The tax deadline is fast approaching, and while most Canadians focus on basic deductions, many overlook strategies that could save hundreds—or even thousands—of dollars. These moves aren’t complicated, but they require action before the clock runs out.
Below are five practical tax tips you can still use to maximize your refund and minimize your bill.
2.Donations to registered charities can generate a federal credit of 15% on the first $200 and 29% (or even 33% for high-income earners) on amounts above that, plus provincial credits. If you haven’t donated yet, consider doing so before year-end—or check if you have receipts from earlier years. You can carry forward unused donations for up to five years.
4. If you sold investments at a profit in a non-registered account, you might owe capital gains tax. One overlooked strategy is tax-loss harvesting—selling underperforming investments to offset those gains. Remember the superficial loss rule: you can’t buy back the same security within 30 days or the loss won’t count. Losses can also be carried back three years or forward indefinitely.
5.
Quick Checklist ….Before April 30!
Confirm charitable donations and consider pooling for maximum credit.
Double-check RRSP contributions and plan to reinvest your refund.
Review investment accounts for tax-loss selling opportunities.
Log in to CRA My Account to check unused credits and carryforwards.
Tax season doesn’t have to be stressful—or expensive.
By taking advantage of these overlooked strategies before April 30, you can reduce your tax bill and keep more money in your pocket.
Don’t wait until the last minute—review your receipts, check your CRA account, and consider speaking with a tax professional to make sure you’re not leaving money on the table.