MOOSE JAW — As taxpayers prepare to file their 2024 tax returns, it’s crucial to stay informed about recent changes and ways to lower your total tax amount owing. Michael Biette, a seasoned tax specialist at Tax Team, offers valuable guidance to ensure you maximize your returns this year.
All individuals aged 18 and older must file a tax return — even if they have no income to report. This allows them to start receiving government rebates such as the Goods and Services Tax (GST) and the .
Key changes affecting 2024 returns
One of the biggest changes this year is an increase in the carbon tax rebate supplement from 10 to 20 per cent for rural communities, including Moose Jaw.
“This means an extra $75.20 per year per single individual, or an extra $150.40 per year for a family of four,” Biette explained. However, to qualify, “both spouses need to file a tax return each year, even if one has no income.”
Taxpayers who made charitable donations in January and February 2025 can now opt to claim this on their 2024 return.
“The extra two months are optional and may increase this year’s refund, but may result in a reduced refund next year with only 10 months of donations to claim,” Biette noted.
Additionally, taxpayers should be aware of new rules around selling a principal residence within 12 months of purchase.
For homeowners planning renovations, the is back — but it will apply to next year’s return.
“This applies to all renos to your principal residence from Oct. 1, 2024, to Dec. 31, 2025 — 15 months — so people should be collecting and keeping their renovation receipts,” he advised.
Family-focused tax benefits
Families should explore the , which helps cover the cost of children’s sports, cultural, and recreational activities.
“In 2024, the combined family net income had to be below $60,000,” Biette said. “This will double in 2025 to a benefit of $300 per child for families with a combined net income of $120,000 or less.”
Parents with childcare expenses may have additional tax-savings. Childcare expenses may also increase the amount you receive for GST and the , Biette explained. “In two-parent families, these expenses need to be claimed by the lower-income parent.”
Avoiding common mistakes and overlooked deductions
Many taxpayers miss out on deductions that could save them money. One of the most common of these is medical expenses.
“Medical insurance premiums can be included as a medical expense, as well as all dental work, prescriptions, eye exams, prescription glasses, and much more,” Biette said. However, he noted that “massage therapy is not an allowable medical expense in Saskatchewan.”
Graduates living and working in Saskatchewan may also be eligible for the . “This applies to graduates from most post-secondary schools around the world,” he said. “If you graduated from a post-secondary school within the past seven years and are now living and working in Saskatchewan, you may qualify for this credit.”
Even seasoned taxpayers can make mistakes when filing. One of the biggest mistakes Biette sees is misreported Co-op T4A dividends.
If the purchases were for personal use, the dividends should be reported as non-taxable income, but they may be offset by a tax credit, resulting in no additional tax owing, Biette explained.
Another common oversight is not updating marital status, which can impact benefits such as GST, the Canada Child Benefit, and the Carbon Tax Rebate. “It is recommended to update the CRA during the year that your marital status changed,” Biette said. “This can be done on or by calling the CRA directly.” The number for the CRA is 1-800-959-8281.
Homeowners must ensure they properly report the sale of a principal residence. “Not reporting your principal residence when you sell it can result in penalties of up to $8,000,” Biette said. “If it was held for over 12 months and was your primary residence for all the years you owned it, it should be tax-free.”
Lastly, filing too early can create issues if a taxpayer forgets to report income. “If the CRA finds unreported income, there can be severe penalties — especially if it’s your second time over three years,” he warned.
Tax filing deadlines
The tax filing deadline for most individuals is Wednesday, April 30.
Self-employed taxpayers — and their spouses — have until Sunday, June 15, with returns filed on Monday, June 16 considered on-time. However, any balance owing will start accruing interest after Wednesday, April 30. Filing late can result in a five per cent penalty on the balance owing, plus one per cent for each full month late, up to 12 months.
Tax Team Accounting Solutions is located at 339 Main Street North. To speak to Biette or another tax professional on the team, call 306-694-4829 or visit .
