Share Capital

Property tax is an annual municipal levy on real estate, charged by the city or town where the property sits rather than by the CRA. The bill is the assessed value of the property multiplied by the tax rate the municipality sets each year, and it funds local services such as roads, waste collection, policing and the education portion the province adds. Assessed value is set by a provincial assessment authority, so it is not the price you paid.

EI benefits are taxable income. Service Canada withholds income tax before each payment reaches you, and the total benefits plus the tax withheld appear on your T4E for the year. That withholding follows a basic calculation rather than your full marginal rate, so people who also worked during the year often end up with a balance owing at filing. Asking Service Canada to withhold more, or setting money aside yourself, avoids a surprise. Higher-income claimants can also have to repay part of their regular benefits through the return.

The three levers are deductions that reduce the income you are taxed on, credits that reduce the tax itself, and moving savings into registered plans. RRSP room is the lesser of 18% of prior-year earned income and the year's dollar limit — $32,490 for 2025 and $33,810 for 2026 — then reduced by any pension adjustment and increased by unused room carried forward. A TFSA shelters growth instead of deferring tax. Claim every eligible expense, split eligible pension income where the rules allow, and carry unused amounts forward rather than losing them.

Yes. When wait times are long the CRA phone system offers an automated callback: you enter a number, hang up, and an agent calls when your place in the queue comes up. The option only appears while the queue is long, so a quiet line will simply connect you. An agent working an open file can also arrange a return call. Keep the number you gave free, and expect the call from a CRA line rather than the one you dialled.