The 2025 tax season is here, and it’s time to prepare. Income Tax Filing is important to avoid penalties and get your refunds on time. Tax Services in Prince George help people file taxes correctly. A tax accountant can make the process simple and stress-free.
When Do You Need to File Taxes?
The deadline for Income Tax Filing in 2025 is April 30. If you had a job in 2024, your employer must send you a T4 slip. This slip has important details like:
- How much money you earned
- Taxes taken from your paycheck
- Payments to CPP and EI
Filing on time helps avoid late penalties and gets refunds faster. It also ensures benefits like the Canada Child Benefit (CCB) continue without delay.
Important Tax Changes in 2025
The government changes tax rates every year. In 2025, the income tax brackets have increased slightly due to inflation. Here are the new rates:
- 15% tax on the first $57,375 earned
- 5% tax on income between $57,375 and $114,750
- 26% tax on income between $114,750 and $177,882
- 29% tax on income between $177,882 and $253,414
- 33% tax on income over $253,414
Besides federal taxes, you also pay provincial taxes based on where you live.
Penalties for Late Filing
Missing the April 30 deadline can be costly. The CRA charges a 5% late penalty on unpaid taxes. If you delay longer, there is an extra 1% charge every month. To avoid these fees, file on time or get help from a Tax Accountant in Prince George.
Changes to the Canada Child Benefit (CCB)
- Families with children will receive slightly higher CCB payments in 2025:
- $7,997 per year for children under 6 (up from $7,787)
- $6,748 per year for children aged 6 to 17 (up from $6,570)
- These changes help families keep up with rising costs.
How to Make Tax Filing Easy
- Organize Documents Early – Gather T4 slips, receipts, and other papers in advance.
- Get Professional Help – A Personal Tax Accountant or Income Tax Specialist can make tax filing simple.
- Use E-Filing Services – Virtual Tax Filing allows you to submit your taxes online fast.
- Plan for Next Year – Tax Planning Strategies help reduce taxes in the future.
Stay Ahead with Local Tax Consulting Services
Tax Preparation is easier with expert help. Local Tax Consulting Services in Prince George offer solutions like:
- Business Tax Services for companies
- Estate and Trust Tax Services for family wealth
- Tax Credit Consulting to find tax savings
- Indigenous Tax Advisory for special tax situations
- Multi-Year Tax Filing Support for past tax issues
Don’t wait until the last minute. Start early, use Customized Tax Strategies, and work with a trusted Tax Accountant to file your taxes smoothly in 2025!