3 tax-season tips
Before the April 30 tax-filing deadline, a few simple steps can make the process smoother – and may even reduce your tax bill by uncovering deductions, rebates and tax credits. Get started with these tips!
1. Gather your tax documents
By the end of March, you should have received the documents you need to file your tax return. Getting your slips together ahead of time can help make the filing process smoother. You may also choose to work with a personal tax advisor, who can help you identify which documents to use. While the list of forms, receipts and supporting documents you’ll need depend on your situation, here are some common items to keep handy.
Personal information and receipts |
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|---|---|
| Notice of assessment | The Canada Revenue Agency (CRA) sends this evaluation of your tax return every year after you file. It includes the date the CRA processed your tax return, and details about how much you may owe, or how much you may get as a refund or credit. |
| Child-care expense receipts | You may be eligible to claim certain child-care expenses as a deduction. This includes amounts paid to have someone look after a child so that you could earn income, go to school or carry out research under a grant. |
| Tuition slips and student loan interest amounts | Students may receive official tuition tax receipts from their school and may be eligible to claim interest paid on student loans from the previous year or the last five years. This applies to loans issued under the Canada Student Loans Act, the Canada Student Financial Assistance Act, the Apprentice Loans Act, or similar provincial or territorial government laws. |
| Charitable donation receipts | Tax receipts from charities you support can reduce your federal and provincial income taxes. |
| Political contribution receipts | You can claim a credit for contributions that you, or your spouse or common-law partner, made to a registered federal political party, a registered association, or a candidate in a federal election. |
Income tax slips |
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| T4 | The Statement of Remuneration Paid tax slip (T4) summarizes yearly employment earnings and deductions for paid employees (salaried or hourly). |
| T4A | The Statement of Pension, Retirement, Annuity or Other Income tax slip (T4A) shows income from non-employment sources like a Deferred Profit Sharing Plan (DPSP). |
| T4E | The Statement of Employment Insurance and Other Benefits slip (T4E) shows income tax that was deducted from EI or other benefits received or repaid. |
Investment tax slips |
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|---|---|
| RRSP contribution receipts | If you made Registered Retirement Savings Plan (RRSP) contributions:
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| T3. Relevé 16 in Quebec | If you have investment income from mutual funds in non-registered accounts and from certain trusts you will receive a Statement of Trust Income Allocations and Designations (T3) slip. |
| T4RSP / T4RIF. Relevé 2 in Quebec | If you made a withdrawal from your RRSP or RRIF/LRIF/PRIF, you will receive a Statement of RRSP Income (T4RSP) or a Statement of Income from a Registered Retirement Income Fund (T4RIF). |
| T5 | If you have investment income in non-registered accounts, you will receive a Statement of Investment Income (T5) slip. |
| T5008 | If you sold investments in non-registered accounts, you will receive a Statement of Securities Transactions (T5008) slip. |
2. Sign up for CRA My Account
CRA My Account is the Canada Revenue Agency’s secure online portal. It’s a quick and easy way to manage your tax information and track your communication with the CRA. The account allows you to:
- View your tax documents: Your tax slips for employment earnings, pension amounts and bank interest are available as soon as they are filed by your provider.
- Sign up for Online Mail: You can get direct notifications to your inbox, including when your Notice of Assessment is ready. No personal data is included in CRA emails.
- View benefits-program information: Get quick access to your Canada Child Tax Benefit, Universal Child Care Benefit and Working Income Tax Benefit details, including payment dates and amounts.
- 2026 updates: This year, the CRA introduced a backup multi-factor authentication requirement for CRA account users (with the option to skip it at sign-in), and has made improvements to speed up access for paid tax preparers.
Follow the instructions at Canada.ca to register and take precautions to stay safe online.
3. Evaluate your tax-savings strategies
RRSPs and TFSAs
Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) offer tax advantages and opportunities to grow your savings.
- RRSPs are tax-deferred accounts that help you save for retirement, a first home or education. Contributions are tax deductible, which means they lower your taxable income in the year of contribution. Any money you take out is taxable.
- TFSAs offer no up-front tax break, but you won’t pay tax on withdrawals, including income or growth earned within the account.
Since both accounts provide tax-sheltering, maximizing your allowable RRSP and TFSA contributions – if you’re able – can help you reach your savings goals much faster.
Registered Education Savings Plans (RESPs)
These accounts help you and your child save for post-secondary education. Contributions grow tax-free over the life of the plan. When your child withdraws the money to pay education expenses, they only pay tax on the investment growth and grant portion of the plan. With a limited income while pursuing their education, their tax rate is likely to be low.
First Home Savings Accounts
First Home Savings Accounts (FHSAs) are a relatively new type of registered account, introduced by the Federal Government to help Canadians save for their first home. They allow potential buyers to make tax-deductible contributions on savings for their first home, similar to an RRSP. And, like a TFSA, any income, and capital gains inside the FHSA, as well as withdrawals toward the down payment of a first home, are tax-free.
For more details, read TFSA, RRSP of FHSA: which is right for you?
If you feel it’s time to review your plan, contact your financial representative.
Have you used our helpful online tools?
For mutual funds
If you haven’t set up your mutual funds dashboard, contact your financial representative for help. The dashboard lets you easily review your account balances, transaction history, quarterly statements and year-end tax documents. You can also find additional resources, including market commentary, insightful articles and portfolio and product information, to help you make informed investing decisions.
For segregated funds
A Co-operators Online Services account is a convenient way to keep tabs on your segregated funds. Through this easy-to-use, secure platform, you can view your personal information, the current value of your investments, contribution percentages and transaction history. You can also see the date you completed an Investor Profile Questionnaire. Access Online Services today!
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Have questions about taxes, investments, life insurance or estate planning? Connect with your Co-operators financial representative at any time.101 Cooper Dr, Guelph, ON N1C 0A4,
1-833-631-4999
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Mutual funds are offered through Co-operators Financial Investment Services Inc. to Canadian residents except those in Quebec and the territories. Segregated funds and annuities are administered by Co-operators Life Insurance Company. Not all products are available in all provinces. The information contained in this report was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete and it should not be considered personal taxation advice. We are not tax advisors and we recommend that clients seek independent advice from a professional tax advisor on tax related matters. Co-operators Financial Investment Services Inc. and Co-operators Life Insurance Company are committed to protecting the privacy, confidentiality, accuracy and security of the personal information that we collect, use, retain and disclose in the course of conducting our business.