We offer services in the following area:
- Canada Personal Income Tax guidance and implication for OCI/ NRI
- Tax implications for filing taxes in India with double taxation review
Contact us at mail@myitaxes.com for attractive Canada Tax Filing Packages
For more details refer https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/get-ready-taxes.html or
contact us at mail@myitaxes.com
Canada Tax Filing Requirements for 2025
Tax Filing Deadlines
January 1 – December 31: Canadian tax year (same as the US tax year)
April 30, 2025: Deadline to file your taxes
June 15, 2025: Deadline to file if you or your spouse/common-law partner are self-employed
Ways to File Your Taxes
NETFILE-certified tax software: Electronic filing via software such as H&R Block and TurboTax by Intuit
Tax preparer using EFILE-certified software: Available to professional tax preparers (different from NETFILE)
Paper tax return
Common Canada Federal Tax Returns
T1 – Personal: Standard personal tax return for all Canadian individuals
T2 – Corporate: Tax return for registered corporations in Canada
T3 – Trust: Tax return for a trust in Canada
Additional Forms and Schedules
- Schedule 2: Federal Amounts Transferred from your Spouse/Common-Law Partner
- Schedule 3: Capital Gains (or Losses)
- Schedule 5: Amounts for Spouse/Common-Law Partner and Dependants
- Schedule 6: Canada Workers Benefit
- Schedule 7: RRSP, PRPP, SPP Unused Contributions, Transfers, and HBP or LLP Activities
- Schedule 8: Canada Pension Plan Contributions and Overpayment
- Schedule 9: Donations and Gifts
- Form T2036: Provincial or Territorial Foreign Tax Credit
- Form T2209: Federal Foreign Tax Credits
Tax Collection Jurisdictions
Federal-Provincial Agreements: Most provinces have agreements for federal tax collection
Quebec: The only province that collects provincial personal income taxes through its own agency
Provinces and Territories include:
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
Common Income Buckets
- T4 slip: Statement of Remuneration Paid
- T4A: COVID-19 amounts for benefits received and taxable
- Tips, gratuities, or occasional earnings
- Foreign employment income
- Taxable capital gains
- Commission
- Employment and self-employment income
- Pension and savings plans income
- Investment income
- Benefit income
2025 Federal Tax Bracket Rates
- 15%: Up to $57,375 of taxable income
- 20.5%: $57,376 to $114,750
- 26%: $114,751 to $117,882
- 29%: $117,883 to $253,414
- 33%: Over $253,415
Ontario Provincial Tax Bracket Rates
- 5.05%: Up to $49,231 of taxable income
- 9.15%: $49,231 to $98,463
- 11.16%: $98,463 to $150,000
- 12.16%: $150,000 to $220,000
- 13.16%: Over $220,000
CRA Compliance Steps
- Voluntary Disclosure Program: Submit previously unreported or underreported amounts
- CRA Net Worth Audit: Review of lifestyle and assets compared to reported income
- GST/HST Audit
- Small Business Tax Audit: Especially in Toronto for income and expense claims
Information Sharing: Between CRA and IRS; foreign bank accounts need to be disclosed, and global income must be reported