Key Updates for Individual Taxpayers (T1 Returns) Extended Filing Deadline: If you’re reporting capital gains on your 2024 T1 return, the CRA has extended the filing deadline to June 2, 2025. This extension applies to returns originally due on April 30, 2025. Filing by this new date ensures exemption from late-filing penalties and interest charges. Self-Employed Individuals: For those with self-employment income, the standard filing deadline remains June 16, 2025. However, any taxes owed are still due by April 30, 2025, to avoid interest charges. Updates for Trusts (T3 Returns) Extended Filing Deadline: The CRA has also provided relief for certain information returns: Note: Filing after these extended deadlines will result in penalties calculated from the original due dates. Capital Gains Inclusion Rate Update The federal government has deferred the proposed increase in the capital gains inclusion rate. Originally set to rise from 50% to 66.67% for gains exceeding $250,000, this change is now postponed until January 1, 2026. Until then, the inclusion rate remains at 50%. Action Steps For personalized assistance and to ensure compliance with the latest tax regulations, feel free to contact our office. Our team at Freeman & Lourenco LLP is here to support you through this tax season.

Attention, business owners! The Canada Revenue Agency (CRA) has extended the filing deadlines for several information returns: T4 T4A T5 These slips, originally due on February 28, 2025, can now be filed without late-filing penalties if submitted by March 7, 2025.  This extension provides additional time to ensure your slips are accurate and compliant. However, it’s essential to meet the new deadline to avoid penalties. At Freeman & Lourenco LLP, our team is ready to assist you in navigating these changes, compiling necessary documents, and ensuring timely filing. Contact us today with any questions or to schedule a consultation!