‘Tis the tax season: Online CRA tax filing open today

The Canada Revenue Agency (CRA) officially opened its online tax filing service today and Canadians have until April 30 to file submissions.

Most forms are available on the CRA website.

Individuals who file online via the NETFILE service by March 24 will receive their Canada Carbon Rebate on April 15. Those who file after the end of March will receive the rebate six to eight weeks after their assessment.

The Chartered Professional Accountants of Canada has outlined some of the key changes Canadians should be mindful of, particularly when it comes to the capital gains inclusion rate — one of the major changes this tax season.

The federal government deferred the capital gains inclusion rate hike to 2026, which would have made two-thirds of capital gains over $250,000 subject to tax.

Instead, only 50 per cent of all capital gains remain taxable, which is unchanged from the 2023 tax year.

The home buyers’ plan withdrawal limit has increased from $35,000 to $60,000 for withdrawals made after April 16 last year.

There’s also a two-month extension for donation receipts due to mail delays from the Canada Post Strike.

When it comes to filing taxes, wealth advisor Renee Rebelo says that there are a number of deductions and credits that Canadians might be eligible for. Rebelo says in the past many filers have forgotten to claim investment fees.

According to the CRA there were more than 19 million tax refunds issued last year with an average refund of nearly $2,300.

Another key date to be mindful of is the March 3 RRSP contribution deadline.

Individuals who are self-employed have until mid-June to file their taxes.

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