2026 tax facts: What you need to know

It’s that time of year again, and the deadline for filing your 2025 taxes is just around the corner. With that in mind, let's recap some key dates and information.

Important dates

• March 2nd, 2026: Deadline to make your RRSP contribution for the 2025 tax year.
• April 30th, 2026: Deadline to file your 2025 taxes for most individuals.
• June 15th, 2026: Deadline to file your 2025 taxes if you or your spouse or common-law partner is self-employed. Although the tax-filing deadline is June 15th for those with self-employment income, any balance owing must still be paid by April 30th, 2025.

Tax deductions and tax credits

A tax deduction is not the same as a tax credit. A tax deduction reduces your total income and happens before the calculation of your taxes owing. A tax credit can then be applied to this amount to reduce your tax bill accordingly. It may help to think of this like the movies – the credits come at the end.

Common income tax credits for the 2025 tax year

• Medical expenses: You can claim a range of medical expenses, including prescription drugs and dental services, which must exceed a certain threshold before becoming eligible for deduction.
• Charitable donations: To encourage philanthropy and community support, donations made to registered charities may be claimed toward a tax credit.
• Education and tuition: Students can claim tax credits for eligible expenses such as tuition fees and textbooks for post-secondary education.

Common income tax deductions for the 2025 tax year

• RRSP contributions: Contributing to a Registered Retirement Savings Plan (RRSP) allows you to defer taxes on your income. The RRSP contribution deadline for the 2025 tax year is March 2nd.
• Home office expenses: With the rise of remote work, individuals who work from home may be eligible to claim certain home office expenses - documentation is essential.
• FHSA contributions: If you contributed to a First Home Savings Account this year, remember you can deduct contributions up to your annual FHSA limit, which generally is $8,000 per year.

Be sure to stay informed about any changes to tax rules and consult with your Edward Jones advisor or tax professional to ensure you're receiving accurate and up-to-date information tailored to your specific situation.