FILING YOUR 2025 PERSONAL INCOME TAXES
2025 tax season is upon us
The Tax filing deadline is Thursday, April 30, 2026
The filing deadline for self-employed individuals and their spouses is June 15th, 2026
To avoid any interest from accruing, all taxes must be paid by April 30, 2026. Interest is compounded daily at a prescribed rate of 7%/annum.
Canada Workers Benefit
The Canada Workers Benefit (CWB) is a non-taxable refundable tax credit that supplements the earnings of low and modest-income earners. Previously, the CWB increased by 26 cents for every dollar of “working income” in excess of $3,000, up to a maximum of $1,395 for single individuals without dependants or $2,403 for families. The benefit is then reduced by 12% of adjusted net income in excess of $13,194 for single individuals without dependants or $17,522 for families.
Beginning for 2025, the CWB has been enhanced by:
- Increasing the phase-in rate from 26% to 27% for single individuals without dependants and families
- Increasing the phase-out threshold from $13,194 to $22,944 for single individuals without dependants and from $17,522 to $26,177 for families
- Increasing the phase-out rate from 12% to 15%
- Making corresponding changes to the disability supplement's phase-in and reduction rates as well as the reduction threshold
In addition, there is a new “secondary earner exemption” to the CWB. This exemption allows up to $14,000 of working income (of an eligible spouse with the lower working income) to be excluded in calculating adjusted net income for the family for purposes of the phase-out of the benefit.
Canada Pension Plan
As you are likely aware, your Canada Pension Plan (CPP) contributions have been increasing annually since 2019 and will continue to increase every year until 2023 (or 2024 if your income exceeds a new earnings ceiling). Similar enhancements were made to the Quebec Pension Plan (QPP).
When you file your personal income tax return for the 2025 tax year, remember that your CPP/QPP contributions consist of a base amount and an enhanced amount, which is consistent with 2024. While a non-refundable tax credit on the CPP/QPP base amount continues to be available, a tax deduction can also be claimed on the enhanced portion of the CPP/QPP. The maximum amount of the tax deduction for 2025 has increased to $290.50.
Tax-free savings account contribution limit
For 2025, the tax-free savings account (TFSA) annual contribution limit remains at $7,000 and any unused contribution room will carry forward. Contributions to a TFSA aren’t tax deductible and when money is withdrawn, the accumulated contributions and income received are not taxable.
If you have any questions about these tax changes, or how they may apply to your situation, please contact us at 416-438-3077.
Engagement letters
Each year we require our clients to sign an engagement letter which outlines the terms under which we prepare your personal tax return. You will receive a personalized engagement letter to sign when your tax return is complete.
Client tax organizers
IIn order to proceed with preparing your tax return(s), please bring a completed client tax checklist/organizer along with all
relevant documentation iinto our office as early as possible. The organizer is available in a fillable-format which we will be happy to email you.
Please note that your full name and social insurance number must exactly match the information on file with the Canada Revenue Agency (CRA). If you are not
sure what information CRA has, please check your 2024 Notice of Assessment.
Scheduling appointments
- Monday, Wednesday and Friday - 9:00 am to 7:00 pm.
- Saturday-by appointment only
During the initial consultation, new clients will be required to sign the CRA Authroization which is a form which authorizes us to act as your representative with CRA.
Returning clients, with no significant changes to their tax situations, do not require an appointment. Simply complete our client tax organizer and drop it off at our office, email or request a Dropbox link with your complete tax document/slips package. If your situation has changed significantly, and you would like to schedule an appointment, we are happy to conduct tax interviews in-person, over the phone or by email.
While the tax appointment does not allow time for tax planning, we offer personal or small business tax consultations after the tax season. Our regular professional rates will apply to these types of consultations.
Important dates
| February 28, 2026 | Deadline to issue T4s, T4As, and T5s. |
| March 1, 2026 | Deadline to contribute to your own RRSP for the 2025 tax year |
| March 15 June 15 September 15 December 15 |
Personal income tax instalment due dates. |
| March 31, 2026 | Deadline to file T3 Trust Returns and NR4s. |
| April 15, 2026 | Deadline to send your complete tax package to our office to meet the April 30th filing due date. Please note that we will do our best to file all client tax returns by the CRA due date but returns received after April 15th will be processed in the order received. |
| April 30, 2026 | Personal income tax filing due date for individuals who are not self-employed. |
| June 15, 2026 | Personal income tax filing due date for self-employed individuals. Please note that any payment of taxes owing is still due on April 30th, 2020. |
| June 15, 2026 | Deadline to
file GST/HST returns for self-employed annual filers with a December 31st 2025 year-end. For assistance with GST/HST and payroll remittance due dates, please contact us. |
Electronically filing your return
We will electronically file all tax returns (except in limited circumstances) but cannot do so without signed consent indicating that you have reviewed and agreed to all the information in your return. We will also require payment of our fees before your return can be e-filed on your behalf.
CRA review requests - after your taxes are filed
Each tax year, CRA continues to increase the number of requests for backup documentation to support claims reported on personal income taxes. Should you be contacted by CRA to provide additional information after your taxes have been filed, and would like us to assist you in responding, our standard professional rate will apply.
Other services - available all year
Our services don't end at tax time! We are available all year for any of your professional advisory needs including:
- Bookkeeping
- Personal and business tax planning
- Business consultation
- Corporate tax returns and Notice to Reader financial statements
- Part-time controller or virtual CFO services
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