Tax season is just around the corner, and proper preparation can make all the difference when it comes to maximizing your tax return and reducing the amount you owe. Whether you’re filing your taxes for the first time or looking for ways to optimize your return, understanding 2025 tax deductions and tax credits in Canada can help you make the most of available savings opportunities.
Key Tax Deductions and Credits for 2025
- RRSP Contributions – Contributions made to a Registered Retirement Savings Plan (RRSP) before the 2025 contribution deadline can help reduce your taxable income. If you haven’t maximized your contributions, this is a great way to lower your tax bill while saving for retirement.
- Tax-Free Savings Account (TFSA) – While TFSA contributions aren’t tax-deductible, any investment gains, interest, or dividends earned within the account remain tax-free, making it a powerful wealth management tool.
- Home Buyers’ Amount – If you purchased your first home in 2024, you might qualify for a $10,000 tax credit, which can provide a non-refundable tax reduction of up to $1,500.
- Medical Expenses – Certain medical expenses, including prescriptions, dental work, and therapy, may be claimed if they exceed 3% of your net income or $2,759 (whichever is lower).
- Canada Caregiver Credit (CCC) – If you support a spouse, common-law partner, or dependent with a physical or mental impairment, you could be eligible for this credit, reducing your taxes owed.
- Tuition and Education Credits – Post-secondary students (or their parents) can claim eligible tuition fees to reduce their tax burden.
- Child Care Expenses – If you paid for daycare, summer camps, or after-school programs in 2024, you may be able to claim up to $8,000 per child under 7 and $5,000 per child aged 7-16.
- Work-from-Home Expenses – If you worked remotely in 2024, you may be eligible to claim home office expenses suchas internet, utilities, and office supplies under the detailed method.
Important Tax Filing Dates & iA Investia Tax Protocols
At iA Investia, we ensure that your tax documents are delivered efficiently. Keep these key dates in mind:
- RRSP Contribution Deadline: Monday, March 3,2025
- T3, T4, T5, and Other Tax Slips Available: Mailing dates vary depending on account type, with some as late as March 31, 2025.
- Personal Tax Filing Deadline: April 30, 2025
- We Recommend Holding Off on Filing Until April 15, 2025, unless you have verified with CRA that you have received all your tax slips.
How to Ensure You Have All Your Tax Documents
Check Your CRA MyAccount – The CRA receives all your tax slips, including those from iA Private Wealth, mutual fund companies, and other institutions. Before filing, cross-reference your documents with the CRA to ensure nothing is missing.
Be sure to check your email or iA Investia client portal for important tax slips required for filing your return. If you have questions, your financial advisor can help you navigate the process.
Prepare for a Stress-Free Tax Season
With careful financial planning, you can take full advantage of 2025 tax deductions and tax credits in Canada. Start organizing your documents early, track eligible expenses, and ensure you’re making the most of available tax-saving strategies.
Whether you're a current client or someone looking to take the next step toward financial success, Alpen Investment Advisors is here to guide you every step of the way. Based in North Vancouver, our team, led by Jon Alpen, brings over 18years of experience in helping clients grow, preserve, and navigate their wealth. With expert guidance, tailored solutions, and a steadfast commitment to your success, we are dedicated to supporting your unique financial journey.
Reach out to us today at jonathan@alpenia.ca to start or continue building your financial future with confidence and clarity.
