As many of you may have heard, the Canada Revenue Agency (CRA) has recently announced a series of penalty relief measures due to the delayed implementation of the increase to the capital gains inclusion rate, now set to take effect on January 1, 2026. While this announcement brought some clarity, it also added pressure and delays across the tax filing landscape — especially for firms like ours processing a large volume of client files.
At JA Accounting, we want to keep you fully informed and explain how these updates might affect your filings and processing timelines.
🚨 What Did CRA Announce?
In response to filing difficulties and system changes required for the new capital gains rules, CRA is temporarily waiving penalties and interest for certain taxpayers and information returns:
📅 T1 Individual Filers
- Original Due Date: April 30, 2025
- New Relief Deadline: File by June 2, 2025 to avoid late-filing penalties and interest — but only if you’re considered an “impacted T1 Individual filer”, such as those reporting capital gains.
📅 T3 Trust Filers
- Original Due Date: Typically 90 days after the trust’s year-end
- New Relief Deadline: File by May 1, 2025 if the trust has capital dispositions.
🧾 Information Slips
The CRA also announced penalty relief for the following slips:
- T4, T4A, T5: Penalty waived if filed by March 7, 2025
- T4PS, T5008: Penalty waived if filed by March 17, 2025
- T3 slips (for impacted trusts): Penalty waived if filed by May 1, 2025
⚠️ Please note: CRA will still calculate penalties based on the original due date if returns are filed after the extended relief deadline.
⏳ How This Affects You
Due to these changes, many tax professionals across the country are adjusting to shifting deadlines, evolving CRA guidelines, and updated software timelines. At JA Accounting, we’ve seen an increase in last-minute changes and additional review steps required for certain filings — especially for clients with capital gains, trust filings, or information slips.
As a result, we kindly ask for your patience and understanding, as these factors may cause some delays in processing your documents and finalizing your tax returns.
📝 What You Should Do
- If you have capital gains to report, or if you’re unsure whether you’re an “impacted filer,” don’t wait — get in touch with our team so we can assess your situation.
- Make sure your documents are submitted on time so we can take full advantage of any relief options available.
- Stay updated by checking your email and our website for the latest info.
💬 Still Have Questions?
We’re here to guide you through it. You can book a consultation with us directly through www.jaaccounting.ca to review your case and make sure you’re covered.
Let’s navigate this together — as always, your peace of mind is our priority.