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.
Our Approach
Despite the extended deadlines, we remain committed to completing all personal and trust tax returns by their original deadlines to ensure timely and efficient tax filing. We strongly encourage all clients to submit their tax-related documents as soon as they receive them.
If you have any questions about how this extension impacts your tax situation or any other tax issues, please contact a Bateman MacKay Business Advisor for guidance. Subscribe to our blog and follow us on LinkedIn for additional updates on tax, accounting and business advisory matters, including the 2025 Federal Budget.
