We’re answering the top questions Canadians have about filing their taxes—so you can file smarter, faster, and with fewer headaches.
"When’s the tax deadline again?"
Missing tax deadlines is like forgetting your partner’s birthday—technically fixable, but not without consequences. Here are the key dates you need to know:
- February 19, 2025 – NETFILE opens, so you can officially start filing.
- April 30, 2025 – Deadline to file and pay any taxes owing (self-employed? You still need to pay by this date).
- June 15, 2025 – Filing deadline for self-employed Canadians (but remember, payment is due April 30).
Pro tip: Set up direct deposit with the CRA to get your refund faster.
"What’s new for the 2024 tax year?"
Every year, the government tweaks tax rules. Here’s what’s changed:
- Advanced Canada Workers Benefit (ACWB): Eligible low-income workers will receive automatic advance payments throughout the year instead of waiting until tax time.
- Canada Carbon Rebate (previously Climate Action Incentive Payment): Renamed and adjusted for 2024, this quarterly payment helps offset the cost of federal carbon pricing.
- Tradespeople's Tool Deduction Increase: The maximum employment deduction for tools has been raised from $500 to $1,000.
- Home Buyers' Plan (HBP) Withdrawal Limit: The tax-free RRSP withdrawal limit for first-time home buyers has increased to $60,000 (previously $35,000).
- First Home Savings Account (FHSA): If you opened an FHSA in 2024, contributions are tax-deductible (like an RRSP), but withdrawals for a home purchase are tax-free (like a TFSA).
Pro tip: Start saving early with a FHSA to maximize your home-buying power. If you’re on a home search, learn how you can benefit from a Neo Mortgage.
"What deductions am I missing out on?"
If you’re not claiming all your eligible deductions, you’re leaving money on the table. Here are some of the most overlooked ones:
- Moving Expenses: Relocated 40km+ for work or school? Some expenses may be deductible.
- Home Office Expenses: Worked remotely? You could claim a portion of rent, utilities, and internet.
- Union or Professional Dues: Paid membership fees? You might get a tax break.
- Medical Expenses: From dental work to prescription glasses, many healthcare costs qualify for a tax credit.
Pro tip: Use a Neo Credit card for deductible expenses to keep them organized for tax season.
"When is the RRSP contribution deadline?"
The deadline to contribute to your RRSP for the 2024 tax year is March 1, 2025. Contributions reduce your taxable income, which could mean a bigger refund.
- Maximum Contribution Limit: 18% of your 2023 income, up to $31,560.
- TFSA vs. RRSP? If you’re unsure which is better, it depends on your income and financial goals.
Pro tip: Use your refund to reinvest in a RRSP for compounding tax benefits year after year.
"How do I actually file my taxes?"
You’ve got options, depending on your preference (and patience level):
- DIY with tax software (like TurboTax)
- Hire an accountant (good for complex returns)
- Paper filing (if you enjoy unnecessary suffering)
Most Canadians use NETFILE, the fastest and easiest way to file online.
Pro tip: If your income is below a certain threshold, the Community Volunteer Income Tax Program (CVITP) can help you file for free. Find one near you.
"What happens if there is a mess up?"
A mistake on your return? Don’t panic. You can adjust it through:
- CRA’s My Account (fastest way)
- Submitting a T1 Adjustment Request
- Paper method (again, if you enjoy waiting)
If you owe money and can’t pay, contact the CRA before the deadline—they offer payment plans.
Pro tip: Keeping track of spending with Neo Insights can help you avoid surprises at tax time next year.
File Early, Stress Less
Procrastinating until April 29 is a choice—but might not be the best one. Filing early means you can get your refund sooner and avoid last-minute stress. You got this!
As reported by:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/whats-new.html
