Tax season can be tricky—even for well-meaning Canadians who think they’ve done everything right. Here are some of the most common tax-filing mistakes and how to steer clear of them next year.

1. Missing Credits and Deductions

Commonly overlooked:

• Medical expenses
• Moving costs (if you moved 40+ km for work or school)
• Tuition transfers
• Digital news subscriptions

2. Not Reporting All Income

Don’t forget:

• Side gig earnings
• Investment income (dividends, capital gains)
• Foreign income

CRA has more data than ever—underreporting can lead to penalties.

3. Overcontributing to RRSP or TFSA

Exceeding your contribution limits results in tax penalties. Always check your online CRA account for your exact contribution room.

4. Forgetting to Claim Carryforwards

Unused capital losses or tuition credits? These can carry forward for years. Make sure you’re not leaving money on the table.

5. Filing Late

Even if you can’t pay your balance right away, file on time to avoid late penalties. Interest on unpaid taxes adds up quickly.

Tip: Work with a tax professional or financial planner to ensure you’re maximizing your return while avoiding costly mistakes.