In 2025, you can generally shred tax records and supporting documents for the 2018 tax year (if filed on time) or earlier, as the Canada Revenue Agency (CRA) requires retention for 6 years from the end of the tax year. For records related to 2019–2024, they should be kept, particularly if filing was delayed or if they relate to long-term assets.
How long to keep your records. Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to.
Take note of the key tax filing deadlines to avoid the risk of costly interest and penalties. Unless you're self-employed, the deadline to file your tax return for the 2025 tax year is April 30, 2026.
Based on the three-year rule, in late April 2025, you'll generally be able to discard most records associated with your 2021 return if you filed it by the April 2022 due date.
Canadians got a small tax cut midway through 2025, potentially saving individuals up to $420 and two-income families up to $840 per year. The Canada Disability Benefit for working-aged Canadians launched in 2025. You must first qualify for the Disability Tax Credit.
Who is eligible for this tax credit? To be eligible for the $7,500 Multigenerational Home Renovation Tax Credit in Canada, you usually need to meet the following criteria: You must be a homeowner in Canada. The resident of the renovated unit must be a family member who is a senior or an adult with a disability.
The following TCJA provisions are set to expire after 2025. Near doubling of the standard deduction, repeal of personal exemptions, and lower value of several itemized deductions, including those for: State and local taxes (SALT) Mortgage interest.
The 7 year rule
No tax is due on any gifts you give if you live for 7 years after giving them - unless the gift is part of a trust. This is known as the 7 year rule.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
April 15, 2026, is the deadline for 2025 tax returns for individuals. The due date for filing your federal income tax return is typically April 15 if you're a calendar year filer, unless this day falls on a weekend or holiday, in which case the deadline is moved to the next business day.
In Canada, a $2,000 tax credit often refers to the Pension Income Amount (Line 31400) for seniors receiving eligible pension/annuity income, creating a $300 federal credit (15% of $2,000), or a provincial Training Tax Credit for Apprentices, like British Columbia's $2,000 for completing specific training levels, while other benefits like the GST/HST Credit or Disability Benefit offer amounts varying based on income and family situation, not a fixed $2,000 for everyone.
The temporary GST/HST break ends on February 15, 2025. Starting 12:01 a.m. (local time) on February 16, businesses must resume charging GST/HST on previously exempted goods and services.
For most people, the 2025 return has to be filed on or before April 30, 2026, and payment is due April 30, 2026.
After paying credit card or utility bills, shred them immediately. Also, shred sales receipts, unless related to warranties, taxes, or insurance. After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute).
Generally, CRA can only audit someone up to four years after a tax return has been filed, although, in some cases, such as cases of suspected fraud or misrepresentation, CRA can go farther back and there is no time-limit for the re-assessment.
It's important to note that this annual exemption is your total allowance for a given tax year, which means you could give all £3,000 to one child, or split it between several children.. Note that this is a per person allowance, so both parents may gift £3,000 each per year tax-free.
2. Changes to Gifting & Inheritance Rules. Annual Gift Tax Exemption Increase: You can now gift up to $19,000 per person per year without triggering taxes. A married couple can give $38,000 to each child or grandchild tax-free.
President Trump has called for permanent extension of the 2017 tax cuts, additional policies— including no taxes on tips, overtime pay, and Social Security benefits for retirees—as well as creation of a deduction for auto loan interest for American made cars.
Canadian Tax Tips: A Guide to Maximizing Your Refund (Personal & Corporate)