Tax planning guide 2026

What to do by December 31, 2026: donations, medical receipts, TFSA and FHSA timing, RESP and RDSP grants, RRIF minimums, instalments and 2026 plan limits.

How RRSPs and TFSAs are taxed going in and coming out, and how the OAS recovery tax can affect you once you live off your savings.

Interest on money borrowed to earn income can be deductible; interest on personal debt isn't. How the tax rules apply when you pay down what you owe.

Who has to file a Canadian income tax return, who should file anyway to get benefits and refunds, and when the return is due.

Filing a return with little or no income can unlock benefit payments, refunds and future contribution room. Here's what you'd miss by skipping it.

The ways to file a personal tax return, from free software and SimpleFile to tax clinics and preparers, what to have ready, and when it's due.

The tax slips and receipts to collect before you file, when each one arrives, and what to do if a slip is missing.

Which one-off amounts the CRA doesn't tax, such as gifts, inheritances, lottery wins, life insurance and strike pay, and the exceptions that make them taxable.

Errors the CRA commonly corrects on personal returns, and simple habits that keep your return from being changed or delayed.

Credits and deductions people often overlook, from medical expenses and student loan interest to the disability tax credit and amounts for dependants.

Which health costs count for the federal medical expense credit, whose expenses you can claim, travel for care, receipts, the refundable supplement and Quebec.

Why couples often get more back by claiming all their donations, and all the family's medical expenses, on one return, and how to pick which one.

Who qualifies for the disability tax credit, how to apply with a medical practitioner, and how to claim or transfer it, including for past years.

Tax credits for people who support a spouse, child, parent or other relative with an impairment: the Canada caregiver credit, transfers and medical costs.

The main federal payments, tax credits and savings plans for people with disabilities and their families, which are taxable, and why the DTC comes first.

How the federal tuition tax credit works, which fees count, and how to transfer unused amounts to a parent or carry them forward to a later year.

Why students should file a return, when scholarships are tax-free, and what you can claim for student loan interest, tuition, moving and training.

Federal credits for buying a first home and adapting one: the home buyers' amount, the home accessibility credit and the multigenerational renovation credit.

How an RRSP deduction lowers your tax, how your contribution room is set, the yearly deadline, and what happens when you take money out.

How an RRSP for your spouse or partner works: who gets the deduction, the three-year rule on withdrawals, RRIFs, and where it fits with pension splitting.

How workplace pension and profit-sharing plans work, how a pension adjustment cuts your RRSP room, and what happens to your pension when you leave a job.

How the three plans are taxed going in and coming out, how much room each gives you, and what to weigh in deciding where your next dollar of savings goes.

How Canada's five main registered plans differ on tax: whether contributions are deductible, and what's taxed when the money comes out.

How a tax-free savings account works: who can open one, how contribution room builds up, what happens when you withdraw, and how to avoid the excess tax.

Two ways to use registered savings for a first home: the first home savings account, and borrowing from your RRSP under the Home Buyers' Plan.

How a registered education savings plan works, the federal grants it can attract, how money comes out for a student, and what happens if it isn't used.

How a registered disability savings plan works: who can have one, contributions, government grants and bonds, withdrawals and the tax on them.

How the three plans are taxed going in and coming out, how much room each gives you, and what to weigh in deciding where your next dollar of savings goes.

When income on money you give or lend to your spouse or child is still taxed as yours, the main exceptions, and the ways couples can split income.

Who can claim the spouse or common-law partner amount and the eligible dependant amount, how each is worked out, and the one-claim-per-home rules.

When you count as common-law, when to tell the CRA about a change, how it affects your benefits, and the basics of the spouse amount and support payments.

Who can get the CCB, how the CRA works out the amount from your family's net income, and what to do so the monthly payments don't stop.

Who can deduct child care costs, which expenses count, why the lower-income partner usually claims, and how Quebec's credit works differently.

How an RRSP for your spouse or partner works: who gets the deduction, the three-year rule on withdrawals, RRIFs, and where it fits with pension splitting.

How couples can report up to half of one spouse's eligible pension income on the other's return, what income qualifies, and how to make the election.

When a salary paid to your spouse or children is deductible, payroll rules for relatives, and how the tax on split income (TOSI) works and who is exempt.

Why Canadian dividends are grossed up and then get a tax credit, how much of a capital gain is taxed, and how capital losses offset gains.

A capital loss generally only offsets capital gains, but unused losses carry back three years or forward indefinitely. How it works, and when a loss is denied.

When the gain on selling your home is tax-free, how the one-home-per-family rule works, and why you must report the sale even if you owe nothing.

The main tax rules for property in Canada: first-home programs when you buy, rental income while you own, and the principal residence exemption when you sell.

How the lifetime capital gains exemption shelters gains on small business shares and farm or fishing property, what can reduce it, and how to claim it.

Interest, Canadian dividends and capital gains are each taxed differently. How each one works, what costs count, and how capital losses can be used.

Why Canadian dividends are grossed up and then get a tax credit, how much of a capital gain is taxed, and how capital losses offset gains.

When interest on money you borrow to invest is deductible, why how you use the money matters more than the loan itself, and Quebec's extra limit.

How the CRA taxes crypto: what counts as a disposition, business income versus capital gains, mining and staking rewards, and the records to keep.

Canadian residents report income from everywhere. How to convert it to dollars, claim a credit for foreign tax paid, and when you must file Form T1135.

How to report rent from a room, suite or lodger, which home expenses you can deduct, and how to keep your principal residence exemption intact.

How the donation tax credit is worked out, which charities and receipts qualify, the yearly limit, carrying donations forward, and giving shares.

Why couples often get more back by claiming all their donations, and all the family's medical expenses, on one return, and how to pick which one.

How long the CRA takes to send a refund, how to track it, why it can be smaller than expected or held back, and when the CRA pays interest on it.

When a balance owing is due, the ways to pay the CRA, how interest and penalties work, payment arrangements, and what happens if you don't pay.

Who has to pay income tax in quarterly instalments, the four due dates, three ways to set the amount, and what paying late or too little costs.

What filing late costs, how the late-filing penalty and interest work, and the steps to take now, even if you can't pay what you owe.

Reading your notice of assessment, fixing a mistake with Change my return, ReFILE or Form T1-ADJ, how far back you can go, and how to object.

Why the CRA checks returns, how a review differs from an audit, how to answer a letter and send documents, and what you can do if you disagree.

How the CRA's Voluntary Disclosures Program works under the rules in effect since October 1, 2025: who qualifies, the relief available and how to apply.

The records individuals and self-employed people need, the six-year rule and when it runs longer, keeping records electronically, and what happens without them.

What the CRA will and won't do by phone, letter, email and text, how to check a contact is real, and what to do if you were targeted or shared information.

What the CPP, EI and income tax deductions on your pay stub are, how your employer works them out, and why some of them stop before the year ends.

A bonus is taxed as ordinary employment income. How your employer withholds tax from it, why the cheque can look heavily taxed, and how to keep more of it.

Which perks from work are taxed, from gifts and parking to phones and a company car, where they show on your T4, and why your pay stub shows tax on them.

Most employees can't deduct work costs, but some can. The T2200 your employer signs, salaried and commission rules, vehicles, tradespeople's tools and records.

If your employer requires you to work from home, you can deduct part of your rent, utilities and internet. Who qualifies, what counts and how to claim.

When an employee stock option benefit is taxed, the 50% stock option deduction, the vesting limit at large employers, and your cost when you later sell.

Severance and EI benefits are both taxable. How tax is withheld from a lump sum, who can move severance into an RRSP, and paying back EI at tax time.

A refundable tax credit for people working on a low income: who qualifies, the disability supplement, advance payments, and how to claim it.

Driving, delivering, selling online or renting through an app: reporting the income, when GST/HST applies, what platforms tell the CRA, and what you can deduct.

The business expenses you can deduct, how home office and vehicle claims work, which purchases are capital, and the records the CRA expects you to keep.

When you can deduct home office costs as a self-employed person, which costs count, how to work out the business share, the income limit, and CCA on your home.

How CCA spreads the cost of business assets over several years: classes and rates, the first-year rules, selling, recapture and terminal losses.

Why the self-employed pay both halves of CPP, how contributions are worked out on your net business income, and which part you can deduct.

When to file and pay income tax, GST/HST and instalments if you run an unincorporated business with a December 31 year-end.

Who has to pay income tax in quarterly instalments, the four due dates, three ways to set the amount, and what paying late or too little costs.

The small supplier test, when you have to register and start charging GST/HST, why some businesses register early, and what changes once you do.

How Canada's sales taxes fit together: the federal GST, the harmonized HST, and the separate provincial sales taxes, with each province's rate.

What to do when you hire: a CRA payroll account, SIN and TD1 forms, deducting CPP, EI and tax, remitting on time, T4 slips and records of employment.

The records individuals and self-employed people need, the six-year rule and when it runs longer, keeping records electronically, and what happens without them.

How to claim the business share of your vehicle costs, keep a logbook the CRA accepts, use the three-month sample rule, and claim capital cost allowance.

Most employees can't deduct work costs, but some can. The T2200 your employer signs, salaried and commission rules, vehicles, tradespeople's tools and records.

How CCA spreads the cost of business assets over several years: classes and rates, the first-year rules, selling, recapture and terminal losses.

When a move for a new job, a business or full-time post-secondary studies is deductible: the 40 km rule, which costs count, and carrying forward the rest.

The province or territory you live in on December 31 taxes your income for the whole year. How the rule works, the business income exception, and benefits.

When you become a resident for tax purposes, what your first return covers, how credits are prorated, and how to start getting benefit payments.

What changes when your business becomes a corporation, how the small business rate works, and the questions that tell you whether it's worth it yet.

How salary and dividends from your own corporation are taxed, what each does for CPP, EI and RRSP room, and what to weigh when choosing a mix.

How a Canadian-controlled private corporation pays a lower rate on active business income, and what can shrink the business limit.

When a corporation's T2 return is due, when its tax has to be paid, how instalments work, and what happens if you're late.

When money you borrow from your own corporation becomes taxable income, how the one-year repayment rule works, and the deemed interest benefit.

When a salary paid to your spouse or children is deductible, payroll rules for relatives, and how the tax on split income (TOSI) works and who is exempt.

How a CCPC's investment income is taxed, how part of that tax comes back when dividends are paid, and how passive income can shrink the business limit.

The tax side of leaving your corporation: selling shares or assets, the capital gains deduction, deemed dividends on a wind-up, and closing the books.

How farmers report income, choose cash or accrual, handle inventory adjustments and farm losses, and pass farm property to their children.

How the lifetime capital gains exemption shelters gains on small business shares and farm or fishing property, what can reduce it, and how to claim it.

How self-employed professionals report fees and work in progress, deduct dues, handle partnership income and GST/HST, and where professional corporations fit.

What changes when your business becomes a corporation, how the small business rate works, and the questions that tell you whether it's worth it yet.

The small supplier test, when you have to register and start charging GST/HST, why some businesses register early, and what changes once you do.

Quebec residents file with both the CRA and Revenu Québec. The Quebec abatement, QPP and QPIP, the drug insurance premium and credits people miss.

How Canada taxes a U.S. citizen who lives here: residency, reporting U.S. income and accounts, credit for U.S. tax, Form T1135, and leaving Canada.

Canadian residents report income from everywhere. How to convert it to dollars, claim a credit for foreign tax paid, and when you must file Form T1135.

Wintering in the U.S.? How you stay a Canadian resident for tax, and how to report U.S. rental income, the sale of U.S. property and Form T1135.

How CPP, OAS, pensions, RRIFs, annuities, TFSAs and investments are taxed in retirement, and how withholding or instalments help you avoid a bill at tax time.

What changes at tax time when you retire or turn 65: taxable pensions, the age and pension amounts, pension splitting, the OAS clawback and paying tax.

How starting your CPP and OAS pensions earlier or later changes the payments, and the tax points to weigh: withholding and the OAS recovery tax.

What you must do with your RRSP by the end of the year you turn 71, how a RRIF's yearly minimum works, and how RRIF payments are taxed.

How the Old Age Security recovery tax works: the income threshold, how it comes off your monthly payments, ways to reduce it, and the rules for non-residents.

How couples can report up to half of one spouse's eligible pension income on the other's return, what income qualifies, and how to make the election.

How workplace pension and profit-sharing plans work, how a pension adjustment cuts your RRSP room, and what happens to your pension when you leave a job.

What happens to your property for tax purposes when you die, and what you can arrange now: spousal rollovers, plan beneficiaries, estates and gifts.

The tax side of a death: who files the final return and when, why property is treated as sold, what happens to an RRSP, and the clearance certificate.

The tax jobs of an executor, step by step: notify the CRA and Service Canada, file the final and optional returns and the estate's T3, then get clearance.

The tax side of a death: who files the final return and when, why property is treated as sold, what happens to an RRSP, and the clearance certificate.