Tax season doesn’t have to be stressful.

With a little organization and a few proactive check-ins, filing your 2026 return can feel routine rather than rushed.

Here’s how to stay ahead.

1. Create a Dedicated “Tax Folder”

Set up one physical folder and one digital folder labeled 2026 Taxes.

Throughout the year, add documents as they arrive, such as:

• T4 slips from your employer
• T3 and T5 slips for investment income
• RRSP contribution receipts
• Charitable donation receipts
• Medical expense receipts
• Tuition slips
• Property tax statements
• Pension income slips

Having one centralized location reduces the risk of missing something when it’s time to file.

2. Know Which Slips to Expect

Depending on your situation, you may receive:

• T4 from your employer
• T3 / T5 from investment providers
• T4A(P) for CPP
• T4A for all nonemployment income including Old Age Security, annuities, scholarships, RESP, RDSP & self employment income
• RRSP receipts
• Pension slips from private pension providers

If you are self-employed, you are responsible for tracking all business income and eligible expenses throughout the year.

Note. Self-employed individuals typically have until June 15 to file, but any balance owing is still due by April 30 to avoid interest.

3. Track Deductible Expenses as You Go

Some expenses qualify for tax credits or deductions, subject to CRA rules and income thresholds. Common examples include:

• Medical expenses
• Charitable donations
• Childcare expenses
• Certain employment expenses

Rather than sorting receipts at year-end, consider uploading or organizing them monthly.

Consistency prevents last-minute scrambling.

4. Review RRSP and TFSA Contributions Early

RRSP contribution decisions should ideally be made before the deadline approaches.

An RRSP contribution may be beneficial if:

• You are in a higher marginal tax bracket this year
• You expect lower income in retirement
• You want to reduce taxable income for specific planning reasons

TFSA contributions do not provide a tax deduction, but growth and withdrawals are generally tax-free.

Contribution room for both can be confirmed through CRA My Account.

5. Be Aware of Life Changes

Certain events can materially affect your tax situation, including:

• Retirement
• Sale of property
• Large capital gains
• Starting or selling a business
• Moving provinces
• Changes in marital status

In Canada, your province of residence on December 31 determines your provincial tax rate for the year.

If your situation changed during 2025, it may impact your 2026 filing.

6. Review CRA My Account Periodically

CRA My Account allows you to:

• Confirm slips issued under your SIN
• May show if you owe money to the CRA or if they owe you
• Track RRSP contribution room
• Review instalment requirements if applicable
• Verify direct deposit information

Not all taxpayers are required to make instalments. Instalment reminders apply only if you meet CRA thresholds based on prior tax owing.

7. Think Beyond Just Filing

Filing your return is compliance. Tax planning is strategy.

Depending on your situation, planning opportunities may include:

• Pension income splitting after age 65
• Strategic realization of capital gains or losses
• Use of spousal RRSPs
• Charitable giving strategies
• Insurance planning

These strategies depend on your marginal tax rate, income level, and long-term goals. They should be reviewed in the context of your broader financial plan.

The Bottom Line:

The goal is clarity and preparedness.

A little organization throughout the year reduces errors, missed credits, and unnecessary stress. More importantly, it creates space for thoughtful planning rather than reactive decisions.

Good tax planning starts long before the deadline.

Source: www.canada.ca