Have capital gains to report? CRA says don’t file tax returns just yet
Global News
The Canada Revenue Agency says it's working to update its systems to reflect the current inclusion rate on capital gains after a last-minute reversal by the federal government.
The 2025 tax season is well underway, but the Canada Revenue Agency doesn’t want Canadians who earned capital gains last year to file their returns – just yet.
The CRA said in a news release Tuesday that it’s still working to update its systems to reflect the current inclusion rate of 50 per cent on capital gains after a last-minute reversal by the federal government, so taxpayers who earned capital gains on an asset should wait to file their T1 and T3 returns.
“The CRA recommends that those impacted by this situation wait until the updates are completed in the coming weeks before filing their income tax and benefit return,” the agency said.
To give taxpayers with capital gains more time to file their returns, the CRA said it will waive any penalties and interest for individuals until June 2 and May 1 for trust filers.
Capital gains are the proceeds from the sale of an asset like a stock or an investment property.
In Budget 2024 last spring, the Liberals proposed that the inclusion rate would rise to 66.7 per cent from 50 per cent on any gains realized above $250,000 annually for individuals.
Under the changes, the two-thirds inclusion rate would apply to all such gains made by corporations and many trusts.
After months of uncertainty about the planned hike to the inclusion rate for taxable capital gains, the federal government announced in January that it was delaying the proposed changes until next year.
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