Bavitax Bookkeeping Accounting

02/19/2025

CRA updates: not charging late filing penalties for tax slips filled between Feb 28, 2025 and up to March 7, 2024
https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2025/update-filing-information-returns.html?fbclid=IwY2xjawIjSm9leHRuA2FlbQIxMQABHY8bOOg3BPk2xJXUzlxAQBiJcWOKrUwZfkCdvGk0AtPcPq4f0Q9O10Papg_aem_Y9VhRSb5aonPmvZXAkeiDg

If you file information returns, such as the T3 (trust income), T4 (remuneration paid), T4A (pension and other income), or T5 (investment income), there are some important updates you need to be aware of.

02/05/2025

Benefits Payment dates

Canada Child Benefit (CCB)
Jan 20 -Feb 20 -Mar 20 -Apr 17 -May 20 -Jun 20
July 18 -Aug 20 -Sep 19 -Oct 20 -Nov 20 -Dec 12, 2025

Goods and service tax / harmonized sales tax (GST/HST) credit
-Jan 3 -Apr 4 -July 4 -Oct 3, 2025

Advanced Canada workers benefit (ACWB)
Jan 10 -July 11 -Oct 10, 2025

02/04/2025

Tax News

Canada child benefit (CCB)
Starting in 2025, eligibility for the CCB will be extended for six months after a child's death if the individual claiming the CCB for that child is otherwise eligible. The individual receiving the CCB will still be required to notify the CRA of the child's death before the end of the month following the death.

Canada pension plan (CPP) and Québec pension plan (QPP) enhancement
As of January 2024, a second additional contribution of 4% is required by the employee and employer on pensionable earnings that are more than the year's maximum pensionable earnings but not more than the year's additional maximum pensionable earnings. For self-employed is 8%.

Home Buyers' Plan (HBP) withdrawals
The HBP withdrawal limit has increased from $35,000 to $60,000 for withdrawals made after April 16, 2024. In addition, temporary repayment relief was introduced to defer the start of the 15-year repayment period by an additional three years for participants making a first withdrawal between January 1, 2022, and December 31, 2025. Accordingly, the 15-year repayment period will start in the fifth year following the year that the first withdrawal was made.

Reporting rules for digital platform operators
New reporting requirements for platform operators have been introduced for the 2024 calendar year on sellers in the sharing and gig economy, including the rental of real or immovable property. If you are a reportable seller, your platform operator will provide you with an annual copy of the information that is collected and reported to the Minister under these rules by January 31, 2025, to help you file your taxes

Short-term rentals
As of January 1, 2024, individuals are no longer able to deduct expenses related to non-compliant short-term rentals. This change applies to all expenses, including interest expenses, incurred after 2023 to earn income from operating non-compliant short-term rentals.

Volunteer firefighters' amount (VFA) and search and rescue volunteers' amount (SRVA)
The VFA and SRVA have increased from $3,000 to $6,000 for eligible individuals who performed at least 200 hours during the year.

02/02/2025

Tax Installments due dates for Self-employed Individuals that had a Tax Payable over $3000 in the previous year:

-March 15
-June 15
-September 15
-December 15

GST installments due dates for an Annual Filer which had the net tax in the previous year more then $3000:

-April 30 for Quarter 1: January 1 to March 31
-July 31 for Quarter 2: April 1 to June 30
-October 31 for Quarter 3: July 1 to September 30
-January 31 for Quarter 4: October 1 to December 31

02/02/2025

CRA -2024 Tax Return Due dates

FILING due dates
April 30, 2025
-for most people
-self employed or spouse or common law partner that had a business mostly to a tax shelter investment

June 15, 2025
-for self-employed people others that the ones from above

PAYMENT due date
-April 30, 2025 for all of the above

DECEASED People
FINAL Return Filing
-April 30 of the year following the death (if the death occurred between January 1 and October 31 inclusive)
-6 months following the death, on the same calendar day as the date of death (if the death occurred between November 1 and December 31 inclusive)

OPTIONAL Return
Rights or Things Filling
-One year after the date of death
-90 days after the Notice of Assessment or Reassessmentt

Balance owing is April 30, 2025

02/02/2025

CRA news for the week:
-the proposed increase on taxable capital gain on investments have been delayed to Jan 1, 2026