In 2025, the Canada Revenue Agency (CRA) announced extensions to certain tax filing deadlines to accommodate taxpayers affected by recent changes to the capital gains inclusion rate. The key extensions are as follows:
Individual Tax Returns (T1): For individuals reporting capital gains, the CRA has extended the deadline to file income tax and benefit returns without incurring late-filing penalties and interest until June 2, 2025. This is an extension from the standard deadline of April 30, 2025.
Trust Income Tax Returns (T3): Trusts reporting capital dispositions have an extended deadline to file T3 returns and slips without late-filing penalties and interest until May 1, 2025. This extends the usual deadline from March 31, 2025.
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Information Returns (e.g., T4, T4A, T5): Due to challenges with the CRA’s electronic filing system and recent changes to the capital gains inclusion rate, the deadline to file certain information returns without late-filing penalties has been extended:
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T4, T4A, and T5 Information Returns: Extended to March 7, 2025, from the original deadline of February 28, 2025.
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T4PS and T5008 Information Returns: Extended to March 17, 2025, from the original deadline of February 28, 2025.
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These extensions aim to provide taxpayers and tax professionals additional time to accurately report capital gains and meet their tax filing obligations amidst ongoing system updates.
For more information on Capital Gains deadline extension and inclusion rate click here