If you’re eager to get a head start on your 2024 taxes, you might hit a snag this year.
The Canada Revenue Agency (CRA) opened online filing on February 24, but many taxpayers are finding they can’t submit their returns. The glitch? It’s tied to reporting capital gains or losses—and it’s affecting users across all online tax platforms.
A notice to Wealthsimple users sums it up: “Returns with capital gains or losses cannot currently be filed with the CRA. We’ll update you when this changes.”
The trouble traces back to a late pivot by the federal government. Last summer, Ottawa planned to raise the capital gains inclusion rate—the taxable portion of profits from assets like stocks—from one-half to two-thirds for gains exceeding $250,000. But in late January, just as tax season loomed, the Department of Finance pushed the change to 2026.
The abrupt shift left the CRA racing to rewind its systems. “We’re working hard to roll back some of the forms to their previous versions,” said CRA spokesperson Charles Drouin. “It’s not a quick fix—it’s a complex process, and our team is still sorting it out.”
While the original hike would’ve impacted only those with gains above $250,000, the current glitch blocks anyone reporting any capital gains or losses from filing online.
The CRA had cautioned that system updates might not be ready by the February 24 kickoff, but no firm timeline has emerged since. Speaking to CTV News, Drouin estimated a mid-March resolution, though he hedged: “We’re aiming for a fix in a week or two, but I’d advise waiting until late March to be certain. There’s no need to hurry.”
To ease the burden, the CRA is waiving late-filing penalties and interest for affected taxpayers—individuals have until June 2, while trusts get until May 1.