Advanced Tax CPA highlights common Canadian tax deductions and credits

Advanced Tax Services is flagging five tax breaks Canadians often miss as the 2026 filing season approaches. The Richmond firm also explains how deductions and credits differ, and notes that past returns can often be corrected for up to 10 years.

Why it matters: - Canadians can lower their tax bill by claiming deductions and credits they may have overlooked. - Missing eligible claims can mean paying more tax than necessary. - The 2026 tax year is nearing its filing deadline, which makes this a timely reminder for households, parents, caregivers and first-time buyers.

What happened: - Advanced Tax Services in Richmond, British Columbia, released guidance on common tax breaks Canadians often forget to claim. - The firm said just over two months remain in the 2026 tax year. - The guidance explains the difference between tax deductions and tax credits. - A deduction reduces the portion of income that is taxed. - A credit reduces the final tax bill after tax is calculated. - Some credits can only reduce tax to zero. - Refundable credits can return money even when no tax is owed.

The details: - Child care costs, including daycare and after-school programs, can usually be deducted up to $8,000 a year for a child under seven. - Medical expenses not covered by insurance may qualify for a credit once they pass an income-based threshold. - Family members supporting an adult relative with a disability or illness may be able to claim the Canada Caregiver Credit. - First-time home buyers may qualify for a credit worth up to $1,400. - Charitable donations earn a credit, and the tax savings increase after donations exceed $200 in a year. - Canadians who missed a claim in a prior year can often recover the money by filing an adjustment. - The Canada Revenue Agency generally allows past returns to be corrected for up to 10 years. - 2026 tax returns are due April 30, 2027. - Self-employed taxpayers have until June 15, 2027 to file, but any tax owed still must be paid by April 30. - Advanced Tax Services Inc., CPA was established in 2004. - The firm has offices in Richmond and Vancouver, British Columbia, and Mississauga, Ontario. - Advanced Tax Services provides personal tax preparation, corporate tax, bookkeeping, and trust and estate tax services for individuals and businesses.

Between the lines: - The reminder is aimed at taxpayers who may be leaving money on the table because they do not know which claims apply to their situation. - The focus on deductions and credits suggests confusion over tax terminology remains a practical barrier to filing efficiently. - The 10-year reassessment window means some missed benefits may still be recoverable long after a return is filed.

What's next: - Taxpayers will need to gather receipts and documentation before filing 2026 returns. - Self-employed filers should watch the different filing and payment deadlines. - Canadians who suspect they missed a claim in a prior year may still be able to request an adjustment from the CRA. - More taxpayers are likely to review eligible credits and deductions before the April 30 deadline.