Tax Planning 2026: What Canadians Should Do Before Filing Season Begins

For many Canadians, tax season only starts to feel stressful when it’s already close. By that point, planning often turns into reacting to deadlines rather than making intentional decisions.

If you’re filing for the 2025 tax year in Canada, the most effective tax planning happens well before April 2026. Starting earlier gives you time to organize properly, make thoughtful decisions, and move into filing season with less pressure and fewer surprises.

Here’s what you should focus on before filing season begins, especially as your finances become more layered over time.

What to Gather Now for the 2025 Tax Year

Getting organized early makes everything else easier, especially once your finances include more than a single T4. Start gathering:

• T4s and T4As for employment income, pensions, or contract work.
• T5 slips for non-registered investment income.
• T3 slips for trusts, mutual funds, or ETFs (these often arrive later and catch people off guard).
• RRSP contribution receipts, including contributions made between January and March 2026.
• Medical expense receipts for you, your spouse, and eligible dependents.
• Charitable donation receipts, including amounts you may be carrying forward.
• Tuition slips (T2202) if you or a dependent are still eligible.

This is something we see every year with clients. The paperwork itself usually isn’t the hard part. It’s trying to track it all down at the last minute.

A simple digital folder for the year often beats good intentions, especially when income and investments span multiple accounts.

This is also where having a trusted advisor involved year-round makes a difference. When planning happens as the year unfolds, tax time becomes a review, not a scramble.

Important Tax Deadlines for Canadians

Marking these dates early helps avoid rushed decisions:

• RRSP contribution deadline: March 2, 2026
  (March 1 falls on a Sunday)
• Personal tax filing deadline: April 30, 2026
• Self-employed filing deadline: June 15, 2026
  (Any taxes owed are still due April 30)

Missing deadlines can mean penalties or lost planning opportunities, particularly around RRSPs.

How RRSP Contributions Can Reduce Your 2025 Taxes

RRSPs remain one of the most flexible tools Canadians have for managing taxes over time. Contributing before March 2, 2026 can:

• Reduce taxable income for 2025.
• Help manage cash flow in higher-income years.
• Support long-term planning as retirement gets closer.

For many of our clients, the question isn’t “Should I contribute?” but “How much makes sense this year?” especially when income fluctuates or retirement timelines start to matter more.

Common Tax Deductions and Credits Canadians Miss

Some of the most commonly overlooked opportunities include:

• Medical expenses, especially when combining family claims strategically.
• Charitable donations, including carried-forward receipts.
• Childcare expenses.
• Moving expenses for eligible relocations.
• Capital losses that can be used to offset capital gains.

We often see people assume something “won’t make much difference,” only to realize it adds up more than expected.

Another area that’s often overlooked is the Disability Tax Credit, particularly for adult children supporting aging parents. If an elderly parent is dealing with ongoing medical or cognitive challenges or transitioning into care, exploring eligibility for the Disability Tax Credit can open the door to meaningful tax relief.

The application requires a medical practitioner to complete and certify the form, which can take time. Starting this process early gives everyone breathing room and helps ensure eligibility isn’t missed simply because documentation couldn’t be completed in time.

In some situations, families may also qualify for the Canada Caregiver Credit, which recognizes the financial responsibility of supporting a dependent, another area where early planning can make a difference.

Tax Planning for Investment Income and Capital Gains

If you sold investments, real estate (other than a principal residence), or business assets in 2025, timing and reporting matter. Planning ahead allows for:

• Offsetting capital gains with capital losses.
• Reviewing distributions that may be taxable even if you didn’t sell.
• Avoiding surprises when slips arrive later than expected.

This is where tax planning and investment planning should work together, rather than being treated as two separate decisions.

Why Year-Round Tax Planning with an Advisor Matters

Filing season is the end of the process, not the beginning. Strong tax strategies are shaped by decisions made throughout the year.

Working with an advisor means:

• Decisions are made before deadlines, not under pressure.
• RRSP and investment strategies align with long-term goals.
• Fewer missed credits or last-minute surprises.
• By the time filing season arrives, most of the heavy lifting is already done.

At Smith Rogers Financial, we help clients move from reactive filing to proactive planning, so tax season becomes a check-in, not a fire drill.

Preparing for Tax Season with Confidence

Good tax planning isn’t about squeezing every dollar or chasing loopholes. It’s about making informed decisions that fit your life, your goals, and your timeline.

If 2026 is the year you want tax season to feel calmer, starting now makes all the difference. Get it touch with us and we’ll show you how.

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