Important Dates & Deadlines

Key Tax Deadlines for 2024-2025

• RRSP Contribution Deadline: March 3, 2025
• Individual Tax Return Deadline: April 30, 2025
• Self-Employed Tax Return Deadline: June 16, 2025

New Tax Brackets for 2024

Federal Tax Brackets:

• 15% on $55,867 or less of taxable income

• 20.5%  (from $55,868 to $111,733)

• 26% (from $111,734 to $173,205)

• 29% (from $173,206 to $246,752)

• 33% on income over $246,752

Ontario Tax Brackets:

• 5.05% on the first $51,446 of taxable income

• 9.15% (from $51,447 to $102,894)

• 11.16% (from $102,895 to $150,000)

• 12.16% (from $150,001 to $220,000)

• 13.16 %  Above $220,001

Tax Credit & Rebate Highlights

Basic Personal Amount

The basic personal amount for 2024 is $15,705, increasing to $16,129 in 2025. This amount reduces the taxable income for individuals, lowering the overall tax burden.

Ontario Rebate

The Ontario government has announced a $200 rebate for individuals residing in Ontario. Additional amounts are available for families:

• $200 per adult over 18
• $200 per child (for those qualifying for the Canada Child Benefit)
• A family of five could receive up to $1,000 (2025 Ontario Rebate)

Canada Carbon Rebate (CCR)

Starting July 2025, eligible individuals will automatically receive quarterly CCR payments to help offset carbon pricing costs.

Extension for 2024 Charitable Donations

The federal government has announced an extension for making charitable donations eligible for tax support in the 2024 tax year. Individuals can claim donations made up to February 28, 2025, on their 2024 personal income tax return.

Important Notes:

• To qualify for the Ontario rebate, you must have filed your 2023 Income Tax and Benefit Return by the end of 2024.
• Keep all relevant documentation for your tax filing.

Personal income tax: What’s new for 2024 from Canada.ca