The moment many have been waiting for (or perhaps dreading) is here: Tax-filing season has officially begun! As of February 23, 2026, you can start gathering those crucial documents for your 2025 tax return. This important period will run for a little over nine weeks, with the primary deadline for most Canadians set for April 30th.
What's in Your Mailbox (or Inbox)?
Most employers are in the process of sending out T4 slips, which detail your employment income and deductions. These are typically distributed by the end of February, arriving via mail, email, or through secure employee portals. Similarly, financial institutions are dispatching investment slips and, for those with more complex portfolios, sophisticated firms are providing clients with an annual overview of their investments and any gains or losses around this time. This is according to Ryan Minor, director of tax at CPA Canada.
Thinking Ahead: Lowering Your Tax Bill
If you're anticipating that you might owe money to the government, Ryan Minor suggests a bit of proactive scenario planning. One effective strategy could be making additional contributions to your Registered Retirement Savings Plan (RRSP). This can potentially reduce the amount you owe, provided you still have contribution room available. Remember, the deadline to contribute to your RRSP for the 2025 tax year is March 2nd.
Unlocking Potential Savings: Credits and Deductions
Yannick Lemay, a tax specialist at H&R Block, emphasizes the importance of becoming familiar with the various credits and deductions available to you. Did you know that Canadians might be eligible for over 400 different credits and deductions? It's true! Lemay points out that for most of these, you'll need supporting documents to claim them, so start hunting for those receipts!
The Commonly Overlooked Gems
Ryan Minor highlights that certain tax credits are frequently missed. The disability tax credit is one such example. He's seen numerous cases where individuals, upon realizing they were eligible, filed reassessments going back several years and received substantial refunds. It's worth taking a moment to review your personal circumstances and see if you qualify for credits related to first-time homebuyers, home accessibility, or others that might apply to you.
Your CRA Account: A Digital Lifeline
It's crucial to set up and regularly check your Canada Revenue Agency (CRA) My Account. This online portal is your gateway to ensuring you haven't missed any important slips or documents. Minor advises, "If CRA has (a record of) something that you don’t have, then you should probably go and track down that slip." Your CRA My Account also provides updates on the status of your refunds, credits, and appeals, and even informs you about when to expect your direct deposit for any tax refund.
Keeping Your Information Up-to-Date
Even if you're not planning to file your taxes immediately, it's a smart move to verify that your address and other personal information are current in the CRA's system. This is the perfect time to make any necessary corrections.
Exciting Changes from the CRA This Year!
The CRA is rolling out some significant updates for this tax season. Gone are the days of waiting for a mailed code when opening your CRA account! Now, you can opt to verify your identity using online tools. According to agency spokesperson Charles Drouin, you can use a valid government-issued photo ID, such as a driver's licence, along with your most recent tax return (provided you filed in the past two years).
Furthermore, the CRA is encouraging taxpayers to explore its new AI-powered chatbot for quick answers to your questions.
A Special Note for the Self-Employed
For those who are self-employed, Ryan Minor has a key piece of advice: you need to determine if you owe money before April 30th, even though your tax filing deadline is extended to June 15th. While you have more time to submit your return, any taxes owing must be paid by the end of April to avoid accruing interest. "You’ve got to make sure you do an estimate and pay your taxes even though you get extra time to file," Minor stresses.
To File or Not to File (Yet)?
While the tax portal is open, experts advise that there's no need to rush if you're not ready. Minor points out that some individuals may not receive all their tax slips, particularly those related to trusts, until March. The optimal time to file often depends on your confidence that you have all necessary documentation. For instance, if your tax situation is straightforward, like having only a T4 slip and expecting a refund, there's generally no downside to filing early.
What are your thoughts on the new CRA verification methods? Do you think the AI chatbot will be a helpful tool? Share your opinions in the comments below!
This report by The Canadian Press was first published Feb. 23, 2026.
