Personal Income Tax Guide: The deadline for filing your 2021 return, tax brackets and more – MoneySense

TFSA contribution room 

How much money can you put into a tax-free savings account (TFSA)? Each year has its dollar limit; for 2021, it’s $6,000. But if you haven’t contributed the full amount annually, you likely have more room. Our TFSA contribution room calculator can help you figure that out. And if you’re debating between a TFSA and an RRSP, you’ll find our explainer on the two tax-sheltered investments very useful.

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Tax tips for Canadians 

To help you navigate tax season, we’ve rounded up our 15 most popular and helpful tips, from how long to keep tax documents to what happens if you lie on your return. You’ll also find advice for dealing with U.S. investments, how much money to set aside for taxes if you’re self-employed, and much more, with links to our full articles on each topic. There really is something for everyone.

Read all 15 tips: 2021 tax season primer: Our roundup of the best tax tips for Canadians.

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Protecting yourself from fraud  

While tax scams are nothing new, the pandemic gave rise to a new set of fraud cases, specifically around COVID-related support programs, like the Canada Emergency Response Benefit (CERB). COVID-19 phishing email scams gave hackers and con artists the personal and/or banking information to claim the benefits. 

If you suspect you are a victim of fraud, collect any relevant documents, and that can include your T4, T4As, bank statements, receipts of any related transactions, as well as any emails, or text messages related to the scam. Immediately report the fraud or the scam to the Canadian Anti-Fraud Centre (CAFC) and to the police. Also change all of your passwords right away for any financial accounts that you think may have been targeted, as well as your email addresses, too.

Read how one Canadian handled their name being used for CERB fraud: “I’m a victim of CERB fraud—two years later, I’m still dealing with the tax implications”