Welcome to the 2024 Personal Income Tax Season! Your 2024 T1 Personal Income Tax Return is due April 30, 2025 and we are so excited about tax season that we want to get started right away.
First things first! This is a friendly reminder that the deadline for Canadian personal tax instalments is approaching. If you have not yet made your instalment payments, please do so as soon as possible to avoid any late fees or penalties.
Tax Instalment Deadlines:
- December 15, 2024
- March 15, 2025
The current interest rate for overdue taxes in Canada is 9% annually, compounded daily. This is expected to decrease to 8% effective March 31, 2025.
Personal Income Tax Checklist and Engagement/Representation Letter
Linked below is our 2024 Personal Income Tax (PIT) Checklist to help you organize tax information, along with our Engagement/Representation Letter.
By signing our Engagement Letter you allow us to prepare and file your tax return on your behalf.
If you haven’t done this yet, click on “Sign and Submit PIT Checklist and Engagement Letter” to submit an electronically signed document to us in one easy step. You will need to provide an email address to confirm your signature.
Organize Your Tax Return Information
Linked below are downloadable working papers and forms to help organize your tax information.
We ask that you email the forms to us in Excel format if possible, or use our secure web portal to upload these files.
- Business/Professional Income and Expenses – T2125
- Rental Income and Expenses – T776
- Capital Gains and Losses Reporting
- Employment Expenses – T777
- Canadian Universities – T2202A
- Foreign Universities – TL11A
- Conditions of Employment Form – T2200
- Medical Credit Claims – MED
- Moving expenses – T1M
Need more information? Visit our Client Resources page to access all our downloadable working papers and forms.
Ready to Submit?
Check your email on February 8, 2025, for a personalized checklist from us where you can upload your tax information to our secure file-sharing portal. The email will have a subject line “T1 Return 2024 Filing Deadline – [Your Name]”.
Deadline to Submit Information
If we do not receive this information by March 21, 2025, we may not be able to complete your personal tax return filing by the deadline.
CRA Online Access – Important Action Required
It’s crucial that you register for CRA My Account this tax year if you haven’t already.
CRA My Account for Individuals is a secure portal that allows you to manage your tax affairs online, including obtaining a copy of your Notice of Assessment, mail correspondence, viewing statement of account, direct deposit, TFSA, and RRSP information. To register, you must have your social insurance number, prior year personal tax return and Notice of Assessment.
Need more instructions? Read our article on How to Register for CRA’s My Account (Individuals) – Horizon CPAs.
Other Events or Situations that May Affect Your Tax Return
Did you sell your principal residence in 2024?
If you sold or changed the use of your principal residence you are required to report a sale on your personal income tax return in the year of the sale or change in use. If you sold or changed the use of your house in 2024 you must provide us with the following information:
- Date of acquisition of your home;
- Proceeds of disposition;
- Description of the property;
- The statements of adjustments on the purchase and the sale of your residence and
- Whether you have used your principal residence exemption on any other property between the date of acquisition and the date of disposition.
Do you own foreign property?
If you have Foreign Property with a Canadian cost equal to or greater than $100,000 please contact us as new information is being requested by Canada Revenue Agency. Please fill out the Foreign Property Declaration on the Engagement and Representation Letter.
Are you a US or Dual Citizen?
If so, please advise us. The IRS has renewed its compliance requirements on various issues, including RRSPs and RRIFs. Please note that new reporting requirements and penalties are being imposed by the IRS now. We are not US tax advisors, but we can refer you to a US tax advisor. Penalties for failure to file a US tax return can be severe.
Do you have any short-term rental income?
If you were an AirBnB host or rented out your cottage or summer home in 2024, your rental income may be subject to GST/HST. Please advise us if you had any short-term rental income in 2024.
Receiving a Copy of Your Tax Return and Notice of Assessment
In an effort to be more eco-friendly, we will deliver a copy of your tax return(s) to you electronically through our secure file-sharing portal called Karbon Client Checklist or by email with password protection.
We will only send a paper copy of your return(s) if requested.
Processing and Electronic Filing Fees
We will be charging a processing fee and electronic filing fee per the table below:
| # of Filings | Processing and electronic filing fee |
| 1 | $115 |
| 2 | $195 |
| 3 | $250 |
| 4+ | $290 |
Contacting You
If you are planning to leave the city or the country in the month of April, please let us know so we can organize the timely completion of your income tax return.
If you have any other questions or need any help organizing or gathering this information, please contact us at (604) 697-7777.
Thank you for your continued support. We look forward to preparing your 2024 return.
Optional
Create an account to access Karbon Client Portal. This will allow you to access all the applicable past filings we have prepared for you (T1, T3, T4, T5 and corporate) through a secured file-sharing platform called Karbon. See this link for more instructions: How to Guide – Karbon Client Portal
