2025 Tax Prep Checklist for Canadians
February 7, 2025 by Finquest FinancialTax season doesn’t have to be stressful. With a simple checklist, you can collect documents, claim the right deductions, and file on time. Here’s how to prepare for the 2025 filing season.
Know Your Deadlines
The general deadline to file personal income tax returns is typically April 30, while self‑employed individuals usually have until June 15 to file (but any balance owing is still due by April 30). Always verify current dates with the Canada Revenue Agency (CRA) as annual calendars can shift.
Collect Your Slips & Receipts
Gather the common slips you’ll need:
- T4 (employment income)
- T5 (investment income)
- T4A (self‑employment or other income)
- RRSP contribution receipts (including any early‑year contributions that apply to last year)
- Tuition & education forms if applicable
- Childcare, medical, and moving receipts where eligible
Maximize Credits & Deductions
Look into credits many Canadians overlook: medical expenses, charitable donations, student loan interest, and eligible moving costs. If you contributed to an RRSP before the deadline, keep those receipts handy — they can reduce taxable income.
Organize with CRA’s Tools
Create or sign in to CRA My Account to download your slips directly and check past returns. Many Canadians also use reputable tax software certified by the CRA, which can auto‑import slips to reduce errors.
If a Bill Comes Due Before Your Refund
For some, the challenge of tax season is timing. If you’re facing urgent expenses before your refund arrives, a short‑term option can help you bridge the gap. Finquest Financial offers fast payday loans of up to $1,500 with e‑transfer funding.
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