1.

Keep in mind important dates.

Familiarize yourself with the important dates throughout the year - beyond the tax filing deadline or, if applicable, the self-employed business tax filing deadline, remember the RRSP and year-end deadlines for accounts such as TFSAs and RESPs.

2.

File your taxes on time - or early, if you’re getting a refund.

File on time to avoid any potential late penalties, and consider filing your taxes electronically to ensure accuracy and speed up the process. Even if you’re only one day late, there’s a 5% penalty on the outstanding tax owing.

File early if you’re getting a tax refund - you’ll want that refund as soon as possible!

3.

Make contributions to your RRSP.

Contributing to a Registered Retirement Savings Plan (RRSP) is one of the easiest ways to reduce your taxes. Contributions are tax-deductible, and the earnings inside an RRSP are tax-deferred, meaning taxes aren’t owed until you withdraw funds from your RRSP.

4.

Use other tax-efficient savings accounts.

A Tax-Free Savings Account (TFSA) is a great way to save for the future without having to pay taxes on the earnings or withdrawals. Talk to your advisor about how to make the most of your TFSA contribution room, and learn more about the benefits of using a TFSA.

5.

Take advantage of tax credits.

Canada has various tax credits available, including for tuition and education fees, donations, medical expenses and more. Make sure you’re taking advantage of all the credits you’re eligible for.

6.

Claim your deductions.

Deductions can help to reduce your taxable income, and thus your taxes. Beyond the RRSP mentioned above, common deductions you may be eligible for include work-related expenses, business expenses, certain legal fees, childcare expenses and carrying charges.

7.

Pay expenses before year-end.

Depending on your anticipated income in the following year, you may want to consider paying certain expenses by December 31 to benefit from the tax deduction or credit this year, rather than waiting until the following year.

8.

Claim home office expenses.

If you work from home, you may be able to deduct a portion of your rent, utilities and other costs associated with your home office from your taxes.

9.

Donate securities instead of cash.

If you want to make a charitable donation, you might consider donating to publicly listed securities or mutual fund units instead of cash. With this strategy, you can claim the full value of the gift as a donation, and the tax on the capital gain realized on the disposition of the securities or units is eliminated. Additional donation strategies can be found here.

10.

Work with your financial advisor.

It’s worth doing as much as you can now so you can take advantage of every tax-saving possibility. Your financial advisor can help you identify and take advantage of these potential tax savings.