Tax season 2025: What Canadians need to know before filing
Global News
Starting Monday, Canadians can file their income tax and benefit returns online. There a few key changes that could affect people's pocketbooks.
Canada’s tax season is now officially open – and there a few key changes that could affect Canadian pocketbooks.
Starting Monday, Canadians can file their income tax and benefit returns online.
“Considering all of the financial stress the Canadians are feeling right now, this might be a good year to take a bit of a closer look at your taxes to make sure that you are claiming every single tax credit that’s available to you,” said Clay Jarvis, a financial expert with NerdWallet Canada.
The Canada Revenue Agency said it received more than 33 million returns last year and issued more than 19 million refunds – an average of $2,294.
The deadline for most individuals to file and pay any taxes owed is April 30 after which they may face penalties and interest.
Self-employed Canadians have until June 16 to file their tax return, but any money owed should be paid before April 30 to avoid interest, according to the CRA
Getting on top of your taxes early can pay off, especially if your tax situation is a bit more complicated, Jarvis said.
“I think sooner is always better when it comes to your taxes,” he said.
