General Taxes and T2 Tax Returns

RESP contributions aren't tax-deductible, but the growth and grants are taxed in the student's hands at withdrawal — usually meaning little or no tax, since students are typically in the lowest bracket.

The Notice of Assessment (NOA) is the summary the CRA sends after processing your tax return.

It confirms your income, refund or balance owing, and your RRSP room for the year ahead.

It's worth keeping, since lenders and benefit programs often ask for it as proof of income.

Your RRSP has an expiry date.

You must convert an RRSP to a retirement income option such as a RRIF by December 31 of the year you turn 71.

Alternatively, you can buy an annuity or withdraw the cash, which gets taxed as income.

Act in time and contact your financial institution to arrange your preferred option.

A First Home Savings Account (FHSA) helps you save tax-free for your first home.

Contributions are generally deductible, and qualifying withdrawals — including investment growth — are tax-free.

• Contribute up to $8,000 annually and $40,000 over your lifetime. Up to $8,000 in unused contribution room can be carried forward.
• The account can remain open for 15 years or until age 71, whichever comes first.
• If you do not buy a home, you can transfer the balance tax-deferred to an RRSP or RRIF.
• You must be a Canadian resident, meet the applicable minimum age requirement, and qualify as a first-time home buyer.
• Report deductible contributions on federal line 20805 and Québec line 215 using your T4FHSA and Relevé 32 slips. Verify current rules with the CRA or Revenu Québec.

Québec's refundable Tax Credit for Home-Support Services for Seniors helps cover eligible services that support independent living — even if you owe no tax.

• You may qualify if you were a Québec resident and were aged 70 or older on December 31, regardless of your level of autonomy.
• If you turned 70 during the year, only services received on or after your 70th birthday qualify.
• The credit equals 39% of eligible expenses; limits vary depending on your autonomy status.
• The credit is reduced when family income exceeds $71,010. UFile calculates the reduction using line 275 and Work Chart 458.
• Eligible expenses vary by residence type and cannot also be claimed as medical expenses.
• Complete Schedule J to claim the credit or apply to receive advance monthly payments.

Check Revenu Québec's official guide by residence type.

The Canada caregiver credit (CCC) is a non-refundable tax credit for people who support a family member with a mental or physical impairment.

• Eligibility: You may qualify if your spouse, partner, or another eligible relative depends on you for basic needs because of an impairment. Certain relatives must have lived in Canada during the year.
• Spouse, partner, or eligible dependant: Claim $2,687 on line 30300 or 30400, and up to $8,601 on line 30425.
• Children and other dependants: Claim $2,687 on line 30500 for each eligible child under 18, or up to $8,601 on line 30450 for each other eligible dependant aged 18 or older.
• Special rules: Child support and shared custody may affect claims on lines 30400 and 30500.
• Documents: The CRA may request a medical statement unless it already has an approved Form T2201 covering the relevant period.