As tax season approaches, now is the perfect time to get ahead and ensure a smooth filing process. Early preparation can help you avoid delays, stay on top of key deadlines, and maximize your refund or benefit payments.
Last year alone, Canadians received over $52 billion in benefit payments simply by filing their tax returns—proof that a little organization goes a long way. Here are five straightforward tips to help you prepare for tax season with ease.
1. Update Your Personal Information
Keeping your personal details current is a crucial first step. Changes to your address, marital status, or direct deposit information can impact your tax return and benefits. Log in to your CRA My Account to make any necessary updates and avoid interruptions to your payments.
2. Know Where to Find Your Tax Slips
By the end of February, you should have most of your tax slips, including T4 and T4A forms. These are prepared by your employer, financial institution, or administrator. If any slips are delayed or missing, you can access most of them online through CRA’s My Account. This ensures you have everything you need to file accurately and on time.
3. Explore Digital Services and Online Filing
Take advantage of CRA’s robust digital services to streamline your tax filing experience. These tools can help you:
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File and amend returns
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Access tax information
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Make payments
A new feature available this year is live online chat within My Account. This service connects you with an agent who can answer specific questions about your taxes, benefits, and registered plans. If you prefer to call, check live wait times first and ensure you have the necessary details to validate your identity.
When filing online, consider using one of CRA’s NETFILE-certified software options. Many of these programs are free and offer quick processing—returns filed electronically are usually processed within two weeks, compared to eight weeks for paper filings. Pair electronic filing with direct deposit, and you could see your refund in as little as eight business days.
4. Mark Key Dates on Your Calendar
Stay organized by noting these important tax deadlines:
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February 24, 2025: Online filing opens for the 2024 tax year.
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April 30, 2025: Deadline for most individuals to file returns and pay any taxes owed. Filing on time helps you avoid penalties and interest.
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June 15, 2025: Filing deadline for self-employed individuals and their spouses or common-law partners. Since this falls on a Sunday, returns will be considered on time if received by June 16, 2025. Note: Any owed amounts must still be paid by April 30 to avoid interest.
Before filing, review potential deductions, credits, and expenses that could reduce your tax liability and increase your refund.
5. Stay Alert to Scams and Fraud
Protecting yourself from scams is essential during tax season. Familiarize yourself with how the CRA communicates and visit their scams and fraud page for tips on recognizing fraudulent activity. The CRA’s scam alerts page is regularly updated with the latest threats.
Registering for My Account and providing an email address adds an extra layer of security. Email notifications alert you to important changes in your account, helping to protect against unauthorized access.
Make This Tax Season Your Easiest Yet
A little preparation can go a long way in making tax season stress-free. By staying organized, taking advantage of digital tools, and staying vigilant against fraud, you can file with confidence and avoid unnecessary complications. Get started today and set yourself up for a smooth and successful tax season.
