What's new for 2024/2025

We want to ensure you get every tax credit and deduction you're entitled to.  As shown below, there are a number of new or updated credits and deductions that you may be eligible for.

1. Tax return filing deadlines is April 30, self-employed is June 16, but tax due is on April 30.

2. Basic Personal Amount (BPA) is $15,705 for 2024, and has been increased to $16,129 in 2025.

3. Federal tax brackets in 2024

  • $0 to $55,867 of income (15%)
  • More than $55,867 to $111,733 (20.5%)
  • More than $1117,733 to $173,205 (26%)
  • More than $173,205 to $246,752 (29%)
  • $246,752 and higher (33%)

4. TSFA contribution room is $7,000 in 2024 and 2025.

If an individual is 18 years of age or older and has a valid social insurance number (SIN), the individual can contribute after-tax money to a TSFA account throughout their lifetime. Any income earned in the account is tax-free, therefore individuals should continue maximizing the tax-free growth in their TSFA account.

Contribution room carries forward, starting from 2009 to 2025, the total TSFA contribution room is $102,000.

Withdrawing doesn’t increase your TSFA contribution room until the following year.

Contributing beyond your limit or making contributions as a nonresident can lead to penalties.

5. RRSP contribution deadline for the 2024 tax year is on March 3, 2025.

RRSP contributions can be used to reduce individuals’ taxes.

Working people can earn a new contribution room (18% of earned income, up to an annual maximum of $31,560 in 2024), which is added to any remaining contribution room from previous years.

All your RRSP information can be found on the notice of Assessment, or online in your CRA My Account.

6. Tuition Tax Credit

Generally, a course taken in 2024 at an educational institution in Canada will qualify for a tuition tax credit if it was either:

  • taken at a post-secondary educational institution
  • for individuals 16 years of age or older at the end of the year who are developing or improving skills in an occupation and the educational institution has been certified by the Minister of Employment and Social Development Canada

7. Student Loan Interest

You may be eligible to claim an amount for the interest paid on your student loan in 2024 or the preceding 5 years for post-secondary education if you received it under Canada student loans or financial assistance acts:

8. Charitable Tax Credit - CRA announces extension of 2024 charitable donation to February 28, 2025.

When you donate to a charity, you can receive tax benefits for your qualifying donations. You can carry forward donation for any of the next 5 years.

9. Home Buyers’ Plan (HBP) allows first time home buyer to withdraw increase up to $60,000 (after April 16,2024) from your RRSP to buy or build a qualifying home.

The borrowed funds must be in your RRSP for at least 90 days before taken out. Withdraw the money no later than 30 days after the property closing date.

The HBP allows you to pay back the amounts withdrawn (after 5 years) within a 15-year period.

10. Home buyer’s amount (HBA)

The first-time home buyers’ tax credit is a non-refundable tax credit of up to $1500 for claiming a maximum amount of $10,000, which will reduce the amount of federal tax you have to pay.

11. First Home Savings Account (FHSA)

FHSA started from April 1, 2023. The contribution limit for every year since you open the account is $8000. Over your lifetime, the most you can contribute and can be deducted is $40,000.

If you opened an FHSA in 2024, you can contribute up to $8000. You will get a T4FHSA tax slip to deduct 2024 income tax.

12. Home Accessibility Tax Credit (HATC)

If you are disabled and receive the Disability Tax Credit (DTC) or are over 65 years old, this program allows you to claim up to $20,000 in expenses annually for home improvements designed to increase your home’s accessibility. The tax credit is 15% of that amount, for a maximum of $3,000.

13. Multigenerational home renovation tax credit (MHRTC)

MHRTC is a refundable credit to assist with the cost of renovating an eligible home to create space for a secondary unit that enables a senior or an adult who is eligible for the disability tax credit, to live with a qualifying relative.

You can claim up to $50,000, and receive maximum tax credit $7,500.

14. Canada Workers Benefit (CWB)

The Canada Workers Benefit (CWB) is a refundable tax credit of up to $1428 to eligible individuals and $2461 to eligible families to supplement their lower incomes. To be eligible, the maximum income level is different in each province.

15. GST/HST Credit

The GST/HST credit intends to help Eligible Individuals and Families with low to modest incomes in offsetting the amount of GST/HST they paid.

GST/HST Payments (depend on the taxpayer's marital status, number of children, and adjusted family income for the base tax year.

It is a tax-free amount paid out on a quarterly after July 4. In most cases, all you have to do to receive the GST/HST credit each year is file your taxes on time, even if you have no income to report.

16. Canada Carbon Rebate (CCR) formerly known as the Climate Action Incentive Payment (CAIP), was renamed in 2024

Residents of Canada don’t need to apply to receive the CCR. They need to file their income tax and benefit return and will receive the payments they are entitled to.

If you have a spouse or common-law partner, only one of you can get the payment for the family.

If you are a new resident of Canada, need to meet the eligibility requirements  for the quarterly CCR payment on the 15th of April, July, October and January.

The Canada Carbon Rebate includes an increase from 10% to 20% supplement for residents of small and rural communities.

17. Ontario Trillium Benefit (OTB)

Ontarians may be eligible for the Ontario Trillium Benefit (OTB) is a refundable tax credit to assist low-income families in paying for energy costs, sales tax, and property taxes. It combines three tax credits into one single payment:

  • The Ontario Energy and Property Tax Credit (OEPTC)
  • The Ontario Sales Tax Credit
  • The Northern Ontario Energy Credit

Your eligibility is based on your family’s net income from the previous tax year. Payments of this benefit are issued separately from any income tax refund.

18. Canada Child Benefit (CCB)

The Canada Child Benefit (CCB) is a tax-free monthly payment made to eligible families to help with the cost of raising children under 18 years of age. The CCB might include the child disability benefit and any related provincial and territorial programs.

19. Child Care Expenses 

You can claim tax-deductible child care allowable expenses paid to day nursery schools and daycare centers, caregivers such as nannies and babysitters, overnight boarding schools and camps that provide lodging, day camps and day sports schools.

There are limitations on who can claim the expenses. So make sure to review the requirements before filing your taxes.

20. Other Employment Expenses 

What’s new-Motor Vehicle Expenses

The maximum capital cost of each vehicle that may be included in Class 10.1 is now $37,000, before tax.

The deductible leasing costs are increased from $950 to $1,050 per month, before tax, for new leases entered into on or after January 1, 2024.

Although most employees cannot deduct employment expenses, if your employer requires you to incur certain expenses without reimbursement, you can deduct them on line 22900 (including any GST/HST) as long as they were required according to your employment contract.

Make sure to keep good records, and obtain the necessary form T777 Statement of Employment Expenses, as well as the T2200 Declaration of Conditions of Employment signed by your employer.

21. Moving Expenses 

If you relocated more than 40 km for work, school or run a business, you may eligible to claim your moving expenses from employment or self-employment income you earned at new work location.

  • You moved and established a new home to work or run a business at a new location; or
  • You moved to be a student in full-time attendance in a post-secondary program at a university, college, or other education institution.

Eligible moving expenses include travel costs, Temporary living expenses for maximum of 15 days, incidental costs and cost to maintain old home when vacant (maximum of $5,000), etc.

22. Medical Expenses

To get the most out of your claim, it’s usually best to have one spouse claim all the medical expenses for the immediate family (you, your spouse, and kids under 18) and any dependents you support.

Some medical expenses include:

  • Private medical insurance premiums.
  • Tutoring for children with disabilities.
  • Home renovations that improve mobility or access.
  • Travel expenses to seek medical treatment (over 40 km one-way).
  • Prescription contact lenses or glasses.
  • Dentures and dental implants.
  • Fertility Expenses

23. Canada Caregiver Credit (CCC)

The Canada Caregiver Credit is a non-refundable tax credit for supporting a spouse or common-law partner, or a dependent with a physical or mental impairment.

The amount you can claim depends on your relationship to the person for whom you are claiming the CCC, your circumstances, the person’s net income, and whether other credits are being claimed for that person. The amounts also change every year.

24. Disability Tax Credit (DTC)

The Disability Tax Credit is a non-refundable credit used to reduce your taxes owed .In order to qualify for the DTC, you must have a serious and prolonged physical or mental impairment. You may be able to claim this credit for yourself, or on behalf of your dependent, spouse or common-law partner.

25. Old Age Security (OAS)

The OAS is designed to provide retirees with a source of income to support their retirement. However, if your income is over certain limit amounts, you might find your OAS amount reduced, and even canceled entirely.

If your taxable income was over $90,997 in 2024, you will need to repay some of your OAS. Similarly, if your taxable income was over $148,451, you would not have received any OAS payments.