2024 Personal Tax Filing Announcement- Tax News – Canada

“Find the contact information and download links at the end of this post.”

Based on CRA announcement, all individuals will be able to file income tax for 2024 starting on February 24, 2025. The deadline for most Canadians to file their income tax return for 2024 is April 30, 2025

Also, all self-employed and contractors must file their taxes before June 15, 2025.

Please be aware that all individuals who owes tax must pay the owing amount before April 30, 2025.

Please download and fill out the Forms below. You can also find the from in the Tab menu FORM in our website. The first two forms are general information required by everyone.

According to NEW rule from CRA, all NEW clients must provide us a photo ID. For all individual who’s not in Canada, we must record the conversation and all correspondences with them, regarding their tax filing.

If you have any specific conditions or are eligible for additional benefits you can find the forms in other documents provided in this page. These benefits are:

  1. GST credit: If you are single, you may be eligible for $519.00, if you are married or have a common-law partner, you may be eligible for $680.00, and for each child under 19 years old, you may be eligible for $179.00. If you’re a newcomer (enters Canada in 2024), you should download and complete the form RC151 and MAIL it to CRA: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/rc151.html
  2. Child Care Benefit: If you live with a child under 18 years old, and you are responsible for taking care of your child, and if you are a temporary/permanent resident or a Canadian resident and you have lived in Canada for over 18 months, you are eligible to get childcare benefit. You should download and complete the form RC66 and MAIL it to CRA: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/rc66.html
  3. Canada workers benefit: The Canada Workers Benefit (CWB) is a refundable tax credit to help individuals and families who are working and earning a low income. $1,590 for single individuals: The amount is gradually reduced if your adjusted net income is more than $26,149. No basic amount is paid if your adjusted net income is more than $36,749. $2,739 for families: The amount is gradually reduced if your adjusted family net income is more than $29,833. No basic amount is paid if your adjusted family net income is more than $48,093.
  4. Home accessibility tax credit: You can claim an amount for eligible expenses for qualifying renovations to an eligible dwelling if either of the following applies:

You are a qualifying individual

You are an eligible individual making a claim for a qualifying individual

To be eligible for this credit:

  • You must be eligible for the Canada child benefit (CCB)
  • Your child must be eligible for the disability tax credit (DTC)
  1. Disability tax credit: if you have a special medical condition, you may qualify for a Disability Tax Credit (DTC) you will need the special form completed and certified by your family physician and you need to send it to CRA, after receiving CRA approval, you will be qualify for a group of benefits. You may find the list of the medical condition by clicking the link: https://maxprofinancials.ca/news/list-of-medical-conditions-that-can-be-qualified-for-disability-tax-credit-for-2022-personal-tax-filing/
  2. First time home buyer: if you purchased a home as the first home buyer, you’ll have a credit of up to $10,000.00, please refer to the link: https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2022-plan-grow-economy-make-life-more-affordable/first-time-home-buyers-tax-credit.html
  3. BC Renter’s Credit: A renter’s tax credit based on annual income was introduced, starting in the 2023 tax year.

For the 2024 tax year, this tax credit will give up to $400 to low- and moderate-income renter individuals and families with an adjusted income of $63,000 or less. Individuals and families with an adjusted income greater than $63,000 and less than $83,000 may receive a reduced amount.

  1. Childcare Expenses: Canadian taxpayers can claim up to $8,000 per child for children under the age of 7 years at the end of the year. $5,000 per child for children aged 7 to 16 years. For disabled, dependent children of any age who qualify for the disability tax credit, the amount to claim for that child is $11,000.
  2. Professional Dues: annual dues for membership in a trade union or an association of public servants, professional board dues required under provincial or territorial law, professional or malpractice liability insurance premiums or professional membership dues required to keep a professional status recognized by law, parity or advisory committee (or similar body) dues required under provincial or territorial law.
  3. Donations
  4. Medical Expenses: your total eligible medical expenses must equal more than the lesser of 3% of your net income, or $2,759. Medication, dental expenses, physiotherapy, eye care (including glasses), counselling, etc.

Please note to be able to claim your medical expenses, you must have a prescription.

If you have paid at least 70% of your extended health insurance, you may be able to claim it.

  1. Tuition Fees

If you think you have completed all the forms that is required for your case, please send them all in one email for us.

Do not hesitate to ask us at [email protected] or call these numbers:

Alex (Naser): (778) 951-1269 (All over Canada, except Quebec)

Alex (Naser): (403) 437-6016 (All over Canada, except Quebec)

Forouzan:      (403) 708-9956 (All over Canada, except Quebec)

Anita:             (604) 446-1482 (All over Canada, except Quebec)

We will get back to you as soon as we can.

Please find the additional forms below:

Forms

#2. General Information Required by Everyone

#3.Specific Documents

#4.Business Activity T2125

#5.Vehicle Expenses

#6.Rental Income T776

-You may also use RRSP contributions to minimize your taxes.

– If you have been our client before, please let us know if you had the following changes:

Change of marital status

Change of SIN number

Change of residential address

If you purchased your first property in Canada in 2023

If you sold a property in Canada in 2023

If you became a Canadian citizen in 2023

If you have a new family member or dependant

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