Tax season kicks off: What you need to know
· Toronto Sun
At my home, tax time is a test of how strong my bond with loved ones is at that particular moment. As the clock ticks down to the deadline, I find myself sitting on the floor surrounded by a pile of unorganized RRSP contribution slips, T4 documents, charitable donation receipts, dental bills and so on, usually with phrases going back and forth like, “Did you print that form? Well, where the heck is it? I don’t see it! Well, we need that one! How fast can you get it?” and so on.
I’m sure I’m not the only one who lives like that, and if you do, too, we’re here to help. The 2025 tax filing season is upon us, and preparedness is key. So here’s a guide to some of the information and documents you need to file and the important dates to keep in mind:
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Key dates
Keep on top of these dates to avoid a late-filing penalty if you owe money (usually 5% of the balance owing, plus 1% per month if you’re late.)
Feb. 23: CRA Netfile opens. You can officially submit your 2025 return online right now.
March 2: The last day you can contribute to your RRSP for the 2025 tax year. Most employers and financial institutions must have your T4 and T5 issued by this date.
April 30: Filing deadline for most individuals and payment deadline for everyone. If you’re self-employed, any balance owing is due this date to avoid interest.
June 15: Filing deadline for self-employed people and their spouses.
Personal information
You will need:
Social Insurance Number (SIN) for you and all dependents.
2024 Notice of Assessment (NOA): For your RRSP limit and Home Buyers’ Plan (HBP) and Lifelong Learning Plan (LLP) balances.
NETFILE Access Code: You can find this in your CRA “My Account” under the “Tax Returns” tab.
Direct Deposit details: Make sure your banking info is correct if you’re doing direct deposit to receive your refund in two weeks.
Security update: Starting this month, CRA requires a backup multi-factor authentication on your account.
Income slips
You will need:
2025 T4: Your employment income for the year
T4A: Pension, OAS, CPP or self-employed commissions’
T4E: Employment Insurance (EI) benefits
T5/T3/T5008: Investment interest, dividends or capital gains from sold stocks in non-registered accounts (so you don’t have to worry about this for TFSA or RRSP investments)
T4FHSA: Contributions or withdrawals from your First Home Savings Account (FHSA)
T4RSP/T4RIF: RRSP or RRIF withdrawals
Deductions and credits
Here’s the part where you get your money back, if you have the following:
RRSP receipts: For contributions made from March 2025 -March 2, 2026.
Medical Expenses: Premiums, prescriptions and dental bills. (You can ask your pharmacy or dental office for an annual summary, though you may be under the amount to qualify)
Childcare: Receipts from daycare or camps (You must have the provider’s SIN or business number)
Tuition (T2202): A form issued from your post-secondary institution to students who paid more than $100 in eligible tuition fees for a program that lasts at least three consecutive weeks and at least 12 hours a month. Your school should have this available by now.
Charitable and Political: Official tax receipts for any donations
Work-from-Home: Form T2200 signed off by your employer if you claim home office expenses
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RRSP/TFSA contribution limits
The 2025 RRSP contribution limit is the lesser of 18% of your 2024 earned income or $32,490 , plus any unused carry-forward room and pension adjustments . The deadline to contribute for the 2025 tax year is March 2
The 2025 TFSA annual contribution limit is $7,000. This allows for a maximum contribution of $102,000 for individuals who have been residents of Canada, aged 18 or older, since the TFSA was introduced in 2009. Unused room from previous years carries forward indefinitely.
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