2024 Tax Season Guide: Everything You Need to Know Monday

20 Feb, 2024

2024 Tax Season Guide: Everything You Need to Know Monday

canadians can start filing their income tax returns online starting Monday, signaling the commencement of the 2024 tax filing season. For those opting for paper filing, the Canada Revenue Agency (CRA) indicates that income tax packages should have been received via mail by now.

The majority of Canadians are required to file their tax return by April 30, coinciding with the deadline for payments owed to the government. However, self-employed individuals and their spouses or common-law partners have until June 15. Since June 15 falls on a weekend this year, the CRA will consider returns as on time if they are received or postmarked by June 17.It's essential for self-employed Canadians to settle any owed amounts to the CRA by the April 30 deadline to avoid incurring interest charges. Notably, this tax year introduces changes such as the inclusion of deductions for the First Home Savings Account (FHSA), a tax-free account initiated by the federal government last year to aid Canadians in saving for their first homes.Gerry Vittoratos, a national tax specialist with UFile.ca, highlights that contributions to the FHSA are tax-deductible, while withdrawals for the down payment of a first home are tax-free. Prospective homebuyers can save for up to 15 years with an $8,000 annual deposit cap and a $40,000 lifetime contribution limit. Additionally, taxpayers who've opened an FHSA will receive a new slip, the T4FHSA, providing necessary details for their tax return completion. Last year, experts weighed in on the potential impacts of the FHSA on accessibility to homeownership