Tax Time is Here – Key Considerations for 2025

News 2 minute read

The deadline to file your personal taxes for 2024 with the Canada Revenue Agency (CRA) is fast approaching. The last day to file your taxes and make payments for any amounts owing without penalty is April 30, 2025.

The CRA advises filing your return before this date to avoid being charged any interest and penalties, and to prevent a disruption to your benefit and credit payments. To help make the tax filing process a bit less challenging, we’ve outlined some key considerations below, including several tax credits that you may be able to take advantage of.

Note: If you’re a retired PSPP member or in receipt of a survivor pension, you may view or print your 2024 T4A and T4ARCA (if applicable) tax slip by logging into OPB e-services. You may have also received yours in the mail. If you haven’t registered for e-services, where you can access your T4A and T4RCA for 2024 and prior years, you can do so at the following link(opens in a new tab). Enter your OPB client number to verify your identity, using your email address on file, and follow the prompts to login.

Seniors care at home tax credit(opens in a new tab): this refundable personal income tax credit is designed to help low- to moderate-income seniors aged 70+ in Ontario with eligible medical expenses, such as wheelchairs, hospital beds, dental, vision and hearing care, as well as attendant care. The credit provides up to 25% of claimable medical expenses up to $6,000, for a maximum credit of $1,500, is available. The amount is reduced by 5% of family net income over $35,000.

Caregiver tax credit(opens in a new tab): provided by the Government of Canada, the caregiver tax credit is aimed at helping people who care for family members with disabilities or a long-term illness. It is designed to alleviate some of the financial burden of caregiving. The eligibility criterion has now been widened to include a larger range of caregivers.

Home accessibility tax credit(opens in a new tab): up to $20,000 is available to assist seniors and individuals with disabilities to make their home more accessible through modifications and upgrades. To qualify, the renovation must meet either of the following conditions:

allow the qualifying individual to gain access to, or be mobile or functional within, the dwelling
reduce the risk of harm to the qualifying individual within the dwelling or in gaining access to the dwelling

For more information about tax advantages and strategies in retirement, read our ‘Managing your taxes’ page.

Important: Particularly during tax season, you should be aware of common scams(opens in a new tab) which impersonate the CRA and attempt to defraud people. If you experience any attempts to impersonate OPB, please report these to us.

OPB is not responsible for the content on external websites. This article provides general information relevant to PSPP members. This article is not to be relied on as legal, financial or tax advice. We recommend you speak with a tax specialist for advice on your personal tax situation.

If you require assistance to make informed decisions about your pension within your broader life and financial circumstances, please contact OPB’s Client Service Advisors. You can do this by logging into e-services and using the ‘Book my 1-on-1’ feature.