Q: 2024 was a year of change. 2025 is looking to bring even more changes! What tax issues should I be aware of for my 2024 Income Tax Return?
A: There are a number of changes that have taken place that may impact your 2024 Income Tax Return. As always, we recommend that you discuss any tax matters with your Tax Preparer/Account Manager.
As usual, try to take advantage of the following: RRSP contributions (bearing in mind RRSP contributions can be made up to March 3, 2025 and still qualify for the 2024 Income Tax Year); TFSA, RDSP and RESP contributions; the pension tax credit; medical deductions, and the Canada Training Credit to name but a few of the options available.
Of course, 2024 brought with it a number of tax changes, some of which are noted below.
Charitable donations made up to February 28, 2025 can be claimed on your 2024 Income Tax Return (Clarifying the CRA’s approach in administering the proposed tax measure to extend the 2024 charitable donations deadline)
Deductions for short term rentals have changed (Changes to rules for eligible deductions from short-term rental income - Canada.ca)
Do you qualify for and have you applied for the Canadian Dental Care Plan (Canadian Dental Care Plan - Do you qualify)
There are a number of housing tax savings available. They include:
HBP (How to participate in the Home Buyers' Plan);
FHSA (First Home Savings Account (FHSA));
HATC ( Home Accessibility Tax Credit (HATC));
MHRTC (Multigenerational home renovation tax credit (MHRTC));
GST New Housing Rebate (GST/HST new housing rebate);
Principal Residence Exemption (Principal residence and other real estate);
UHT (Underused Housing Tax (UHT))
