Tax season is here, and we know you have questions! Whether you’re a long-time MMT CPA client or just looking for expert advice, we’ve compiled a list of frequently asked questions about tax filing in Canada to help make the process smoother.
When is the deadline to file my 2024 taxes?
The deadline to file your 2024 personal tax return is April 30, 2025. If you’re self-employed, you have until June 15, 2025, but any taxes owed are still due by April 30.
What happens if I file my taxes late?
If you owe taxes and miss the deadline, the Canada Revenue Agency (CRA) will charge a 5% penalty on the balance, plus 1% interest per month on unpaid amounts. You won’t be penalized if you don’t owe taxes, but you may delay any potential refund or benefits.
What documents do I need to file my taxes?
Here are the most common documents you should have:
- T4 Slip – Shows employment income and deductions.
- T5 Slip – Reports investment income.
- RRSP Contribution Receipts – Can reduce taxable income.
- Tuition and Education Credit Forms (T2202) – If applicable.
- Medical Expenses and Charitable Donation Receipts – May be eligible for tax credits.
What tax credits and deductions can I claim?
There are many potential tax savings! Some key credits and deductions include:
- Basic Personal Amount – Automatically applied, reducing taxable income.
- Tuition and Education Credits – For students and recent graduates.
- Student Loan Interest Deduction – If you’re repaying government student loans.
- Canada Workers Benefit (CWB) – For low-income earners.
- Home Office Expenses – If you work from home and meet eligibility criteria.
If you have questions about deductions, it is best to consult a tax professional.
How do I file my taxes?
You can file your taxes in one of three ways:
- Online using NETFILE – CRA-certified tax software like TurboTax or Wealthsimple Tax.
- With a Tax Professional – MMT CPA can help ensure accuracy and maximize your return.
- Paper Filing – Less common, but still an option, is to mail your return to the CRA.
How long does it take to get my tax refund?
If you file online and are registered for direct deposit, you may receive your refund between eight days and two weeks. Paper returns take longer—typically 8 to 10 weeks.
What should I do if I made a mistake on my tax return?
If you realize you’ve made an error after filing, you can correct it using:
- CRA’s “Change My Return” Service on your online account.
- Submitting an Adjustment Request (T1-ADJ) by mail.
I owe taxes—what are my payment options?
If you owe taxes, you can pay:
- Through online banking (search for “CRA” as a payee).
- Using CRA’s My Payment service for direct payments.
- By setting up a payment plan if you can’t pay in full.
How can MMT CPA help me with my taxes?
At MMT CPA, we offer expert guidance on tax planning, filing, and ensuring you maximize your return while staying compliant with CRA regulations. Whether you need help with deductions, self-employment income, or complex tax situations, we’re here to make Canada tax season stress-free.
Tax season doesn’t have to be overwhelming! You can file with confidence by staying informed and getting professional support when needed. If you still have questions or need personalized assistance, contact MMT CPA today for expert tax help.
