The CRA recently announced a 2025 tax deadline extension for personal and family trust returns impacted by capital gains changes. If you qualify, you may have until June 2nd (personal) or May 1st (trusts) to file. While this extra time may sound helpful, waiting could cause more issues than it solves. Many accountants, my team included, shift their focus to corporate filings after April 30th, making it harder to get personal returns completed. In my latest video, I explain who qualifies for the extension, what the new deadlines mean, and whether you should take advantage of the extra time or file as planned.
Video Transcript: Should you take advantage of the 2025 tax deadline extension?
For spring 2025, your tax deadlines for your personal tax return or your family trust tax return may have been pushed back.
Revenue Canada has announced that if returns are impacted by the capital gains inclusion rate changes, personal and trust tax returns will have an additional month before they need to be filed.
This means personal tax returns are now due June 2nd, and trust returns are due May 1st.
However, beyond the fact that you need to have had capital gains during the year to qualify for the extension, keep in mind that many accountants shift their focus after April 30th. Most dedicate their resources to completing personal and trust returns in March and April, then switch to corporate filings.
So, where possible, it’s best to ignore the extensions—but in some cases, they may be useful.
I’m George Dube, saving the world from tax, one bow tie at a time®.
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Resources
For additional resources related to the 2025 tax deadline extension, see:
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Remember – circumstances are unique! This information is summary in nature. Seek out advice from your tax advisor about your specific situation.
