Here are some changes to be aware of ahead of tax season

Tax season is quickly approaching and there are a few changes to be aware of.

A Saskatchewan accountant says one of these changes involves the income threshold for 2024.

“Earlier it was somewhere [around] $14,000 and this year it’s $15,705, so people can earn a little more income compared to last year,” Gautam Sudani said.

Sudani says there have also been changes to the Canada Workers Benefit and the rules for those who make an income behind the wheel, specifically rideshare and delivery drivers for services such as Uber or Skip (formerly SkipTheDishes).

For those who opened a first home savings account, Sudani says to indicate that on your return to maximize your contribution allowance.

He adds that common mistakes include not knowing deadline dates or not including all relevant tax information, such as T4s.

He encourages those filing for the first time and those new to the country to create an account with the Canada Revenue Agency.

“They can keep up to date their account if they move from one place to another, because newcomers once they come, there are a lot of changes in their life?” Sudani said.

Sudani says not filing your taxes can result in interest, penalties or not receiving a notice of assessment — which is needed to apply for things like housing loans.

Canadians can start filing their 2024 tax returns online on Feb. 24 with that familiar deadline of April 30.

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