There are two things we can all count on: taxes and…something else (we forget). And it seems like there are always new variations in both. Here’s a list of deadlines for the 2025 tax year, a recap of what’s changed, and an invitation to connect—for free— with a financial planner who can help you approach each season more tax-efficiently.
For a list of every tax and benefit that changed in 2025, visit the Canada Revenue Agency (CRA) website.
Your tax filing deadlines
| How are you filing? | Filing deadline | Payment deadline |
| If you're filing as an individual | April 30, 2026 | April 30, 2026 |
| If you, your spouse or common-law partner are self-employed | June 15, 2026 | April 30, 2026 |
| If you're filing on behalf of your corporation | Six months after the end of the corporation’s tax year | Generally, corporations have to pay their taxes in instalments, either monthly or quarterly. The balance of tax is required to be paid two or three months after the end of the tax year, depending on your balance-due day. Click here for more information. |
THE LOWEST MARGINAL TAX RATE HAS DROPPED (MARGINALLY)
The federal tax rate for the lowest tax bracket dropped from 15% to 14% starting on July 1, 2025. Because the change happened at mid-year, the full-year lowest marginal tax rate for 2025 is 14.5%. This spells savings for all of us—not just those whose income tops out at $57,375 or less.
Here are the federal tax bracket rates for individuals in 2025:
- 14.5% on the first $57,375 of taxable income, plus
- 20.5% on the portion of taxable income between $57,375 and $114,750, plus
- 26% on the portion of taxable income between $114,750 and $177,882, plus
- 29% on taxable income between $177,882 and $253,414, plus
- 33% on the portion of any taxable income over $253,414
TIP: You might be in the highest tax bracket, but that doesn’t mean you’ll pay 33% federal income tax across all your earnings. What really matters is your blended tax rate, or what The Canada Revenue Agency (CRA) calls your “progressive tax rate.” Try their interactive chart to learn more.
Federal taxes are just half of the story. You’ll have to pay provincial income tax, too, based on your province of residence on December 31, 2025. Scroll to the bottom of CRA’s “What’s new for 2025” page for resources specific to each province or territory.
CAPITAL GAINS DEFERRAL
Good news for incorporated lawyers: a tax change that came into effect on December 31, 2024, may give you more flexibility when selling shares of your professional corporation.
If you’re incorporated and sell qualifying small business shares, you have more time to reinvest in other eligible small business shares and defer the capital gains tax. Previously, you had six months; now you have until the end of the calendar year following a qualifying disposition. The rules also broaden what counts as eligible shares, potentially opening the door to more planning opportunities. This isn’t a loophole or a tax break—it’s a deferral. You’re postponing the tax, not eliminating it, which can still be valuable when managing cash flow and succession timing.
TIP: Talk to a professional. An accountant can describe exactly how these changes impact you. A Lawyers Financial Certified Financial Planner can help you build tax-efficiency into your overall financial plan.
Your 2025 tax year checklist
Whether you do it yourself or work with a team of experts, here’s a list of everything you should double-check before filing your 2025 taxes.
About you
Here are a few things you’ll need to have on hand.
☐ Last year’s tax return and CRA Notice of Assessment for you, your spouse or common law partner, and any dependents
☐ Records of any tax instalments you paid throughout the year
☐ A list of assets held outside of Canada
☐ Charitable donation receipts
☐ Political contribution receipts
☐ Medical receipts for any treatments you had in 2025
TIP: You can access your CRA Notice of Assessment online by creating a CRA account.
About your family
Parents can use tax credits to claim many of the substantial (and growing) costs of raising a family. Be sure to account for everyone and everything.
☐ Tuition slips (T2202) for yourself or for a child
☐ Childcare expense receipts
☐ Medical receipts for your family's 2025 treatments
About Your income
Do you have income from more than one source? Give yourself enough time to track down all the details.
☐ Employment income (T4)
☐ Employee profit sharing (T4PS)
☐ Employment Insurance slip (T4E)
☐ Pension, retirement and annuities income slips (T4A)
☐ Registered plan income (T4RSP & T4RIF)
☐ Dividends from your incorporated practice
☐ Bonuses
☐ Old Age Security (T4A-OAS)
☐ Canada Pension Plan slips (T4A [P])
About Your investments
If your investments are consolidated with one investment firm or advisor, you should receive all of this information automatically. Ask your advisor if this information is available online.
☐ RRSP contribution receipts
☐ TFSA contribution amount (available through MyCRA)
☐ Investment income tax slips (T5)
☐ Income from trusts (T3)
☐ Income from partnerships (T5013)
☐ Capital gains and losses summary (T5008 or Statement of Securities Transactions)
☐ Receipts for investment advice
☐ Receipts for interest paid on investment loans
Considerations for all lawyers
As a lawyer, you may be entitled to the following deductions related to personal and professional expenses. If in doubt, consult a tax expert or ask your firm’s payroll provider for advice.
☐ Professional and union dues
☐ Moving expenses if you relocated for work in 2025
☐ Home office expenses. If you’re claiming your actual expenses (the money you spent on a computer, printer, office supplies, etc.), you’ll need receipts and a Form T2200S / Form T2200 signed by your employer.
☐ Mileage (tracked in a logbook)
We can help
Tax planning runs through every part of your financial plan—whether you’re paying down debt, saving for retirement, or planning to leave a legacy. We can’t file your taxes, but we can help with your tax strategy. Connect with a financial planner and ask how.
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