Staying compliant with tax regulations while optimizing your business finances is crucial for long-term success. Our recent live webinar covered essential tax updates, deductions, compliance tips, and penalty relief for 2024. If you missed it, here’s a quick summary of the key insights shared during the session. 

1. CRA Tax Filing & Payment Deadlines 

Understanding filing and payment deadlines is crucial to avoid penalties and interest:  

✅ Personal tax deadline: April 30, 2025 

✅ Self-employed individuals: June 15, 2025 (payments still due by April 30) 

✅ Quarterly tax installments: Due in March, June, September, and December where balance of tax owing in the preceding year exceeded $3,000 

✅ New for 2024: CRA has announced penalty and interest relief if taxes are filed and paid by June 2, 2025.  The relief will likely apply for those affected by capital gains changes.  It is unclear if related filings (T1135s for example) would be included as well. 

For full details, visit the CRA tax deadline page. 

2. Tax Deductions & Credits 

💡 Pension splitting – A useful tax-saving strategy for retirees 

💡 Disability Tax Credit (DTC) – Assists those with disabilities or their supporting family members 

💡 Home office expenses – Individuals working from home can claim rent, utilities, and internet costs related to their office space if certain conditions are met 

💡 Vehicle expenses – Mileage tracking is essential for accurate deductions 

3. Avoiding CRA Penalties & Common Mistakes 

One key discussion point was avoiding costly errors that lead to CRA penalties:  

❌ Paying late – Interest on unpaid tax balances is currently 8% (non-deductible) 

Filing late – an initial penalty of 5% of the tax balance owing plus 1% per month for each month late 

❌ Missing required forms – Such as  T1135 or Principal Residence Exemption forms 

Learn more about CRA audits and penalties here. 

4. New Changes for 2024: What You Need to Know  

🚨 Alternative Minimum Tax (AMT): Taxpayers who previously avoided AMT may now be impacted and can owe additional tax effective January 1, 2024.  AMT can now apply to tax advantaged income such as a capital gain. 

🚨 Capital Gains Exemption: Increased to $1,250,000 for those selling qualifying shares in private companies. 

🚨 Donation Filing Deadline Extended: Now February 28, 2025, due to the postal strike. 

For official updates, visit the CRA’s tax changes page. 

5. Next Steps: How to Stay Compliant & Save Money  

📌 Use accounting software to simplify tracking of expenses and costs 

📌 Consult a CPA to ensure you maximize credits and deductions 

📌 Stay informed – Follow the latest CRA updates to avoid surprises 

📣 Still have questions? Get in touch: info@hwllp.ca 📣

 Stay informed, stay compliant, and maximize your savings.