7 easy ways to boost your tax refund in Canada this year, according to experts

Keep your receipts

According to Vittoratos, one of the easiest and most proactive things you can do to make your life easier at tax time and ensure the biggest possible refund is archiving your receipts and tax documents throughout the year (or gathering them before you file, if you didn't!).

"Too often I have seen people who don't archive their receipts properly and miss out on expenses they could have used for credits," Vittoratos says.

If you're self-employed, this is even more important. The tax expert points out that many self-employed individuals fail to keep track of their business expenses, which means they could miss out on valuable deductions.

Setting up a simple filing system — whether it's digital or a physical folder — can make a huge difference when it's time to file.

Think back on recent life changes

Did you get married last year? Have a baby? Buy or sell a house? Move cities? Start a side hustle? Start working from home? Lose your job?

Ricchio points out that if your life situation changed in 2024, you might be eligible for new tax benefits.

"Don't file the same way each year if your life situation is different from the previous year," she explains. "Life changes, like getting married or having a baby, can affect how you file your taxes — as you might be eligible for benefits you were not previously entitled to."

Many NETFILE-certified tax software programs like TurboTax and UFile can help with this by prompting you with questions about your life situation that you might not know are eligible for tax advantages. These tools can help identify benefits, credits and deductions you might qualify for, ensuring you don't miss out on potential savings.

Consider spousal tax planning

If you're married or in a common-law relationship, Ricchio suggests considering how spousal tax planning can help maximize savings. "Allocating deductions or credits to the partner who benefits most can help reduce [your] overall tax bill," she explains.

For example, if one spouse earns significantly more than the other, it might make sense for the higher earner to claim more deductions. Similarly, splitting pension income or taking advantage of spousal RRSP contributions can help reduce the overall tax burden for the household.

Update your dependants

Did you know that keeping your dependant information up to date could help you save money on taxes? Ricchio explains that dependants aren't just kids — "you can claim various tax credits and deductions based on your dependents (spouse, children, or other individuals who rely on you financially)."

For example, new parents might be able to claim the child care expenses deduction if they've paid for day care or babysitting while working or attending school. Parents can also take advantage of deductions for their child's medical expenses and get boosted amounts for payments like the GST/HST Credit, Canada Carbon Rebate, Canada Child Benefit and more.

Even if your dependant isn't a child, caregivers who support a family member might qualify for additional credits like the Canada caregiver amount. If you don't update this information when you file, you could miss out on some serious cash.

Contribute to an RRSP

Vittoratos highlights that one of the simplest ways to maximize your tax refund is by contributing to a Registered Retirement Savings Plan (RRSP) or company's Registered Pension Plan (RPP).

"The RRSP and RPP allow you to reduce the income for which you will be taxed on (called taxable income), which directly reduces your tax payable, and might bring you down to a lower tax bracket," he explains.

The RRSP deadline for 2024 is Monday, March 3, so you still have time to get in under the wire if you have contribution room left — but Vittoratos says it's even better if you contribute regularly throughout the year instead of waiting until the last minute, so you can take full advantage of tax-deferred growth while ensuring you don't miss out on the deduction.

File on time

This might seem obvious, but Ricchio emphasizes that filing on time is crucial — especially if you owe money to the CRA. "If you owe taxes, filing on time or before the tax deadline helps you avoid penalties and interest," she warns.

Plus, Ricchio says, "If you're expecting a refund, it's always a good idea to file early to get your money sooner."

The deadline for most Canadians to file their 2024 income tax return is April 30, 2025 — but you can start filing now if you're ready!

Always file, even if you don't owe taxes

Both experts agree on this one — you should always, always file your tax return, even if you have no income to report (or not enough to owe tax on it).

Vittoratos explains why low-income Canadians should still file: "At low income levels, they would be entitled to benefits such as the GST Credit (and provincial equivalent, if applicable) but can only claim this credit by filing their tax return."

Plus, filing ensures that you can carry forward various unused tax non-refundable credits or deductions to future years.

Ricchio also points out that tax credits like sales tax rebates and child care benefits may still apply, even if you had little to no income. Filing a tax return each year is a requirement to continue receiving many government benefit payments, even if you're already receiving them now.