Essential Tax Tips to Keep in Mind Before Filing This Season

Mark Virgil Lofranco • 27 November 2024

As the tax year comes to a close, Canadians face the crucial task of filing their taxes. While it may seem overwhelming, this time also offers an opportunity to reduce your tax bill with some smart strategies.



Even though the tax deadline (April 30) is fast approaching, there’s still time to implement a few valuable tips to make the process smoother.


Tip 1: Use MyCRA and Auto-Fill My Return for Efficient Filing


In today’s digital world, managing taxes has become easier thanks to tools like Auto-Fill My Return and MyCRA, provided by the Canada Revenue Agency (CRA). By using the MyCRA mobile app, you can access your tax information and make payments on your phone. It’s a quick and efficient way to manage your tax filing.

After registering for CRA My Account, you can take advantage of Auto-Fill My Return through TurboTax. This feature automatically fills in your return with the CRA’s data, reducing errors and making the process faster. The integration with TurboTax allows you to review your information and ensure everything is accurate before filing.


Tip 2: Keep an Eye on Deadlines


Knowing key tax deadlines can save you from late penalties and extra charges. In Canada, personal tax returns are due on April 30, with any balance owed also due by that date. For those who are self-employed, the filing deadline extends to June 15, but any payments must still be made by April 30.


Other deadlines to remember:


  • March 1 for RRSP contributions (or the first Monday following if it falls on a weekend)
  • December 31 for charitable donations
  • March 15, June 15, September 15, and December 15 for quarterly tax instalments


Tip 3: Take Advantage of Carryforward Balances


Many taxpayers overlook carryforward balances from previous years, which can help lower current taxes. Unused amounts like tuition credits, charitable donations, and RRSP contributions can be carried forward to future tax years.


For example:


  • Tuition amounts: Unused tuition credits from previous years can reduce taxable income in the current year.
  • Charitable donations: Donations can be carried forward for up to five years, letting you claim them when it’s most beneficial.
  • RRSP contributions: You can defer claiming RRSP contributions for a future year when you might be in a higher tax bracket.


Tip 4: Maximize Deductions


Be aware of all the deductions you can claim, such as medical expenses, home office costs, and charitable donations. Reviewing previous tax returns and notices of assessment can help uncover missed opportunities for deductions.


Tip 5: Don’t Hesitate to Seek Expert Help


Tax laws can be complicated, especially if your financial situation is unique. It’s never too late to seek help from a tax expert. They can provide personalized advice and help you uncover credits or deductions you might have missed, saving you both time and money.


With TurboTax, you can connect with a tax expert to get same-day assistance and tailored guidance.


Wrapping Up


Effective tax planning before the year-end can have a lasting impact on your finances. By using tools like MyCRA, keeping up with deadlines, taking advantage of carryforward credits, and optimizing deductions, you can maximize savings and head into the next tax year with confidence.


Key Takeaways:

  • Use MyCRA and Auto-Fill My Return to simplify tax filing and ensure accuracy.
  • Stay mindful of key tax deadlines to avoid penalties and maximize savings.
  • Don't forget to claim carryforward amounts from previous years to reduce your taxes.

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