Tax season is still months away. Doing 3 things now could help you later
Global News
Less than two weeks remain to take advantage of some tax strategies that will help to get more money back when it comes time to file.
Canadians still have a couple of months before tax season begins, but less than two weeks remain to take advantage of strategies that could help set you up to get more money back when it comes time to file.
Although tax filings usually begin in late February, many contributions and withdrawals need to be made by Dec. 31, 2025, to qualify for any tax savings or investing benefits in your upcoming filings.
That includes maximizing your registered retirement savings plan and any planned withdrawals from your retirement income fund, contributing and checking that you aren’t over the limits for your tax-free savings account, and donating to charities or other causes that can result in a tax refund.
Here’s what to know about each.
A registered retirement savings plan (RRSP) helps grow wealth over time that can help support a Canadian taxpayer when it comes time to retire.
The deadline to contribute to your RRSP is March 2, 2026, according to the Canada Revenue Agency.
The CRA also has specific guidelines and rules to follow for withdrawals from RRSPs and related accounts, which can come with additional taxes depending on the timing.
One tax specialist says withdrawals can sometimes actually help to lower how much tax you pay — but that deadline is at the end of 2025.
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