
While April might seem distant as we begin February, tax season will be here before you know it. Waiting until the last minute could mean leaving money on the table or making costly mistakes. Jennifer Dunn, tax partner at BDO Canada, emphasizes that "starting early prevents errors and maximizes your refund potential." Here are seven powerful strategies from Dunn and H&R Block's Yannick Lemay to help you conquer tax season like a pro.
Unlock hidden tax savings with these often-missed deductions
Lemay reveals that Canadians frequently overlook valuable deductions simply because they don't receive official slips for them. "With over 400 available credits and deductions, many taxpayers miss opportunities simply because they're not documented on standard tax forms," he explains.
The solution? Conduct a thorough review of your digital receipts from charitable donations throughout the year. Also pay special attention to medical expenses and student loan interest payments - these significant deductions often get forgotten without proper documentation systems in place.
Your ultimate tax preparation checklist
Both experts strongly recommend using comprehensive checklists as your roadmap to tax success. Dunn suggests the CRA's official checklist as an excellent starting point, while Lemay highlights H&R Block's free downloadable version specifically designed for Canadian taxpayers.
"We don't expect clients to remember every possible deduction," Lemay notes. "That's why we've created tools that guide you through every potential money-saving opportunity." When working with professionals, submitting documents early gives them more time to optimize your return through strategic planning.