{"id":4317,"date":"2026-04-01T11:33:54","date_gmt":"2026-04-01T15:33:54","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/crescowealthmanagement\/?p=4317"},"modified":"2026-04-01T09:27:41","modified_gmt":"2026-04-01T13:27:41","slug":"tax-planning-deferring-deductions-canada","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/crescowealthmanagement\/2026\/04\/01\/tax-planning-deferring-deductions-canada\/","title":{"rendered":"When It May Pay to Defer Deductions"},"content":{"rendered":"<p class=\"BasicParagraph\" style=\"margin-top: 4.5pt\"><span lang=\"EN-US\" style=\"font-size: 12pt;line-height: 120%;font-family: 'Open Sans', sans-serif;color: #282829;letter-spacing: -0.25pt\">Tax season is here again. Most taxpayers are eager to maximize deductions to minimize the taxes they pay. However, careful attention to tax planning may mean doing the opposite. In some situations, it may be beneficial to defer making deductions to achieve a greater future tax benefit. Here are some perspectives:<\/span><\/p>\n<p class=\"BasicParagraph\" style=\"margin-top: 4.5pt\"><span style=\"font-size: 12pt\"><b><span lang=\"EN-US\" style=\"line-height: 120%;font-family: 'Open Sans', sans-serif;color: #282829;letter-spacing: -0.25pt\">Registered Retirement Savings Plan (RRSP) <\/span><\/b><span lang=\"EN-US\" style=\"line-height: 120%;font-family: 'Open Sans', sans-serif;color: #282829;letter-spacing: -0.25pt\">\u2014 There may be situations in which delaying your RRSP deduction makes sense. If you expect that you will be in a higher tax bracket in future years, you can make a contribution up to your limit but not take the RRSP deduction in the year of contribution and, instead, carry that amount (or a portion of it) forward. Or, you can defer contributing until the year when you anticipate being in the higher tax bracket to maximize the taxes saved. Unused RRSP tax deductions can be carried forward indefinitely.<\/span><\/span><\/p>\n<p class=\"BasicParagraph\" style=\"margin-top: 4.5pt\"><span style=\"font-size: 12pt\"><b><span lang=\"EN-US\" style=\"line-height: 120%;font-family: 'Open Sans', sans-serif;color: #282829;letter-spacing: -0.35pt\">First Home Savings Account (FHSA) <\/span><\/b><span lang=\"EN-US\" style=\"line-height: 120%;font-family: 'Open Sans', sans-serif;color: #282829;letter-spacing: -0.35pt\">\u2014 Similar to the RRSP, if you have opened and contributed to a FHSA, you can carry forward undeducted contributions to a later year \u2014 and, generally, even beyond the FHSA\u2019s closure. This may be beneficial for younger folks who might expect to be in a higher tax bracket in future years.<\/span><\/span><\/p>\n<p class=\"BasicParagraph\" style=\"margin-top: 4.5pt\"><span style=\"font-size: 12pt\"><b><span lang=\"EN-US\" style=\"line-height: 120%;font-family: 'Open Sans', sans-serif;color: #282829;letter-spacing: -0.4pt\">Charitable Donations<\/span><\/b><span lang=\"EN-US\" style=\"line-height: 120%;font-family: 'Open Sans', sans-serif;color: #282829;letter-spacing: -0.4pt\"> \u2014 Eligible donations don\u2019t have to be claimed in the year made and can be carried forward and claimed within the next five years. The federal tax credit has two tiers: 14.5 percent (for 2025, or 14 percent for 2026) on the first $200; 29 percent on amounts above $200 (33 percent if taxable income is in the highest tax bracket), with additional provincial credits. If you make smaller donations over different years, it may be beneficial to delay a claim and combine donations together to maximize the amount that generates the higher tax credit. As well, spouses may be able to claim each other\u2019s unused charitable donations (including carried-forward amounts) from previous years to optimize the tax credit.<\/span><\/span><\/p>\n<p class=\"BasicParagraph\" style=\"margin-top: 4.5pt\"><span style=\"font-size: 12pt\"><b><span lang=\"EN-US\" style=\"line-height: 120%;font-family: 'Open Sans', sans-serif;color: #282829;letter-spacing: -0.35pt\">Capital Losses <\/span><\/b><span lang=\"EN-US\" style=\"line-height: 120%;font-family: 'Open Sans', sans-serif;color: #282829;letter-spacing: -0.35pt\">\u2014 If an investment is sold for less than its adjusted cost base in a non-registered account, the loss may be recorded as a capital loss. Net capital losses can be carried back three years or forward indefinitely to offset taxable capital gains. You can choose to apply them in a year when you have larger gains or a higher income to maximize the tax benefit.<b><\/b><\/span><\/span><\/p>\n<p class=\"BasicParagraph\" style=\"margin-top: 4.5pt\"><span style=\"font-size: 12pt\"><b><span lang=\"EN-US\" style=\"line-height: 120%;font-family: 'Open Sans', sans-serif;color: #282829;letter-spacing: -0.35pt\">Medical Expenses <\/span><\/b><span lang=\"EN-US\" style=\"line-height: 120%;font-family: 'Open Sans', sans-serif;color: #282829;letter-spacing: -0.35pt\">\u2014 Eligible medical expenses may be claimed as a federal non-refundable tax credit once they exceed a threshold. The claimable amount is the portion of expenses above the lesser of 3 percent of net income or $2,834 (for the 2025 tax year). Provincial or territorial medical expense tax credits also apply. Medical expenses do not need to be based on the calendar year and may be claimed for any 12-month period ending in the tax year (provided they were not claimed previously). Therefore, it may be beneficial to delay claiming expenses if doing so allows you to include them in a 12-month period that produces a larger claim.<\/span><\/span><\/p>\n<p class=\"BasicParagraph\" style=\"margin-top: 4.5pt\"><span style=\"font-size: 12pt\"><b><span lang=\"EN-US\" style=\"line-height: 120%;font-family: 'Open Sans', sans-serif;color: #282829;letter-spacing: -0.35pt\">Tuition Tax Credit<\/span><\/b><span lang=\"EN-US\" style=\"line-height: 120%;font-family: 'Open Sans', sans-serif;color: #282829;letter-spacing: -0.35pt\"> \u2014 Many students don\u2019t use their tuition tax credit to reduce taxes because they have limited income at school. Up to $5,000 of unused tuition amounts can be transferred to a spouse, common-law partner, parent or grandparent. Any remaining amount can be carried forward indefinitely to future years. However, once a student has federal tax payable, they must generally use available carried-forward tuition amounts to reduce that tax before claiming certain other non-refundable credits.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax season is here again. Most taxpayers are eager to maximize deductions to minimize the taxes they pay. However, careful attention to tax planning may mean doing the opposite. In some situations, it may be beneficial to defer making deductions to achieve a greater future tax benefit. Here are some perspectives: Registered Retirement Savings Plan [&hellip;]<\/p>\n","protected":false},"author":310,"featured_media":4318,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"2normal","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Smart Tax Planning: When Deferring Deductions Makes Sense<\/title>\n<meta name=\"description\" content=\"During tax season, smart tax planning may mean deferring deductions. 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