Find the money you can keep
What can I claim in Canada?
Canadian money most people never claim back from the CRA. Each card: what it is worth, and the form it goes on.
7 claims for Canada. Deadlines are for the 2025 tax year, which ends 31 December.
RRSP deduction
Worth: Your full marginal rate on everything you contribute
Who can claim: You have deduction room, shown on your latest notice of assessment.
How to claim
- Check your room in CRA My Account.
- Contribute by 2 March 2026 for the 2025 year.
- Report it on Schedule 7 and claim it at line 20800.
Forms
- Schedule 7RRSP contributions and transfersGoes to: Filed with your T1
- T1 General, line 20800Where the deduction is claimedGoes to: NETFILE or a preparer
Have ready: Notice of assessment, RRSP contribution receipts, Your last pay stub of the year
Deadline: 2 March 2026 to contribute for 2025
TFSA room
Worth: No tax at all on growth or withdrawals
Who can claim: You are 18 or over with a valid SIN and have room available.
How to claim
- Check your room in CRA My Account, including carried forward amounts.
- Contribute up to your limit.
- Wait until 1 January before replacing money you took out.
Forms
- No formYour bank reports your contributions to the CRAGoes to: Nothing to file
Have ready: TFSA statements, CRA My Account room figure
Deadline: Any time, room carries forward
First Home Savings Account
Worth: A deduction going in and no tax coming out for a first home
Who can claim: You are a first time buyer, 18 or over and a resident of Canada.
How to claim
- Open an FHSA.
- Contribute up to 8,000 a year.
- Withdraw tax free for a qualifying home.
Forms
- T1 General, line 20805FHSA deductionGoes to: Filed with your T1
Have ready: FHSA contribution receipts, Proof of first time buyer status
Deadline: 31 December for that year's deduction
Self employed expenses
Worth: Your marginal rate on every real cost of earning the income
Who can claim: You earned business or professional income and paid the costs yourself.
How to claim
- Work out the business share of your home and vehicle.
- Total your costs by category.
- File form T2125 and carry the profit to line 13500.
Forms
- T2125Statement of Business or Professional ActivitiesGoes to: Filed with your T1
Have ready: Receipts, Vehicle logbook, Home square footage, Bank and card statements
Deadline: 15 June 2026 to file, balance due 30 April 2026
Rental expenses
Worth: Interest, tax, insurance, repairs and fees against your rent
Who can claim: The property was available for rent.
How to claim
- Total income and costs per property.
- Split repairs from improvements.
- File form T776.
Forms
- T776Statement of Real Estate RentalsGoes to: Filed with your T1
Have ready: Mortgage interest statement, Property tax bill, Insurance, Repair invoices
Deadline: 30 April 2026
Capital gains and losses
Worth: Half the gain is not taxed at all, and losses can wipe out gains
Who can claim: You disposed of an investment, a second property or crypto.
How to claim
- Work out your adjusted cost base including fees and improvements.
- Apply losses from this year or carried forward.
- Report it on Schedule 3.
Forms
- Schedule 3Capital Gains or LossesGoes to: Filed with your T1
Have ready: Buy and sell confirmations, Improvement receipts, Prior year loss balances
Deadline: 30 April 2026
Principal residence designation
Worth: The whole gain on your main home, normally tax free
Who can claim: You, your spouse or your child lived in it in the years you designate.
How to claim
- Report the sale on Schedule 3 even when nothing is owed.
- Complete form T2091 to designate the years.
- Apportion if part of it was rented out.
Forms
- T2091(IND)Designation of a property as a principal residenceGoes to: Filed with your T1
Have ready: Purchase and sale documents, Dates you lived there, Any rental history
Deadline: With the return for the year of sale