Personal Tax Checklist And Helpful Hints
Please complete and print the checklist below for yourself and each family member (if applicable). We have also included helpful hints for you to consider in assembling your tax information.
Link – Personal income tax return checklist and a list of helpful tips
Tax Preparation Due Dates
In order to complete your return on a timely basis, please send us your tax information slips and documentation by March 14, 2025. Note any outstanding tax information on the checklist as there may be tax slips (such as T3’s) or information that you may not receive until April.
We cannot guarantee that your return will be filed with the Canada Revenue Agency by the April 30, 2025 deadline if all information is not received by April 15, 2025.
If you have your documents compiled electronically, please email documents@taylorleibow.com and a secure link will be sent to you to allow your documents to be uploaded.
New Tax Considerations
The CPP Pension Enhancement
Starting in 2024, the federal government began collecting a second level of CPP contributions. The enhanced CPP has two earnings tiers. As before, all employee contributions must be matched by the employer.
The first tier works similarly to the old system. Employees contribute to CPP based on 5.95% of their maximum pensionable earnings (2024: $68,500).
There is a second contribution tier to maximum pensionable earnings of $73,200. Employees in this group will pay an additional 4% on their earnings between $68,500 and $73,200.
In 2025, the maximum pensionable earnings will increase to $71,300 and $81,200 for the first and second tier, respectively.
Capital gains Inclusion Change
For 2024, all capital gains realized before June 25, 2024 will be included in income at 50% (consistent with prior years). Any gains realized post June 24, 2024 will be included at 2/3rds or 66.66%. However, the first $250,000 in capital gains realized after June 24, 2024 will still be included at 50%. All capital gains in excess of $250,000 will be taxed at 66.66%.
On January 31, 2025 the government announced that these proposed changes would not be implemented for 2024 and would be delayed until January 1, 2026.
OAS Recovery Tax (Clawback)
If your net income in 2024 is greater than $90,997, you will be required to repay OAS at a rate of 15% of the excess over this amount, to a maximum of the total OAS received.
In 2025, you will be required to repay OAS at a rate of 15% of your income in excess of $93,454.
Maximum RRSP Contribution
For 2024, the maximum amount you can contribute to your RRSP is 18% of your earned income to a maximum of $31,560. However, always consult your notice of assessment from the Canada Revenue Agency to confirm your contribution limits.
For 2025, the maximum amount you can contribute to your RRSP is 18% of your earned income to a maximum of $32,490.
2024 Maximum TSFA Contribution
The Tax-Free Savings Account (TFSA) contribution limit is $7,000 in 2025.
If you haven’t contributed to a TFSA between 2009 and 2024, and you were at least 18 years of age in 2009, your total contribution limit would be $102,000 for 2025.
