By Evelyn Jacks, RWM, MFA, MFA-P, FDFS on May 22, 2026 Estimated reading time: 7 minutes

Did you maximize your tax-saving opportunities this year?

By Evelyn Jacks, RWM, MFA, MFA-P, FDFS on May 22, 2026 Estimated reading time: 7 minutes

You might be missing valuable tax credits, deductions, and filing opportunities. Here are nine ways to maximize your tax savings.

Tax season 2026 has drawn to a close, but it is not over yet; the June 15 filing deadline for the self-employed is still ahead. Also ahead, the deadlines that come with Canada Revenue Agency’s (CRA) post-assessment reviews and audits.

While it is true that Canadians love their tax refunds and benefits, gathering the paperwork to verify the numbers on the return is an annual stressor. That’s where the reality of common tax filing errors really begin.But it’s not all bad news—quite often the glaring omissions can be in your favor.

Tax filing is getting more complicated—and costlier to ignore

Tax filing has become increasingly complicated for Canadians. Rules change constantly, life gets busy, and the CRA now communicates largely through its My Account portal, making it easier to miss important notices if you’re not checking regularly. 

The complexity taxpayers are facing in filing their tax returns can be truly overwhelming, so it’s no surprise that many Canadians now rely on professional tax preparers. But regardless of whether you file yourself or use an accountant, the responsibility remains yours: you must file an accurate return on time every year or risk penalties and interest.

If you missed the deadline this year, don’t ignore it. Filing late usually costs far less than not filing at all. And if you’ve omitted income or made errors in previous returns, you may be able to correct them voluntarily before the CRA contacts you, which can help reduce penalties.

It’s also important to monitor your CRA My Account regularly for reassessments, requests, or notices that may require action.

Why filing your taxes pays off

Filing a tax return is actually more about the carrot than the stick; it’s your ticket to lucrative tax credits and benefits that are only available when you file that return. In fact, for some families, it is the most important financial document of the year because it generates tax-free cash flow through programs like the........

© MoneySense