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2025 INCOME TAX CHECKLIST 1.   All information slips  such as T3, T4, T4A, T4A(OAS), T4A(P), T4E, T4PS, T4RIF, T4RSP, T5, T10, T2200, T2202, T101, T1163, T1164, TL11A, B, C and D, T5003, T5007, T5008, T5013, T5018 (subcontractors), and all corresponding provincial slips.    2.   Details of other income  for which no T-slips have been received such as: -          other employment income (including stock option plans and Election Form T1212)       -     business income (along w

The Smith Manoeuvre offers a unique strategy for Canadian homeowners to turn their mortgage debt into an investment tool. This approach can accelerate wealth building by converting non-deductible mortgage interest into tax-deductible investment loan interest. Understanding how this works and whether it fits your financial goals can open doors to smarter money management and potentially faster financial freedom. Canadian suburban home with mortgage documents on table What Is t

Introduction For most Canadians, tax is indeed the largest annual expense. Understanding the tax system and employing effective strategies can significantly reduce your tax burden and help you keep more of your hard-earned money. This guide provides practical, legal ways to save money on taxes in Canada. 1. Maximize Registered Savings Plans RRSP (Registered Retirement Savings Plan): Contributions to your RRSP are tax-deductible, reducing your taxable income for the year. Inve