Stay current with the latest CRA updates, tax deadlines, and important notices
The EFILE and ReFILE services are available for electronic transmission from February 19, 2024 until January 31, 2025, for the electronic filing of 2018 through 2023 T1 personal income tax and benefit returns.
Important: Electronic filing ensures faster processing and quicker refunds compared to paper filing. Contact Tax Valley Canada to file electronically.
March 1, 2025 is the final day to make RRSP contributions for the 2024 tax year. You have 60 days following the end of the calendar year to make contributions that count toward the previous tax year.
💡 Pro Tip: Maximize your RRSP contributions before the deadline to reduce your 2024 taxable income and potentially receive a larger refund.
The penalty for over-contribution to your RRSP is 1% per month on the excess amount over $2,000. This can add up quickly!
Not sure of your contribution limit? Call our office at (780) 695-2122 and we will look it up for you right away. Your RRSP limit is shown on your most recent Notice of Assessment from CRA.
April 30, 2025 — Deadline for most individuals to file their 2024 T1 personal income tax return. This is also the deadline for payment of any taxes owed.
June 16, 2025 — Extended filing deadline for self-employed individuals and their spouses/common-law partners. Note: Taxes are still due April 30, 2025 to avoid interest charges.
Alberta families with young children may be eligible for reduced childcare fees under the federal-provincial childcare agreement. The Canada-Wide Early Learning and Child Care (CWELCC) program aims to reduce child care costs to an average of $10 per day.
Tax Implications: Childcare expenses may be deductible on your tax return. Keep all receipts and documentation. Contact us for guidance on claiming childcare expenses.
Important: The CRA will NEVER:
If you receive suspicious contact claiming to be from CRA: Note the caller's name, phone number, and badge ID, then contact our office at (780) 695-2122. We can verify whether it's legitimate.
Employer and financial institutions must issue tax slips by:
⚠️ Warning: Missing income on your tax return can result in a penalty of 20% of the unreported amount—minimum! Please ensure you provide us with ALL your tax slips to avoid costly penalties.
The CRA has become increasingly strict about ensuring taxpayers file on time. While you're only legally required to file if you owe taxes or receive a formal request to file, filing annually is highly recommended to claim credits and benefits.
If CRA sends you a formal "Request to File" letter:
Received a request to file? Contact us immediately at (780) 695-2122 so we can help you meet the deadline and avoid penalties.
Since 2016, ALL real estate transactions must be reported on your personal tax return—even the sale of your primary residence. This includes homes, condos, cottages, and land.
What you need to report:
⚠️ Important: Even if there's no tax owing on your principal residence sale, failure to report it can result in penalties up to $8,000. Non-reporting may also jeopardize your principal residence exemption, resulting in unexpected capital gains tax.
Missed reporting a past real estate sale? Contact us to file the necessary forms and adjust your return. It's better to correct it proactively than face penalties and potentially lose your capital gains exemption.
Our team stays current with all CRA updates and tax law changes. Contact us for personalized guidance on how these updates affect you.
Book your free consultation with our CPA-certified tax experts today.
Schedule Your Free ConsultationOr call us directly at (780) 695-2122
