re here to help you navigate the key deadlines and updates for this year. Below, you’ll find crucial information to keep your finances in order and ensure a stress-free tax season.
Key Deadlines for the 2025 Tax Season
- RRSP Contribution Deadline: Ensure you contribute to your RRSP by March 3, 2025, to maximize your benefits for the 2024 tax year.
- Income Tax Filing Deadline for Individuals: File your income tax return by April 30, 2025 to avoid penalties and interest charges.
- Self-Employed Income Tax Filing Deadline: Self-employed individuals benefit from an extended deadline and must file their returns by June 16, 2025, as June 15, 2025, falls on a Sunday. However, payments for taxes owed are still due by April 30, 2025.
- Tax Payment Deadline: Whether you’re an individual or self-employed, all tax payments must be made by April 30, 2025.
- Underused Housing Tax Deadline (UHT): Residential property owners affected by the Underused Housing Tax must file their UHT returns for the 2024 calendar year by April 30, 2025.
- T4 Employment-Income Slips: Employers must send out T4 employment-income slips to employees by February 28, 2025.
Staying on top of these deadlines will ensure compliance with CRA guidelines and prevent unnecessary headaches.
Notable Tax Updates for 2025
Adjusted Income Tax Brackets
While the federal tax rates remain unchanged, the income thresholds for each bracket have been indexed by 2.7% to account for inflation. For example:
- The 15% tax bracket in 2024 applied to incomes up to $55,867. For 2025, this limit increases to $57,375.
Be sure to visit the CRA website for detailed updates on these changes and new basic personal amounts.
GST Tax Holiday Break
The Canadian government is introducing a GST/HST holiday on essential items between December 14, 2024, and February 15, 2025. This holiday covers goods such as:
- Groceries
- Children’s toys
- Children’s diapers
The GST/HST will be automatically removed at the point of sale for eligible items. A full list of applicable goods is available here.
Why Advance Preparation Matters
Getting ahead of your taxes ensures:
- You maximize all eligible tax credits and deductions.
- You avoid costly penalties, late fees, and interest.
- You have the time and resources to focus on achieving the best tax outcome.
We’re Here to Help
At A Cube Advisory, we’re committed to guiding you through every step of the tax preparation process. Whether it’s understanding the latest updates, meeting deadlines, or identifying potential savings, we’re just an email or phone call away. Contact us today to ensure your 2025 tax season is your most successful yet. Together, let’s simplify your taxes and elevate your financial health!