You’ve just filed your tax return, and the relief is instant—no more digging for receipts or wrestling with numbers until next year.
But once that weight lifts, it’s easy to overlook the perfect window you now have to get ahead. The months between filing deadlines are your chance to lower next year’s tax bill, grow your savings, and avoid another last-minute scramble.
In this post, you’ll discover how to use the off-season strategically, with steps like maximizing RRSP contributions, planning TFSA investments, harvesting tax losses, and exploring income-splitting opportunities.
What is Off-Season Tax Planning and Why Does It Matter?
The “off-season” is simply the months outside Canada’s March and April filing deadlines. While most people only think about taxes during crunch time, you have far more flexibility to make strategic moves when the pressure is off.
Planning ahead lets you spread out contributions, seize investment opportunities, and avoid rushed decisions. It’s your chance to save money, reduce stress, and make next year’s filing a breeze.
How to Plan Your Taxes in the Off-Season
1. Review Last Year’s Return
Start by going over your previous tax return in detail. Look for deductions you missed, credits you didn’t claim, or carry-forward amounts you can use.
Identify which income sources bumped you into higher tax brackets. This review will show you exactly where you can make changes for the biggest impact.
2. Maximize RRSP Contributions
Your Registered Retirement Savings Plan (RRSP) is one of the most powerful tax-deferral tools you have.
Contributing regularly throughout the year—rather than in a last-minute February rush—lets you take advantage of dollar-cost averaging and keeps you from scrambling to find extra funds at the deadline.
3. Use Your TFSA Strategically
A Tax-Free Savings Account (TFSA) allows your investments to grow without tax, and you’ll never pay tax on withdrawals.
The off-season is a perfect time to plan contributions around market opportunities, like investing after a dip, so your tax-free growth potential is even greater.
4. Harvest Tax Losses
If you hold investments outside registered accounts, consider selling underperforming assets before year-end to realize a capital loss.
This can offset capital gains and reduce your taxable income. Just be sure to follow Canada’s superficial loss rules to keep your claim valid.
5. Explore Income Splitting
If you’re part of a family with income differences, income splitting can help reduce your overall tax bill.
You might contribute to a spousal RRSP, transfer investments to a lower-income spouse, or pay reasonable wages to family members working in your business.
6. Track Eligible Expenses
Don’t wait until tax time to gather receipts.
Create a simple system—digital or physical—to track medical expenses, charitable donations, home office costs, and professional fees as they happen. This makes claiming them easy later.
7. Stay Updated on Tax Changes
Tax laws change regularly. Make a habit of following reputable Canadian tax resources or consulting an advisor so you know about new deductions, credits, or contribution limits that could work in your favour.
Tips and Reminders for Effective Off-Season Planning
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Set quarterly reminders to check in on your financial position.
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Automate RRSP and TFSA contributions so you never miss an opportunity.
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Keep your investment and expense records organized digitally for stress-free filing.
Tax planning doesn’t need to be a once-a-year scramble. By using the off-season to your advantage, you can make smart, stress-free moves that lead to better results when next April rolls around.
Whether you’re boosting RRSP contributions, using your TFSA wisely, or harvesting tax losses, taking action now sets you up for a smoother, more rewarding tax season.