CRA Extends 2024 Capital Gains Tax Filing Deadline by One Month
If you’re dealing with capital gains on your 2024 taxes, you’re getting some extra time to file! The Canada Revenue Agency (CRA) just announced that individual taxpayers reporting capital gains or losses in 2024 now have until June 2, 2025 , to file their tax returns without worrying about interest or late-filing penalties. This is a one-month extension from the usual April 30 deadline.
For trusts that need to report a capital disposition on their 2024 T3 return, the deadline has also been extended—this time until May 1, 2025 . Normally, these returns would be due by March 31, so this gives trusts a little breathing room too.
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Now, why is this happening? Well, it all ties back to the government’s proposed increase in the capital gains inclusion rate —basically, the percentage of a gain that gets taxed. Originally, this rate was set to jump from 50% to 66.7% starting June 25, 2024 . But after some political delays and Parliament being suspended, the change was postponed to January 1, 2026 . That means, for now, we’re sticking with the 50% inclusion rate for any capital gains realized before 2026.
The CRA is also making adjustments for those who had already filed using the proposed two-thirds inclusion rate. If you’re a corporation or trust that reported under the higher rate, don’t worry—the agency has promised to coordinate reassessments to correct these filings.
This extra time is meant to help individuals and trusts navigate the shifting tax rules without being penalized. Given how many changes have happened in a short period, this extension offers some relief to those still sorting through their tax obligations.
The 2024 tax-filing season officially kicks off on February 24 , when taxpayers can begin filing their returns online. Last year, the CRA received over 33 million tax returns , with almost 93% of them filed electronically.
So, if you’ve got capital gains to report, take note of these new deadlines. You now have a little more time to get everything in order, and you won’t have to rush to meet the usual filing dates.
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