Canadians still have time to file their taxes before the April 30, 2025, deadline—and if you haven’t submitted your return yet, make sure you’re not missing out on valuable Canada Revenue Agency (CRA) benefits. Failing to claim these could mean you’re leaving hundreds, even thousands, of dollars unclaimed.
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Here are three essential CRA benefits that every Canadian taxpayer should double-check before hitting “submit” on their return.
1. Basic Personal Amount (BPA) — A Simple Yet Powerful Tax Reduction
The Basic Personal Amount (BPA) is a non-refundable tax credit that reduces the amount of income tax you owe. For the 2024 tax year, the BPA has increased to $15,705, up from $15,000 in 2023. That means more of your income is tax-free.
- How it works: You receive a full tax break if your income is below the BPA threshold, and a partial one if your income is higher.
- Looking ahead: For the 2025 tax year, the BPA will increase further to $16,129.
While many taxpayers automatically benefit from the BPA, it’s still wise to ensure that your tax software or accountant has applied it properly, especially if you’ve had multiple income sources or moved between provinces.
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2. Medical Expenses Tax Credit — Relief for High Healthcare Costs
If you or your family paid for medical treatments not covered by insurance, you may be eligible for the Medical Expenses Tax Credit. This credit is designed to help Canadians offset significant health-related expenses.
- Eligible expenses include: Prescription medications, vision care, dental work, medical devices, and more. You can claim expenses paid in any 12-month period ending in 2024.
- Tax credit value: You can claim the lesser of 3% of your net income or $2,834 for 2024.
This benefit is especially valuable for low-income earners who’ve faced major health costs. It’s refundable, meaning it can increase your refund even if you don’t owe taxes.
3. Canada Child Benefit (CCB) — Monthly Tax-Free Support for Families
If you’re a parent or guardian, the Canada Child Benefit (CCB) is an income-tested, tax-free monthly payment to help with the costs of raising children under the age of 18.
- Payment amounts (2025):
- Children under 6: $641.98/month
- Children aged 6–17: $547.50/month
The CCB is calculated based on your adjusted family net income, and filing your taxes on time is the only way to continue receiving payments without interruption. Don’t skip this if you qualify—this benefit can amount to thousands of dollars annually per child.
Create Tax-Free Investment Income With TFSA and RRSP
Beyond CRA benefits, you can further reduce your tax burden and increase your financial security by investing smartly in Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP).
TFSA Pick: Headwater Exploration (TSX:HWX)
- Price: $5.47 per share
- Dividend yield: 8.04%
- Annual income from $7,000 investment: ~$562.80 tax-free
Headwater is an oil and gas producer with a solid balance sheet and positive cash flow. Its reliable income makes it an ideal candidate for a TFSA, where dividends and capital gains are 100% tax-free.
RRSP Pick: Pizza Pizza Royalty (TSX:PZA)
- Price: $13.70 per share
- Dividend yield: 6.79%
- Compounding potential: Monthly dividends + DRIP
- RRSP contribution limit (2025): 18% of earned income, up to $32,490
Pizza Pizza Royalty has strong brand recognition and stable earnings. When held in an RRSP, you benefit from immediate tax deductions on contributions—and tax-deferred growth on your investments.
Final Thoughts: Don’t Leave Money on the Table
Filing your taxes isn’t just about compliance—it’s an opportunity to maximize your refund, reduce your tax bill, and strengthen your long-term finances. Whether it’s the BPA, medical credits, child benefits, or tax-free investment vehicles like TFSAs and RRSPs, there’s real money at stake.
To ensure you’re claiming everything you’re eligible for:
- Review all potential CRA benefits
- File by the April 30, 2025 deadline
- Consider using certified tax software or consulting a professional
A few smart steps today can lead to thousands saved—or earned—tomorrow.
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