An ongoing issue is causing a delay for certain people looking to file their 2024 income tax statement with the Canada Revenue Agency (CRA).
In a , the CRA said it is “working diligently to update its systems” for anyone trying to file a capital gains statement.
Claiming capital gains
According to the CRA, is money you need to claim on your taxes after you sell, or are considered to have sold, a capital property for more than its adjusted cost base. So selling a secondary property for more than you invested in it, or an insurance payout if the property is destroyed, for example.
Canadians do not pay capital gains taxes when selling their principal home.
CRA said anyone filing a T1 or T3 return needs to to delay a bit longer, as it is working to update its software to the capital gains inclusion rate of one-half.
“The CRA recommends that those impacted by this situation wait until the updates are completed in the coming weeks before filing their income tax and benefit return,” the agency said. “The CRA will grant relief in respect of late-filing penalties and interest until June 2, 2025, for individual filers and until May 1, 2025, for Trust filers to provide additional time for taxpayers reporting capital gains to meet their tax filing obligations.”
Earlier in January, the department of finance announced it was deferring a capital gains inclusion increase that was supposed to kick in last summer.
±·´Ç·É,Ìý, the inclusion rate will increase from one-half to two-thirds on capital gains in excess of $250,000 annually for individuals, and on all capital gains realized by corporations and most types of trusts.
The original increase was supposed to happen for any capital gains after June 25, 2024.
2024 tax statement
According to the CRA, last year 93 per cent of Canadians filed their income tax and benefit returns online.
In Ontario, more than 11.3 million people filed their tax returns online.
This year’s deadline to file income tax statements is April 30, 2025. For self-employed individuals, the deadline is June 15.
If you need assistance filing your income tax, the province has various free tax clinics available. Find a location near you at .
The government also has a link to help you locate an EFILE certified tax preparer near you. Visit and input your postal code to find someone in your area.
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