Rapid Tax Assessment (Canada — Individual)

Optimization of registered accounts

RRSP

Immediate deduction from your taxable income → reduces the tax payable this year.

CELI

No impact on income but all withdrawals/gains are tax-free.

FHSA

(if you haven't bought a house yet): deductible contributions + tax-free withdrawals for a first residence.

👉 Strategy: always maximize the account that corresponds to your objective (retirement vs home purchase vs liquidity).

Income splitting (if in a couple or retired)

Pension splitting

Up to 50% of pension income transferred to the spouse → reduces the total household tax.

Loan at the prescribed rate

Useful if one spouse has a lower income → to grow investments in their name.

Exemptions and credits

Primary residence

Capital gains exemption on resale.

Charitable donations

Generous credit; even more advantageous if you give listed securities (shares, funds).

Medical expenses, tuition fees, disability credit

Often overlooked.

Employment expenses / self-employment

Home office

Proportion of expenses (rent, internet, electricity, etc.) that are deductible.

Vehicle expenses, insurance, supplies

If eligible.

Avoid costly mistakes

Do not overuse "sprinkling" strategies (TOSI)

With private company → strict CRA rules.

Always keep receipts, forms (T2200 for employees) and proof

Without it, the CRA will refuse the deductions.

✅ Immediate action priorities

Check your taxable income and compare it with the tax brackets → this determines if an RRSP is more profitable than a TFSA.

If you are planning to buy a house → open a FHSA quickly (new and very advantageous tool).

If you are in a couple/retired → calculate the impact of a pension splitting or a prescribed loan.

Prepare a checklist of receipts/expenses (donations, medical, home office).

Consult a tax specialist for complex arrangements (trusts, management companies, inheritance).