What Prince Edward Islanders need to know to navigate this tax season
CBC
Tax season officially kicked off Monday as the Canada Revenue Agency opened its filing portal.
This year, there are a few important changes to be aware of.
CBC News has gathered these resources to help Prince Edward Islanders complete their taxes.
For most individuals, the deadline to file personal income taxes — and avoid interest charges on any balance owed — is April 30.
If you are self-employed or operate a business, the deadline for paying any money owing is April 30, but you do not have to file your return until June 16.
There are a few things to keep in mind when filing your 2024 taxes.
At least for now, Islanders don't have to worry about capital gains tax changes. The federal government said last month it would reverse course on increases to the capital gains tax initially announced in the last federal budget, delaying the effective date of the increase from the original date of June 25, 2024, to Jan. 1, 2026.
For those who need to report capital gains, the CRA is offering extra time to file without facing penalties or interest charges. The new deadline is June 2.
There is also an extended deadline for charitable donations. In the wake of the recent postal strike, CRA pushed the deadline for 2024 donations to Feb. 28, 2025, giving donors more time to make contributions that qualify for tax benefits. If donations made before this date aren't claimed on this year's return, they can still be applied to the 2025 return or carried forward.
Changes to income tax rules now deny income tax deductions related to non-compliant short-term rentals after 2023. Starting in 2024, CRA is denying income tax deductions for expenses related to short-term rentals that do not comply with local regulations, such as licensing and permitting rules.
"This change applies to all expenses, including interest expenses incurred after 2023 to earn income from operating non-compliant short-term rentals," said CRA spokesperson Melanie Kavanagh.
Kavanagh said filing online is the fastest way to get a refund. Compared to paper filing, which can take up to eight weeks, filing electronically allows refunds to be processed in an average of just eight days.
"Last year, Canadians filed more than 33 million tax returns, and nearly 93 per cent of them were filed electronically. There were also more than 19 million refunds processed, and Canadians who had a tax refund received an average of $2,293," Kavanagh told CBC News.
Islanders looking for an easy way to file online can visit the CRA website to find a list of free software programs, she added.
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