12/11/2025
๐
๐ฎ๐ฌ๐ฎ๐ฑ ๐ฌ๐ฒ๐ฎ๐ฟ-๐๐ป๐ฑ ๐ง๐ฎ๐
๐ฃ๐ฟ๐ฒ๐ฝ๐ฎ๐ฟ๐ฎ๐๐ถ๐ผ๐ป ๐๐๐ถ๐ฑ๐ฒ โ ๐ช๐ต๐ ๐๐ถ๐น๐ถ๐ป๐ด ๐ ๐ฎ๐๐๐ฒ๐ฟ๐ ๐ณ๐ผ๐ฟ ๐๐๐ฒ๐ฟ๐๐ผ๐ป๐ฒ
Before anything else - even if your income is ๐๐ฒ๐ฟ๐ผ, you should still file your taxes.
Why?
โ๏ธ You may qualify for benefits like ๐๐ฆ๐ง/๐๐ฆ๐ง ๐ฐ๐ฟ๐ฒ๐ฑ๐ถ๐, ๐๐๐, ๐ฐ๐น๐ถ๐บ๐ฎ๐๐ฒ ๐ฎ๐ฐ๐๐ถ๐ผ๐ป ๐ฟ๐ฒ๐ฏ๐ฎ๐๐ฒ๐, and other income-tested programs.
โ๏ธ Filing every year keeps your ๐๐ฅ๐ ๐ฎ๐ฐ๐ฐ๐ผ๐๐ป๐ ๐ฎ๐ฐ๐๐ถ๐๐ฒ ๐ฎ๐ป๐ฑ ๐๐ฝ๐ฑ๐ฎ๐๐ฒ๐ฑ.
โ๏ธ It helps avoid delays in future applications for loans, immigration, benefits, or government support.
โณ ๐๐บ๐ฝ๐ผ๐ฟ๐๐ฎ๐ป๐ ๐๐ฒ๐ฎ๐ฑ๐น๐ถ๐ป๐ฒ๐
โข ๐๐ฝ๐ฟ๐ถ๐น ๐ฏ๐ฌ, ๐ฎ๐ฌ๐ฎ๐ฒ - Tax filing deadline for most individuals
โข ๐๐๐ป๐ฒ ๐ญ๐ฑ, ๐ฎ๐ฌ๐ฎ๐ฒ - Deadline for self-employed individuals (but any tax owing is still due by April 30)
For low-income individuals, there are many ๐ณ๐ฟ๐ฒ๐ฒ ๐๐ฎ๐
๐ฐ๐น๐ถ๐ป๐ถ๐ฐ๐ available across the city.
For more complex situations, itโs always better to speak with a ๐๐ฃ๐ ๐ผ๐ฟ ๐๐ฎ๐
๐ฒ๐
๐ฝ๐ฒ๐ฟ๐ to avoid costly mistakes.
๐ ๐ญ. ๐ ๐ฎ๐
๐ถ๐บ๐ถ๐๐ฒ ๐ฌ๐ผ๐๐ฟ ๐ง๐ฎ๐
๐ฆ๐ฎ๐๐ถ๐ป๐ด๐ ๐๐ฒ๐ณ๐ผ๐ฟ๐ฒ ๐ฌ๐ฒ๐ฎ๐ฟ-๐๐ป๐ฑ
๐ฐ ๐ฅ๐ฅ๐ฆ๐ฃ ๐ฐ๐ผ๐ป๐๐ฟ๐ถ๐ฏ๐๐๐ถ๐ผ๐ป๐
โข Reduces your taxable income
โข Check your ๐ก๐ผ๐๐ถ๐ฐ๐ฒ ๐ผ๐ณ ๐๐๐๐ฒ๐๐๐บ๐ฒ๐ป๐ for contribution room
โข You can contribute until ๐ ๐ฎ๐ฟ๐ฐ๐ต ๐ฎ, ๐ฎ๐ฌ๐ฎ๐ฒ for the 2025 tax year
๐ ๐ฆ๐ฝ๐ผ๐๐๐ฎ๐น ๐ฅ๐ฅ๐ฆ๐ฃ
โข Helpful for long-term income planning and retirement tax reduction
๐ฆ ๐ง๐๐ฆ๐ ๐ฐ๐ผ๐ป๐๐ฟ๐ถ๐ฏ๐๐๐ถ๐ผ๐ป๐
โข No deduction now, but ๐ด๐ฟ๐ผ๐๐๐ต ๐ฎ๐ป๐ฑ ๐๐ถ๐๐ต๐ฑ๐ฟ๐ฎ๐๐ฎ๐น๐ ๐ฎ๐ฟ๐ฒ ๐๐ฎ๐
-๐ณ๐ฟ๐ฒ๐ฒ
โข Great for savings or investments with flexibility
๐ ๐ฅ๐๐ฆ๐ฃ (๐ณ๐ผ๐ฟ ๐ฝ๐ฎ๐ฟ๐ฒ๐ป๐๐)
โข Earn government grants like ๐๐๐ฆ๐
โข Savings grow tax-sheltered for your childโs education
๐ ๐ฎ. ๐๐ฎ๐๐ต๐ฒ๐ฟ ๐๐น๐น ๐ฌ๐ผ๐๐ฟ ๐๐ป๐ฐ๐ผ๐บ๐ฒ ๐ฆ๐น๐ถ๐ฝ๐ & ๐ฅ๐ฒ๐ฐ๐ผ๐ฟ๐ฑ๐
๐ ๐๐ผ๐บ๐บ๐ผ๐ป ๐๐น๐ถ๐ฝ๐ ๐ถ๐ป๐ฐ๐น๐๐ฑ๐ฒ:
โข T4 โ employment
โข T4A โ contract, pension, or other income
โข T5 โ bank interest and investment income
โข T3 โ mutual funds or trusts
โข Capital gains/loss statements
โข Rental income & expenses summaries
๐ ๐๐ณ ๐๐ผ๐ ๐บ๐ผ๐๐ฒ๐ฑ ๐๐ต๐ถ๐ ๐๐ฒ๐ฎ๐ฟ:
โข Update your mailing address with past employers
โข Update ๐๐ฅ๐ ๐ ๐ ๐๐ฐ๐ฐ๐ผ๐๐ป๐ to avoid missing tax slips
๐จโ๐ฉโ๐ง๐๐ฎ๐บ๐ถ๐น๐-๐ฟ๐ฒ๐น๐ฎ๐๐ฒ๐ฑ ๐ฑ๐ผ๐ฐ๐๐บ๐ฒ๐ป๐๐:
โข Child or spousal support agreements
โข Payment records or receipts
๐งพ ๐ฏ. ๐ข๐ฟ๐ด๐ฎ๐ป๐ถ๐๐ฒ ๐ฌ๐ผ๐๐ฟ ๐๐ฒ๐ฑ๐๐ฐ๐๐ถ๐ฏ๐น๐ฒ ๐๐
๐ฝ๐ฒ๐ป๐๐ฒ๐
๐ฅ ๐ ๐ฒ๐ฑ๐ถ๐ฐ๐ฎ๐น ๐ฒ๐
๐ฝ๐ฒ๐ป๐๐ฒ๐
Prescription drugs, dental/vision, therapy, counselling, and travel for medical care
โค๏ธ ๐๐ต๐ฎ๐ฟ๐ถ๐๐ฎ๐ฏ๐น๐ฒ ๐ฑ๐ผ๐ป๐ฎ๐๐ถ๐ผ๐ป๐
Save all receipts (email receipts are okay)
๐ผ ๐ฃ๐ฟ๐ผ๐ณ๐ฒ๐๐๐ถ๐ผ๐ป๐ฎ๐น ๐ฎ๐ป๐ฑ ๐๐ป๐ถ๐ผ๐ป ๐ณ๐ฒ๐ฒ๐
Membership dues, licensing fees, annual renewals
๐ถ ๐๐ต๐ถ๐น๐ฑ๐ฐ๐ฎ๐ฟ๐ฒ ๐ฒ๐
๐ฝ๐ฒ๐ป๐๐ฒ๐
Daycare, after-school programs, camps, and caregiver receipts (with SIN)
๐ก ๐๐ผ๐บ๐ฒ ๐ผ๐ณ๐ณ๐ถ๐ฐ๐ฒ ๐ฒ๐
๐ฝ๐ฒ๐ป๐๐ฒ๐ (๐ถ๐ณ ๐ฒ๐น๐ถ๐ด๐ถ๐ฏ๐น๐ฒ)
Utility bills, internet, office supplies, workspace details
๐ ๐ฐ. ๐ฅ๐ฒ๐๐ถ๐ฒ๐ ๐ฌ๐ผ๐๐ฟ ๐๐ป๐๐ฒ๐๐๐บ๐ฒ๐ป๐๐
โข Check capital gains/losses
โข Consider tax-loss selling before year end
โข Confirm upcoming T3, T5, and capital gains slips
โข Review foreign investment income (T1135 if required)
๐ผ ๐ฑ. ๐๐ต๐ฒ๐ฐ๐ธ ๐๐ฅ๐ ๐๐ป๐๐๐ฎ๐น๐บ๐ฒ๐ป๐๐ & ๐ช๐ถ๐๐ต๐ต๐ผ๐น๐ฑ๐ถ๐ป๐ด
โข ๐ฅ๐ฒ๐๐ถ๐ฒ๐ ๐ถ๐ป๐๐๐ฎ๐น๐บ๐ฒ๐ป๐ ๐ฝ๐ฎ๐๐บ๐ฒ๐ป๐๐ made this year
โข Adjust employer tax withholding if you end up owing every year
๐ ๐ฒ. ๐ ๐ฎ๐ธ๐ฒ ๐ฆ๐๐ฟ๐ฒ ๐ฌ๐ผ๐๐ฟ ๐๐ฅ๐ ๐๐ป๐ณ๐ผ๐ฟ๐บ๐ฎ๐๐ถ๐ผ๐ป ๐๐ ๐จ๐ฝ๐ฑ๐ฎ๐๐ฒ๐ฑ
โข Address
โข Direct deposit
โข Marital status
โข Dependents
This helps ensure correct payments for ๐๐๐, ๐๐ฆ๐ง/๐๐ฆ๐ง ๐ฐ๐ฟ๐ฒ๐ฑ๐ถ๐๐, and other benefits.
๐๏ธ ๐ณ. ๐ฃ๐น๐ฎ๐ป ๐๐ต๐ฒ๐ฎ๐ฑ ๐ณ๐ผ๐ฟ ๐ฎ ๐ฆ๐บ๐ผ๐ผ๐๐ต ๐๐ถ๐น๐ถ๐ป๐ด ๐ฆ๐ฒ๐ฎ๐๐ผ๐ป
โข Use ๐๐ฅ๐ ๐ ๐ ๐๐ฐ๐ฐ๐ผ๐๐ป๐ to download slips early
โข ๐๐ผ๐๐ฏ๐น๐ฒ-๐ฐ๐ต๐ฒ๐ฐ๐ธ ๐ฎ๐น๐น ๐๐ฎ๐
๐ฑ๐ผ๐ฐ๐๐บ๐ฒ๐ป๐๐ to avoid reassessments
โข File early for faster refunds
โข Keep receipts for at least ๐๐ถ๐
๐๐ฒ๐ฎ๐ฟ๐
โจ ๐๐ถ๐ป๐ฎ๐น ๐ง๐ต๐ผ๐๐ด๐ต๐๐
โข Start organizing now โ donโt wait until February.
โข Keep a single folder (digital or physical) for all tax documents.
โข Save your receipts for at least six years.
โข When in doubt, consult a ๐๐ฃ๐ - it can save you money and prevent costly mistakes.
๐ฌ ๐๐ณ ๐๐ผ๐ ๐ป๐ฒ๐ฒ๐ฑ ๐ต๐ฒ๐น๐ฝ ๐๐ถ๐๐ต ๐ณ๐ถ๐น๐ถ๐ป๐ด, ๐๐ฎ๐
๐ฝ๐น๐ฎ๐ป๐ป๐ถ๐ป๐ด, ๐ผ๐ฟ ๐๐ฒ๐ฎ๐ฟ-๐ฒ๐ป๐ฑ ๐ฝ๐ฟ๐ฒ๐ฝ๐ฎ๐ฟ๐ฎ๐๐ถ๐ผ๐ป, ๐ณ๐ฒ๐ฒ๐น ๐ณ๐ฟ๐ฒ๐ฒ ๐๐ผ ๐ฟ๐ฒ๐ฎ๐ฐ๐ต ๐ผ๐๐.
Happy tax filing and stay prepared!
๐ญ๐ฎ๐ต๐ถ๐ฑ ๐ ๐ผ๐น๐น๐ฎ๐ต ๐๐ฃ๐
Toronto, December 11, 2025
Contact # (416) 690-9191