As the 2024 tax season gets underway, our professional team has prepared a helpful guide for individuals and sole proprietors. You’ll find important dates, when to expect your tax slips, and tips to maximize your tax return.
Need help filing your 2024 taxes? Our team of accountants is here to make filing taxes simple and straightforward. You can count on our tax experts to maximize your tax return and ensure your submission is complete, accurate, and filed on time. For more information, please visit our personal tax page.
Important Dates for Filing 2024 Taxes
Individuals and Trusts – Proposed Capital Gains Rule Changes Effective January 1, 2026
The CRA will issue updated forms reflecting the currently enacted rate of one-half in the coming weeks.
To provide additional time for taxpayers reporting capital dispositions:
The government has communicated its intentions regarding the proposed capital gains inclusion rate, and efforts are underway to update systems and forms so taxpayers can report capital dispositions as early as possible.
Key Deadlines
Failure to file on time may result in penalties and delayed benefit or credit payments. The late-filing penalty is 5% of the balance owing, plus 1% for each full month past the deadline, up to a maximum of 12 months.
Learn more about late-filing penalties here.
Know when to expect your tax slips
You should receive most of your tax slips by the end of February, but some types of tax slips arrive later in the year.
It is important to have all of your documentation in place before filing your 2024 taxes. If you file your taxes without reporting all of your income, you could face penalties or interest payments when the CRA assesses your file and flags the missing documentation.
Maximize your 2024 tax return in Canada
There are a variety of expenses you can claim on your 2024 tax return to help reduce the amount of tax you have to pay.
Individuals can claim expenses that may include but are not limited to:
Sole proprietors may claim the same as individuals, as well as expenses they incur in order to run their businesses, which may include but are not limited to:
For a complete list of eligible business expenses, please visit the CRA website.
Gather 2024 tax year documentation
To help prepare your personal taxes, you can download a T1 Personal Income Tax Package and complete the T1 Personal Tax Checklist.
Sole proprietors can also download the tax package and complete the T1 Personal Tax Checklist and the Statement of Business or Professional Income.
These documents will give your accountant a clear understanding of your income and expenses for the 2024 tax year. They guide the questions your accountant may ask and outline the documentation they can expect to receive—and when. Most importantly, it prevents the risk of an audit, which could lead to penalties or interest payments.
Consider working with a licensed tax professional
When you work with a licensed tax professional, you benefit from their expertise and understanding of the complex tax system and changeable laws and regulations. They can maximize your tax return while ensuring you are compliant with CRA regulations, reducing the risk of an audit.
You can count on TAAG’s team of licensed tax professionals to ensure your tax submission is complete, accurate, and filed on time.
Interested in a simple and straightforward tax experience? Contact us today to get started.
