Canada Tax Season 2024 Tips and Tricks for Success

Canada Tax Season 2024 Tips and Tricks for Success

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    As tax return deadlines approach once again, many Canadians feel overwhelmed and stressed about filing their taxes. However, with the right tax tips and tricks, this tax season 2024 can be a less stressful experience. Whether you’re a first-time filer or a seasoned tax veteran, there are always new ways to make the tax filing process easier. 

    This article will provide tips and tricks for navigating the Canadian tax system and maximizing the financial benefits available during tax season. So, let’s dive in and make this tax season a success!

    Key Highlights

    • Canadians have until April 30th, 2024, to file their 2023 tax return. Self-employed individuals have until June 15, 2024.
    • Important changes this year include the addition of the Grocery Rebate, the Canadian Dental Benefit expansion, and an increase in the maximum allowable deduction for tradespeople. 
    • Get the most out of tax season by noting deductions and credits to claim, gathering information in one spot, keeping an eye on capital losses, and keeping a record of everything for 6 years.

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    When can I File my Taxes in 2024?

    Canadians have until April 30th to complete and file their tax return for 2024. If you are self-employed, you’ll have a few more weeks to file your taxes, as your income tax return isn’t due until June 15, 2024.

    What are Some 2024 Tax Season Changes I Should Know About?

    The Canadian government made some important changes in 2024.

    The Grocery Rebate was created similarly to the GST/HST credit to help low and middle-income families with the rising cost of groceries. The rebate is income-based, and those who qualify can receive $153 per adult, $81 per child, and $81 for the single supplement. You must have filed your 2021 taxes to be eligible to receive this rebate. 

    The Canadian Dental Benefit was announced in 2022 for uninsured children under 12. This has now expanded to include uninsured Canadians of all ages with a family income of less than $70,000 and partial benefits for those between $70,000 and $90,000. 

    Tradespeople who supply their own tools can now claim a maximum deduction of $1,000, up from $500.

    Top 5 Tips to Get the Most out of Tax Season

    1. Make Note of Deductions 

    Did you know the government may give you some of your money back when you pay taxes? It’s not a gift; it’s just your money being returned to you. 

    You can claim allowable deductions to get the maximum amount out of your refund. Deductions are expenses that lower the amount of your income that is taxed. Three common deductions are RRSP contributions, child care costs, and home office expenses. 

    2. Claim Credits

    A credit is a type of expense you can use to reduce the amount of tax you owe. It’s different from a deduction because it doesn’t come off from your income.

    Credits are applied to taxes payable at prescribed rates and differ from deductions. Non-refundable tax credits can only reduce your taxable income or bring it to zero, and any excess credit cannot increase your refund.

    You can claim interest paid on student loans as a non-refundable credit. The federal and provincial tax credit is calculated based on the lowest tax rate and loan interest amount. It’s best to wait to claim the interest if you didn’t earn income in the past year, as you can carry it forward for up to five years.

    Medical expenses, including ambulance transport, dental services, and fertility costs, can be claimed as a non-refundable credit. Consider having the partner with the lower net income claim medical expenses.

    Charitable donations can also be claimed as a tax credit, with the federal government crediting 15% on the first $200 and 29% on any amount above that. Each province also has its own tax credit rate.

    You can also receive a refundable tax credit of up to $250 per year and $5,000 over your lifetime with the Canada Training Credit. 

    3. Gather Your Information in One Spot 

    Filing taxes early may seem like a good idea, but it could cost you more time and money in the long run. To ensure accuracy, it’s better to be patient and double-check your tax slips and figures to make sure you have everything you need to file before doing so. 

    Want to get ahead of things? Here are some tax slips you might need: T4 for employment income, T5 for investment income, T4RSP or T4RIF for RRSP income, T4A for pension and other income, NR4 for non-residents, T5013 for partnership income, T3 for trust income, and T5008 for securities transactions.

    4. Keep an Eye on Capital Losses

    If you sell investments in a non-registered account for more than what you paid, you may have to pay taxes on the capital gains. However, if you sell for less than what you paid, you incur a capital loss. You can use this loss to offset future capital gains, but it’s important to keep track of these losses for tax purposes. Check your Notice of Assessment or investment statements to keep a record of your losses.

    5. Make Sure to Have a Record of Everything for 6 Years

    Audits don’t only happen to others. It could happen to you, so you’ll want to make sure you’re prepared if it ever happens. An audit is never a breeze, but it’s about minimizing the pain of a CRA audit. 

    Be prepared to keep all income tax slips and receipts for deductions, such as entertainment and home office expenses, for 6 years. If you find it hard to organize all this paperwork, check out the various apps for easy organization and look for ways to digitize your paperwork to keep it all in one easy-to-find place. 

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    Frequently Asked Questions

    What is the deadline for filing my 2023 tax return?

    For most Canadians, the 2023 tax return deadline is April 30th, 2024, and for self-employed, the deadline is June 15, 2024.

    How do I file a tax return in 2024?

    If you’re looking for information on how to file your 2024 tax return, check the various online tax services available for the relevant year. Most services are free to use and provide easy-to-understand information on how to file your taxes.

    What tax credits and deductions can I claim?

    Several tax credits and deductions are available in Canada, including the basic personal amount, medical expenses, charitable donations, tuition fees, child care expenses, etc. It is important to review the eligibility criteria and requirements for each credit or deduction before claiming them on your tax return. You can find more information on the Canada Revenue Agency website or consult a tax professional for advice.

    Final Thoughts 

    Filing your Canada 2024 taxes can be overwhelming for many, but the process can go much smoother with these helpful tips and tricks. From staying organized to maximizing your deductions, these strategies can help ease the stress of tax season. 

    Remember to start early and seek out professional assistance if needed to ensure you don’t miss out on any deductions. Following these tips can help minimize your tax liability and make the most of your financial situation.

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