Tax Year 2024 Prepared in 2025
March 1, 2025-April 30, 2025 at 11:59:59pm (“midnight”)
2024 was a dynamic year that saw some good changes as well as some frightening twists. The geopolitical landscape grew tepid as the Ukraine-Russia conflict grew. Other nations were enlisted to help, while other wars began. The Palestine-Israel conflict was vigorous and deadly. Hamas of Palestine was the initial aggressor towards Israel, but Netanyahu, leader of Israel, took the war to a cruel level. Cities, villages, communities, hospitals and occupants therein were devastated.
There is no “right” answer to anything that has and is happening. The United Nations is involved and the global liberal environment seems to be waning. The risk is real. Anarchy is waging a war against Order. What could make it more complicated? A potential US president who seems to have no regard or respect for the US is up for election. The election on Tuesday, November 5, 2024 will either shed another complication to the mess or offer a hand of guidance towards peace.
Inflation is beginning to relax to a new normal that feels painful for many. Gasoline is beginning to be pushed aside in favour of electricity, but even electric cars are waning in favour of hydrogen fueled vehicles. Transportation is evolving and creating new opportunities and new losses. Another advent of the passenger train, albeit high speed and alternative fuel-based, is being considered throughout the world. The relaxation of inflation is offering new opportunities.
Mortgage rates remain high. Banks have introduced the 30 year mortgage instead of 20 years, as the financial environment has changed. Minimum wages are far higher, the measure of poverty has increased, and debt is spread over lengthier distances. The 30 year mortgage allows for the million or multi-million dollar home to be a reality. Being a DECA-MILLIONAIRE is a new term.
Earning money has taken a twist. The economy as a whole has changed. Renting is a gamble, as homeowners have made more money by renting their abodes nightly via AirBnB or VRBO. Municipalities have understood the average government employee cannot afford to maintain a basic one bedroom suite for this reason. They have banned short term rentals and are making headway at returning the rental economy to renters.
The real estate market will face a dip with the decrease in interest rates. This is a typical part of the usual cycle. Getting into the market is the challenge for the average person. Housing prices are in the millions of dollars and wages are a tiny fraction. Banks have lengthened terms to make it easier, but that was motivation for sellers to increase prices. This is cyclical.
Tax Year 2024 prepared in 2025
Let’s get to the nitty gritty on those income taxes. Tax season runs from late February to April 30, 2025. It is *always* best to get your taxes filed as close to the beginning as possible.
*sage advice* Don’t leave it to the last minute. It is important to leave a little extra time just in case there are questions for which you need to dig to find answers. It happens. Every year, it happens.
So – where and how do you get started?
The Easiest Route
1. Call CityCat at 250-592-1313
2. Sign to Authorize CityCat at Level 2 on a T1013 (Greek lingo for “Authorization to Represent”)
3. Sign a T183 (more Greek lingo meaning “submit via efile for me”)
That’s it. You’re done. No more steps to follow. You can relax and wait 2 weeks before your pockets are potentially filled with mega-bucks. Easy, right? It’s the easiest.
BUT… What if you haven’t filed 2023, 2022 or 2021 yet? 2020? Or any other year…. We can help. Give us a shout and we will get you caught up.
