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 and Credits:

1. 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.
2. Work-from-Home Expenses
   Eligible employees may claim qualifying home office expenses using the detailed method, supported by the required employer declaration and records. The temporary flat-rate method ended after the 2022 tax year; it is not available for 2023 or later. See the CRA home office rules.
3. 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. Eligible medical expenses may qualify for a non-refundable tax credit, not an income deduction. The federal calculation uses the lesser of 3% of net income and the annual indexed threshold; provincial rules and eligibility conditions also apply.

 Quick Reminder: RRSP Contributions Still Matter!

For the 2025 tax year, the RRSP contribution deadline was March 2, 2026. This article is a 2025 reference. Check your available contribution and deduction room before contributing, and consult the CRA deadline page for other years.

 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: Choose permitted investments according to your time horizon, risk tolerance and need for accessible cash. Higher potential returns usually involve greater risk; a savings account can be appropriate for short-term needs.

 Need Help?

At Unity Financial Services, we provide personal and corporate tax filing, bookkeeping, payroll and GST/QST/HST services. For investment products and personalized investment advice, we refer customers, with separate consent, to independent financial advisors who provide those services directly.

 Book a quick chat with our experts today!