Getting ready for tax season 2025
Dear Client,
The time has come to begin thinking about the preparation and timely filing of your 2025 personal income tax returns.
We kindly ask that you send us your tax information as early as possible using one of the methods below:
- Send your Baker Tilly contact all your tax documents in an email via “Secure File Drop” – please refer to the Appendix A below for your contact’s secure upload link.
- Drop off your tax documents in the Dropbox at our office
Please be sure to complete the checklist and send it back to us along with all your relevant tax documents. It can be completed on your computer or printed out and filled in by hand.
Important reminders
Realized gain or loss summary
Please ask your broker for a realized gain or loss summary for 2025.
Foreign Income Reporting Requirements
Please ask your broker to provide a detailed summary of your foreign reporting information for 2025.
Prescription Drug Summary
Please ask your pharmacist for a summary of all prescription medication sold to you, your spouse and your children in 2025.
Electronic remittances or payments above $10,000Â
Remittances or payments to the Receiver General of Canada and Minister of Revenue of Quebec must be made as an electronic payment if the amount is more than $10,000, otherwise payers may face a penalty.
Cryptoasset returnÂ
Please obtain a cryptoasset tax report from your provider showing your profit/loss and capital gains or losses for 2025.
Short Term Rentals
As of January 1, 2024, individuals are no longer able to deduct expenses, including interest expenses, incurred to earn income from operating non-compliant short-term rentals. Short-term rental is a residential property, located in Canada, that is offered for rent for a period of less than 90 consecutive days.
A non-compliant short-term rental is a short-term rental located in a province or municipality that:
- does not permit operation of a short-term rental at the location of the short-term rental; or
- requires registration, a license or a permit to operate as a short-term rental, and the short-term rental does not comply with all the proper registration, licensing and permit requirements
Specific to Québec
Cryptoasset return
- Beginning in 2024, a person who acquires, holds or uses cryptoassets during a taxation year must complete a Cryptoasset Return (form TP-21.4.39-V)Â and file it with their income tax return. If this applies to you, please let us know
Appendix A
Please use one of the following links below to upload your documents to your Baker Tilly contact securely.
*If your Baker Tilly (Montreal) contact is not listed above, please contact them directly to request their Secure File Drop link