Important Facts

This page summarizes the changes for the current taxation year and highlights important things you should keep in mind as you prepare to have your taxes completed.

More information can be found on the following pages of the Government of Canada website:

• Your tax obligations - determine your tax obligations and whether you need to file a tax return
• Personal income - determine what has to be reported as income on your personal income tax return
• Tax deductions, credits and expenses - claim tax deductions, credits, and expenses to reduce the amount of tax you must pay
• Tax refunds - check the status of your refund, and when you can expect to receive your refund
• Notices of assessment - View your notice of assessment or reassessment online

Plan Ahead.

Make sure you are ready when you file your income tax and benefit return.

• view your registered retirement savings plan (RRSP) deduction limit and tax-free savings account (TFSA) contributions;
• pay with pre-authorized debit;
• apply for benefits;
• update your personal information;
• use our helpful Tax Checklist to make sure you have your receipts and records in order to file your tax return.
• Climate Action Incentive: The Climate Action Incentive (CAI) payment consists of a basic amount and a 10% supplement for residents of small and rural communities. This payment may reduce your amount payable or increase your refund when you file your income tax and benefit return.

• The Canada Caregiver Credit (CCC) offers a non-refundable tax credit for those supporting a spouse, common-law partner, or dependent with a physical or mental impairment. Claim up to $2,499 for a spouse or common-law partner on line 30300 and $7,999 on line 30425. For eligible dependents, claim up to $2,499 on line 30400 and $7,999 on line 30425 for those 18 and older, or on line 30500 for those under 18. Consult with us for detailed eligibility criteria and required documentation to maximize your claim.

Tax-Free Savings Account (TFSA). Tax Free Savings Amount for 2024 has been *UPDATED* to $7,000 Ref.

Charitable Donations. Donating to charity in Canada offers tax benefits. Qualifying donations, such as food bank contributions or charity event tickets, earn tax credits. Save donation receipts and claim credits worth 15% to 29% of eligible amounts. Unused credits can be carried forward for five years. Donate wisely to registered charities or eligible public organizations. Verify charity registration with the CRA. You can't claim credits for received benefits. Spouses can pool donations for higher credits. Accumulate donations for larger credits or claim credits from past years. Keep donation receipts for proof and check income slips for donation amounts.