Although the deadline for filing your 2024 taxes is April 30, financial experts advise that you should file as soon as you get all the necessary documents and tax slips and have itemized any deductions accumulated in 2024. If you file your taxes later than the deadline, the CRA imposes a fee of five per cent of your balance owed and will impose an additional one per cent fee for each month that you don't pay your balance in full.
Gather all your tax slips early, including T4s, T5s, and any other relevant documents. Most employers and financial institutions issue these by the end of February.
Don't forget to claim all eligible deductions and credits, including RRSP contributions, childcare expenses, medical expenses, and charitable donations.
If you work from home, you may be eligible for home office deductions. Keep records of your expenses and the percentage of your home used for work.
Consider using certified tax software or a professional tax preparer, especially if your tax situation is complex.
File electronically for faster processing and to receive your refund sooner. Direct deposit is the fastest way to receive any refund.
Keep copies of your filed return and all supporting documents for at least six years in case of a CRA audit.