Are You Ready for Tax Time? These Changes Could Affect You...

(NC) Every year, changes are made that could impact your income tax and benefit return, including new deductions and rebates for eligible Canadians. Ahead of the April 30, 2025, deadline to file your 2024 tax return, here are five changes that you should be aware of this tax season.

Updates to online tax management
Managing your tax information online is easier than ever, thanks to new features available with a Canada Revenue Agency online account. For example, you’ll be able to use the new chat service to discuss account-specific questions and issues with a live agent without having to call.

Don’t have an account yet? Now, instead of waiting for a security code in the mail, you can verify your identity immediately with the document verification service.

Home buyers’ plan
If you’re in the market for your first home, know that eligible first-time home buyers can now withdraw up to $60,000 (up from $35,000) from their Registered Retirement Savings Plan.

Short-term rentals
Renting your home or vacation property through short-term rental sites is very common. However, if you operate a non-compliant short-term rental property, you cannot deduct any related expenses incurred during the portion of the tax year where it is non-compliant. For 2024, there is an exception that as long as your property became compliant with the applicable laws of the municipality or province where it is located by December 31, 2024, you are considered compliant for all of 2024.

Volunteer firefighters’ exemption amount
If you are a volunteer firefighter or a search-and-rescue volunteer and completed at least 200 hours of service last year, the amount your credit is based on has increased from $3,000 to $6,000.

Learn more at canada.ca/taxes-whats-new.

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