The Canada Revenue Agency (CRA) has announced an extension for 2024 individual and trust tax return filings with capital gains or losses. This is in response to ongoing uncertainties surrounding the proposed, and then deferred, capital gains inclusion rate changes. In light of the delayed legislation and administrative challenges, the CRA is allowing additional time for impacted taxpayers to comply with their tax-filing obligations.
Extended Deadlines for Individuals and Trusts
- Individuals with Capital Gains or Losses: Individual taxpayers who report a capital gain or loss on their 2024 tax return now have until June 2, 2025 (extended from April 30, 2025) to file their return without incurring interest or late-filing penalties.
- Trusts with Capital Dispositions: Trusts reporting a capital disposition on their 2024 T3 return have until May 1, 2025 (extended from March 31, 2025) to file without penalties or interest charges.
- Trusts with January Year-Ends: Trusts with a fiscal year ending between January 1, 2025, and January 31, 2025, also benefit from interest and penalty relief until May 1, 2025.
- We would like to remind our clients that tax receipts/documents are being generated until the end of March. Please consult your Tax Package to ensure you have received all of your required tax receipts/documents on the Checklist.
Please feel free to Contact Us with any questions.
