As the deadline approaches for Canadians to file their tax returns, Windsor retirement and tax specialist, Alynn Godfroy, founder of Godfroy Financial Group has helpful tips to share. Combine tax return with spouse/common law partner Godfroy says one way to maximize your tax return is by combining medical expenses and filing them under the lower income earning spouse and when reviewing donations made throughout the year, put all donations on one spouse’s return. “In Canada, on the first $200 you donate, you get a 16 per cent credit. But after that you get a 29 per cent credit,” she explained. Keep track of finances year-round “Nothing is worse than finding out that you owe the government some money and there’s nothing you can do about it but pay the tax bill,” said Godfroy. Not keeping track year-round could affect your RRSP contribution. “If you’re filing your tax return now and find out that you have a balance owing, it’s too late to go back and make an RRSP contribution because the deadline for your 2025 tax return was March 2 so you’ve missed the boat there.” Avoid calling the CRA, if possible “If you have to call the CRA right now, you’re on hold for a good hour,” said Godfroy. Instead, go online and sign up for a CRA account if you do not already have one. “There’s so much great information on the government website,” she said. “Most questions that people are calling the CRA about, can be found if they register for an account. Once signed in, Canadian can change banking information and home address. They can also look up notice of assessment, when the government received your tax return, find out when you’re going to receive the actual refund or find out your balance owing. Review with a second set of eyes “We do almost a thousand tax returns a year at my office,” said Godfroy. “I can appreciate people want to save money doing it themselves, but sometimes that second set of eyes can result in hundreds or even thousands of dollars of savings. The deadline to file personal taxes is April 30. If you or your spouse or common-law partner are self-employed the deadline to file your taxes is on June 15. Godfroy is co-host of The Financial Architect radio show which airs every Sunday from 7 - 8 a.m.
