Tax season is not only for filing taxes, but also for making sure you’re getting the credits and deductions available to you.

As you approach this (dreaded?) time of the year, questions on your mind might include:

• Do I have everything I need?
• Did anything change this year?
• Am I missing opportunities to save?

Whether your situation is straightforward or a bit more complex this year, a few clear steps can help you feel prepared and able to make the most of your return. Here’s a practical checklist for the weeks ahead.

Before you begin

Before you dive in, take 10 minutes to:

• Create a folder (digital or paper) for your tax documents
• Make a quick list of any life changes from the past year
• Set aside one focused hour to gather what you need

These simple actions can get you up and running. You can also use CRA My Account to securely access many of your slips, track your return, and check for missing information.

We’d also recommend bookmarking some key sources of reliable and up-to-date information at these websites:

• Canada Revenue Agency: Deadlines, credits, and filing details
• Government of Canada: Personal income tax guides and benefits
• Financial Consumer Agency of Canada: Practical tax tips

Step 1: Gather your key income documents

Start with the essentials. Most people will receive:

• T4 slips: Shows how much you earned from a job and how much tax was taken off
• T4A slips: Shows income from freelance work, pensions, or other non-salary payments
• T5 slips: Shows income from your investments, like interest or dividends
• RRSP contribution receipts: Proof of how much you put into your RRSP so you can claim a tax deduction
• Tuition receipts (if applicable): Shows how much you paid for school so you can claim education tax credits

If you’re self-employed or earning side income, also gather:

• Invoices and records of payments received
• Expense receipts related to that income

If something is missing, check CRA My Account. You can find many slips there.

Step 2: Review expenses and credits

This is where small details can make a difference. Credits and deductions you could be earning include:

• Medical expenses
• Childcare costs
• Charitable donations
• Union or professional dues
• Home office expenses
• Moving expenses (for work or school)

With an eye on making sure you don’t miss out on money you could keep, here are a few that are easy to miss but well worth a closer look:

Caregiver credits
If you support a spouse, partner, or other dependent with a physical or mental impairment, you may be eligible for this credit. It recognizes the added financial responsibility of supporting a family member, such as caring for an aging parent.

First-time home buyers GST rebate (NEW!)
The First-time home buyers’ GST rebate lets first-time buyers save up to $50,000 on new homes. If eligible, you can qualify for a full or partial rebate of the GST on newly constructed or substantially renovated homes.

Home accessibility expenses
You may be eligible to claim an amount for home accessibility expenses with the Home Accessibility Tax Credit (HATC). It’s a non-refundable tax credit designed to help eligible homeowners cover the costs of accessibility and safety renovations.

Disability tax credit (DTC)
The disability tax credit helps reduce income tax for individuals with a prolonged physical or mental impairment. If you don’t need the full credit, it may be transferred to a supporting family member. If approved, you may also be able to apply the credit to previous years, which could result in a refund. 

Canada training credit
If you’re between 25 and 64, you may be building a small annual credit balance you can use to help cover eligible tuition or training fees, relating to your work. You can typically claim up to 50% of eligible costs. Check your balance through your CRA account.

Digital news subscription credit
If you paid for a qualifying Canadian digital news subscription in recent years, such as a national newspaper, you may still be able to claim this credit for past returns (2020–2024). It provided a 15% non-refundable credit on up to $500 in subscription costs. If you didn’t claim it at the time, you may be able to adjust a previous return through the Canada Revenue Agency.

Step 3: Claim your credits!

Many of these credits aren’t applied automatically. You need to apply for them. If something here sounds familiar, it’s worth taking a closer look at the links above or chat to a qualified tax professional. Keep up-to-date on the Government of Canada website: tax credits and benefits for individuals.

Step 4: Look for ways to keep more of your money

Once everything is in one place, take a moment to look a little closer.

You may be able to:

• Lower your taxable income with RRSP contributions: These can include “early-year” contributions during the first 60 days of a calendar year that can be deducted from last year’s or this year’s tax.
• Share or transfer credits with a partner: Some tax credits can be moved to your spouse or partner to reduce your combined tax bill.
• Carry amounts forward: If you don’t use certain credits, such as tuition, this year, you can save them to use in future years.
• Choose when to claim certain deductions: You can delay some deductions to a year when your income is higher to get a bigger tax break.
• Ensure you receive benefits: Filing your taxes makes sure you qualify for and receive government payments you’re entitled to, such as GST/HST credit and Canada Child Benefit.

These steps aren’t hard to do, but they can be overlooked. Taking a few extra minutes to think about these can make a real difference.

Step 5: Consider any life changes

Your situation can change year to year. Any changes over the past year can affect your return.

Ask yourself:

• Did I change jobs or start something new?
• Did I take on a side income?
• Did my family situation change?
• Did I move house?
• Did I renovate my house?
• Did my investments change?

If so, it’s worth double-checking how that may affect your filing. Have a quick think about major changes over the last year.

Step 6: Know your deadlines

A couple of key dates to keep in mind (note: if a deadline day falls on a weekend or holiday, it usually moves to the next business day):

• April 30: Filing deadline for most Canadians
• June 15: Filing deadline if you’re self-employed
• April 30: Payment deadline for any taxes owed

Try to file and pay on time. If you file late and owe, for example, $2,000, you could face a 5% penalty, plus 1% per month, along with daily interest. Filing on time helps you avoid those extra costs.

When it may be worth getting help

You might consider professional advice if:

• You’ve started a business or side income
• You sold investments or property
• You had a major life change
• You want a second look to make sure you didn’t miss anything

Many Canadians file on their own using tools like:

• TurboTax
• H&R Block Canada Online
• CloudTax

Looking ahead to next year

After a quick break to congratulate yourself on preparing, filing, and paying your taxes on time, it’s worth looking ahead. A little preparation now can make next tax season even easier.

Consider:

• Keeping a simple folder or envelope for receipts
• Tracking expenses like medical costs or donations as you go
• Setting reminders for key dates
• Tracking side income monthly (a tool like Freshbooks can help)

One simple step to start

Start small. Gather your income slips and create your tax folder. That one step often makes the rest feel much more manageable. If you’d like help planning a saving strategy for taxes so you’re not caught short at tax time, we’re here to support you. And if this checklist helped, consider sharing it with someone who might appreciate a little help at tax time.