Here are some summer tax tips for Canadians to help you stay ahead of the game—even when the sun’s out and taxes seem far away:
Review Your 2024 Tax Return While It's Fresh
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Take note of any missed credits or deductions.
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Organize receipts and digital records for medical expenses, charitable donations, home office costs, or childcare.
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If you owed money or received a large refund, adjust your tax withholdings or installments now.
Start Organizing for Next Year
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Set up a folder (physical or digital) labeled “2025 Taxes.”
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File receipts as you go: tuition, RRSP contributions, medical costs, rent/property tax (for credits), and business expenses if self-employed.
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Use apps or tools to track mileage or expenses.
Maximize RRSP and TFSA Contributions
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Summer is a good time to revisit your investment strategy.
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RRSPs reduce taxable income; TFSAs grow tax-free—ideal for vacation savings or emergency funds.
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Contribution limits for 2025:
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RRSP: 18% of 2024 income (up to $31,560)
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TFSA: $7,000 (plus unused room from past years)
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Consider Income Splitting Strategies
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If one spouse earns significantly more, look into:
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Spousal RRSP contributions
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Prescribed rate loan strategies
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Pension income splitting (if applicable)
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Track Tuition and Moving Expenses
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If a family member is heading to college or university:
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Save T2202 slips for tuition credits.
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Keep receipts if they qualify for moving expense deductions (moving >40km for school or a job).
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Review CRA Installment Requirements
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If you owed over $3,000 in 2024 ($1,800 in Quebec), CRA may require quarterly installments.
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Next due dates: June 15, September 15, December 15
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Review your installment reminders or use CRA’s online calculator to estimate payments.
Set Up or Check CRA My Account
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Stay on top of:
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Benefit payments
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RRSP/TFSA room
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Notices of assessment
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Installment alerts and correspondence
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Bonus Tip: Watch for Scams
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CRA never asks for payment by gift card or crypto.
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Confirm CRA calls through your My Account inbox before responding.
Even though it’s summer, it is best to stay ahead of the game. By remaining organized, you have less of a chance of missing a deduction or credit you are eligible for. If your taxes are complex, you should be contacting our office to ensure you remain on top of the situation.