As we head into the fall, many Canadians are already getting organized for next year’s tax season. If you’re looking to boost your refund or lower your balance owing, today’s tip is for you.
Three Commonly Missed Tax Deductions:
- Union or Professional Dues
If you’re paying annual fees to a union or professional association (like CPA, real estate boards, etc.), these are often 100% tax deductible. - Work-from-Home Expenses
The CRA has extended support for remote workers. You may still qualify to claim home office expenses—either using the flat rate method or the detailed method (if your employer provides a T2200 form). - Medical Expenses
Keep your receipts! Many Canadians don’t realize dental work, physiotherapy, glasses, and even some travel costs for medical purposes can be claimed. If your total eligible expenses exceed 3% of your net income, you could see a nice deduction.
Quick Reminder: RRSP Contributions Still Matter!
Even though the RRSP deadline for the 2024 tax year is March 1, 2025, contributing early and consistently helps your money grow tax-deferred for longer. If you received a raise or bonus this fall, consider putting some of it toward your RRSP.
Investment Insight of the Day: TFSA ≠ Savings Account
Too many Canadians are underusing their Tax-Free Savings Account (TFSA) by only keeping cash in it. Did you know your TFSA can hold:
- Stocks
- ETFs
- Mutual Funds
- GICs and Bonds
With the annual contribution limit sitting at $7,000 for 2025, it’s a great time to review your investment strategy.
Pro tip: If you’re earning only 1–2% in a high-interest savings TFSA, it may be time to look at better growth options!
Need Help?
At Unity Financial Services, we provide daily guidance on tax tips, investment strategies, and CRA updates—so you don’t miss a thing. Whether it’s RRSP planning, TFSA investment advice, or year-round tax support, we’ve got your back.
Book a quick chat with our experts today!