TaxMatters@EY – March 2025 | EY - Canada
In this issue: Personal tax-planning tips; personal tax deductions and credits; recent CRA guidance that financial losses from scams generally don’t qualify for tax relief
www.ey.comHere’s the latest on Canada’s tax deadline approaching.
Illustration: If you’re self-employed, file by June 15, 2026 to avoid late-filing penalties, but you must pay any taxes owed by April 30, 2026; this distinction is commonly emphasized in CRA guidance and summarized in recent coverage.[5][3][1]
Would you like a concise checklist tailored to your situation (employee vs. self-employed, common deductions, and CRA relief options)? I can tailor it to your location (Canada) and any imminent dates you’re targeting.
Citations:
In this issue: Personal tax-planning tips; personal tax deductions and credits; recent CRA guidance that financial losses from scams generally don’t qualify for tax relief
www.ey.comadvises that this delayed deadline is intended to provide relief for businesses and other taxpayers affected by tariffs. The CRA made this announcement on March 22, 2025. KPMG observations The CRA has not yet provided additional details on this relief. For instance, it’s not yet clear whether the relief extends to delaying the related returns’ normal filing due dates,
assets.kpmg.comInformation for individuals on important dates.
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