Don’t leave cash on the table: Experts give advice on how to maximize your tax return
BNN Bloomberg
If you aren’t careful, it’s easy to leave money on the table when filing your taxes.
There are scores of deductions and credits available to taxpayers, so it’s worth looking at the list of tax benefits that may apply to you, both federally and by province or territory.
Experts also say paying attention to government policies could make that job easier — and help lower your tax bill.
“A lot of times when the government makes announcements, they’re usually retroactive,” said Gerry Vittoratos, national tax specialist at UFile. He said people should parse through federal budget headlines and see if there are any “goodies” announced for taxpayers, which is especially true during election years.
Vittoratos said most people don’t need to be a “tax bug” or have special expertise, but it’s smart to watch for such announcements and see how they might apply.
For example, the federal government announced it would reduce the tax rate for the lowest tax bracket from 15 per cent to 14 per cent last May. Since the changes were announced mid-year, Canadians will be taxed at 14.5 per cent on that portion of taxable income, with the rate dropping to 14 per cent this year.
Oil prices are down, and stocks are up Monday, though such moves have been quick to reverse since the war in Iran began.
Statistics Canada says the annual rate of inflation dipped below two per cent in February as the end of last year’s federal “tax holiday” helped take some steam out of the yearly price comparisons.
Middle Eastern sovereign wealth funds and state-backed companies are unlikely to scale back renewable energy investments in Africa despite disruptions from the Iran war, analysts say, given the strong long-term economic and strategic reasons driving such funding.
Crude oil stayed above US$100 a barrel on Monday and Gulf countries reported more attacks by Iran as the war entered its third week, while share prices were mixed.
Representatives from Beijing and Washington began their economic and trade talks in Paris on Sunday, Chinese official news agency Xinhua reported.
The impact of the Iran war on fuel prices in Canada may encourage more drivers to go electric, some experts say, but others warn the conflict will drive up prices of "pretty much everything."
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
The Trump administration this week stepped up its ambitious effort to replace about US$1.6 trillion in lost tariff revenue that was eliminated by the U.S. Supreme Court’s decision to strike down a range of the president’s import taxes.
The Bank of Canada will be balancing a last-minute flood of economic data with uncertainty around trade and war in the Middle East as it prepares to make its second interest rate decision of 2026 this week.
The Trump administration has expanded its trade investigations to 60 countries, including Canada, in an effort to shore up the president’s tariff policies.
Canada has committed to supplying 23.6 million barrels of oil as part of a larger International Energy Agency plan to help stabilize energy markets as the war in the Middle East continues.
Canada’s energy-heavy index may cushion stocks from oil shocks, but rising crude prices could boost inflation and pressure consumers.