CRA Checklist 2025 Tax Season: Personal Tax Return T1 Guide by Mowat Accounting

Get Ready for Tax Season: Your 2025 Personal Income Tax Checklist

Tax season is rolling around again, and while gathering your financial documents can feel a bit overwhelming, being prepared is the best way to ensure a smooth filing process. To help you get organized, minimize your stress, and maximize your return, we have put together a comprehensive 2025 Personal Income Tax Return Checklist.

You can download the full PDF checklist attached at the bottom of this post! Here is a sneak peek at what you will find inside and what you need to start gathering today.

The Essentials: Information All Clients Must Provide

The first section of our checklist covers the foundational documents and information required for all tax returns. As you prepare to file, you will need to track down:

• All of your standard T-slips, including T4s, T3s, T5s, and provincial equivalents.

• Records of income not reported on T-slips, which includes money earned from the sharing economy like Uber, VRBO, or Airbnb.

• Detailed lists of your investments, including a log of all crypto-asset holdings and transactions.

• Receipts for deductible expenses, such as employment-related expenses or costs related to working from home, provided you meet the specific eligibility criteria.

  
  

Important Questions and Life Changes

Your life changes year to year, and those milestones often impact your tax situation. Our checklist includes a brief questionnaire to ensure we do not miss any valuable credits. We will ask you to provide relevant details if you answer "yes" to questions such as:

• Did you buy a home in 2025?

• Are you a U.S. citizen or a green card holder?

• Are you or any of your dependents disabled?

  
  

If you are a new client joining us this year, there is also a dedicated section just for you. You will need to provide your basic personal information, your social insurance number (SIN), and all CRA correspondence from the past three years.

What is New for 2025?

Tax laws are always evolving, and the final section of our checklist highlights several important updates you should be aware of this year:

• Tax Rate Reduction: The lowest marginal tax rate is proposed to be reduced to 14.5% for the 2025 tax year.

• Digital Platform Reporting: Digital platform operators, like Airbnb and Etsy, are now legally required to report seller information directly to the CRA on an annual basis.

• UHT Cancellation: The Underused Housing Tax (UHT) reporting and taxation regime will be cancelled for 2025 and later years.

• Carbon Tax Wind-Up: The federal carbon tax program is ending, meaning most individuals will receive their final quarterly payment starting in April 2025.

• Canada Disability Benefit: A new income-tested benefit of up to $2,400 annually is now available for eligible individuals aged 18 to 64.

• First Home Savings Account (FHSA): First-time home buyers can set up an FHSA, allowing annual deductible contributions of up to $8,000.

  
  

Download the Checklist Today

Do not wait until the last minute to get your paperwork in order! Please download the attached 2025 Personal Income Tax Return Checklist , check off the boxes as you gather your information , and contact Charles A Mowat, Public Accountant, to get started on your return.