What you need to know about filing your taxes in 2025

Taxes in the new year A taxpayer watchdog group is warning you to be ready to reach deeper into your wallet in 2025.

Are you prepared to file your 2024 taxes after the New Year celebrations?

This year, there are several changes to be aware of, including updates to the CRA’s digital reporting requirements, shifts in carbon tax policies, and the introduction of new tax measures like the Digital Services Tax Act.

Below, I’ll review this upcoming year’s tax filing deadlines, late penalties, and key changes to keep in mind as you approach the 2025 tax deadline.

When is the tax filing deadline in 2025?

The tax filing deadline or “Tax Day” for 2025 is Wednesday, April 30. If you’re actively employed or were temporarily employed in 2024, you should receive a CRA T4 slip in the mail from each employer you worked for this past year within the first couple of months of 2025.

Your T4 will include important information which you’ll use to file your tax returns, including:

It’s important to keep your T4 slip for each job you worked in 2024, as you’ll use (or digitally scan) the information in each slip to help you accurately file your tax returns.

Filing by this date ensures you avoid late-filing penalties and interest charges on any taxes owed. If you expect to receive a refund or are eligible for benefits like the Canada Child Benefit (CCB), filing early can help you access those funds sooner.

Important things to keep in mind this 2025 tax season

Although the deadline is several months away, it’s a good idea to get a head start and begin collecting your documents, as well as itemizing any deductions that you may have accumulated throughout the year.

With this in mind, here are some important things to keep in mind going into the tax-filing season.

1. New personal income tax brackets for 2025

Canada has a progressive tax system that gradually increases taxes based on the total amount earned in the year.

For 2025, the previous year’s tax brackets will be increased by 2.7 per cent to account for inflation and are as follows:

Alongside these federal taxes, you’ll also be responsible for paying any applicable provincial or territorial taxes, based on where you live.

2. What are the CRA’s late-filing fees for 2025?

If you file your taxes later than the April 30 deadline, the CRA imposes a fee of 5 per cent of your balance owed, and will impose an additional 1 per cent fee for each passing month that you don’t pay your balance in full.

3. Updates to the Canada Child Benefit (CCB) 2025

In alignment with the increased tax brackets for 2025, the CRA will also be increasing CCB payments by 2.7 per cent, which could help put a little extra money in your family’s pockets next year.

The base benefit for those with a child under 6 has been increased from $7,787 per year up to $7,997. For those with a child between 6 and 17, the base CCB benefit has been increased to $6,748 from $6,570 issued the year before.

Final thoughts

For the most part, filing your taxes in 2025 won’t be a whole lot different from what you’ve done in previous years. However, staying up to date with small changes and fluctuations can help make tax season easier and reduce complications.

I always recommend people file their taxes as soon as they get their documents and slips in the mail. This can help you receive your tax refund sooner, as well as any benefit payments that you may be eligible for.

Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers at Blueprint Financial