As of the current date, 25.02.2025, the new income tax season for individual income taxes has started in Canada. Generally, the tax season for individual income taxes in Canada runs from February to April of each year, with the exact start and end dates varying depending on the province or territory.

The new tax season has begun. Canadians will be required to file their income tax returns with the Canada Revenue Agency (CRA), and Revenu Quebec (for Quebec residents) and pay any taxes owed by the deadline, which is typically April 30th for most individuals. It is important for taxpayers to stay up-to-date on any changes to tax laws or regulations that may affect their returns and to seek professional advice if they have any questions or concerns.

For most individuals, the deadline is April 30th, and for self-employed individuals it is June 15th.

Filing Deadline: The deadline for filing income taxes in Canada is April 30th for individuals. If you are self-employed, the deadline is June 15th, but any taxes owed are still due by April 30th.

Required documents: You will need to have all of your T-slips (T4, T4A, T5, T3, etc.), receipts, and any other supporting documentation related to your income, expenses, and deductions. You will also need your Social Insurance Number (SIN) and your previous year’s tax return.

Canada has many tax credits available to individuals. Make sure to review all available tax credits and deductions to maximize your refund.

Contributions to a TFSA are not tax-deductible, but any investment income earned in the account is tax-free. Make sure to report any contributions or withdrawals from your TFSA on your tax return.

A First Home Savings Account (FHSA) is a registered account in Canada designed to help first-time homebuyers save for a down payment. Here are some key things to remember about an FHSA:

1. Eligibility
You must be a Canadian resident.

You must be at least 18 years old.

You must be a first-time homebuyer (meaning you have not owned a home in the year the account is opened or in the preceding four calendar years).

2. Contribution Limits
The annual contribution limit is $8,000.

The lifetime contribution limit is $40,000.

Unused contribution room can be carried forward to the next year, up to a maximum of $8,000.

3. Tax Benefits
Contributions are tax-deductible, meaning they reduce your taxable income.

Investment growth within the account is tax-free.

Withdrawals for a qualifying home purchase are tax-free.

4. Qualifying Withdrawals
Funds must be used to purchase a qualifying home in Canada.

You must be a first-time homebuyer at the time of withdrawal.

The account must have been open for at least 15 years before making a withdrawal.

5. Account Duration
The FHSA can remain open for a maximum of 15 years or until the end of the year you turn 71, whichever comes first.

If you don’t use the funds for a home purchase, you can transfer the balance to an RRSP or RRIF tax-free, or withdraw the funds as taxable income.

6. Combining with Other Programs
You can combine the FHSA with the Home Buyers’ Plan (HBP), which allows you to withdraw up to $35,000 from your RRSP tax-free for a home purchase.

7. Investment Options
Similar to an RRSP or TFSA, the FHSA can hold a variety of investments, such as stocks, bonds, mutual funds, and GICs.

8. Non-Qualifying Withdrawals
If you withdraw funds for non-qualifying purposes, the amount will be taxed as income and may be subject to penalties.

9. Account Closure
If you don’t use the funds for a home purchase, you must close the account after 15 years or transfer the funds to an RRSP/RRIF.

10. Provincial Considerations
Some provinces may have additional rules or benefits related to the FHSA, so check your provincial regulations.