Tax Tip - Money on your mind? Learn how tax literacy can contribute to your financial success Français

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Canada Revenue Agency

Nov 17, 2025, 09:01 ET

OTTAWA, ON, Nov. 17, 2025 /CNW/ - November is Financial Literacy Month, and this year's theme, 'Talk Money,' encourages Canadians to have open, honest conversations about their finances. Talking about money is not easy – we get it. However, improving your tax literacy can be directly beneficial to you! Learn how doing your taxes can put money in your pocket, help you save up for a home, or your retirement. We also share tips on how to protect your finances from scams and fraud.

For those looking for extra cash, doing taxes can help

The cost of living has gone up and, if you are a parent, extra cash will always help. Doing your taxes can give you access to benefit and credit payments. Here are some examples:

  • If you are primarily responsible for the care and upbringing of children under 18, you could get up to $7,997 (per child under 6) and $6,748 (for ages 6 through 17) with the Canada child benefit (CCB).
  • For those with a more modest income, you may be eligible to receive the quarterly GST/HST credit of up to $533 a year if you are a single individual.
  • Those who are working but currently earning a smaller salary may also qualify to receive the Canada workers benefit (CWB).

Pro tip: Use direct deposit to get these payments quickly and directly into your bank account. You can sign-up through your CRA account or directly through your financial institution. We also encourage you to check out our Skip the line campaign which identifies several ways you can use digital services to get  information from the Canada Revenue Agency (CRA) faster. These tools can often get answers in minutes, and are available 21/7!

Saving for a home: some tips to give you a head start

The cost of owning a home continues to rise. Addressing affordability is essential to ensure all Canadians have access to safe and affordable housing options. Maybe one of these could help you!

  • The First Home Savings Account (FHSA) gives prospective first-time home buyers the ability to save to buy or build their first home on a tax-free basis. You can contribute directly, or transfer from your Registered Retirement Savings Plan (RRSP) to your FHSA, up to $8,000 per year, with a lifetime limit of $40,000.
  • The Home Buyers' Plan allows first-time home buyers to withdraw up to $60,000 from their RRSPs to buy or build a qualifying home for themselves or a specified person with a disability. You can withdraw from the HBP and the FHSA for the same home, as long as you meet all the conditions at the time of each withdrawal.
  • The Multigenerational Home Renovation Tax Credit can help reduce renovation costs for constructing a secondary suite to accommodate a senior or an adult who is eligible for the disability tax credit, to live with a qualifying relative Claiming eligible renovation expenses could result in a refund up to $7,500, for each eligible claim.
  • The first-time home buyers' GST/HST rebate (pending Royal Assent) will allow eligible first-time home buyers to deduct 100% of the GST (or the federal part of the HST) on new homes valued up to $1 million. It will also gradually reduce the GST/HST on new homes between $1 million and $1.5 million.

Save now, pay less tax today and grow your money for tomorrow

Whatever stage of life you are in, there is a savings vehicle for you. You may be a parent looking to save for a child's post-secondary, or you could be saving for your own retirement.

  • Education savings: The Registered Education Savings Plan (RESP) is a long-term savings plan to help people save for a child's education after high school, including trade schools, CEGEPs, colleges, universities, and apprenticeship programs. Anyone can open an account for a child - parents, guardians, grandparents, other relatives, and friends. When you open an RESP, you can ask your financial institution to apply for benefits like the Canada Learning Bond (CLB) and the Canada Education Savings Grant (CESG).
  • Retirement savings: The Registered Retirement Savings Plan (RRSP) is a special account you can open to save money for your retirement. You (and your spouse or partner) can put money into it, and whatever you put in can lower the income tax you pay. While your money stays in the RRSP, it grows tax-free. You only pay tax later, when you take the money out, usually after you retire.

Grow your money with a Tax-Free Savings Account (TFSA)

Opening a TFSA can help you grow your money tax-free. In addition to cash, you can have guaranteed investment certificates, bonds, stocks, mutual funds, Exchange Traded Funds, and many other investments in your TFSA. Note: money saved in or withdrawn from your TFSA does not affect your eligibility for income-tested government benefits and credits, such as the CCB or the Guaranteed Income Supplement.

 We recently enhanced the TFSA online information, so individuals can self-serve with confidence. The updated web pages now feature improved scenarios and information on contribution limits, withdrawals, and resolving overcontributions – making the experience smoother and more efficient while reducing the need for calls to our contact centres.

It is important that you know your TFSA contribution limit and stay within it to avoid a penalty. You can calculate your contribution room using the RC343 - TFSA contribution room Worksheet.

 Protect yourself from scams and frauds

A key part of tax literacy is knowing the difference between communications from the CRA and communications from scammers impersonating us. We have some tips that will help you tell us apart.  When contacting taxpayers, the CRA will not:

  • Demand or pressure you for immediate payment by Interac® e-transfer, cryptocurrency (Bitcoin), prepaid credit cards, or gift cards from any type of retailer
  •  Threaten to deport or arrest you, or put you in prison
  • Use aggressive or threatening language
  • Set up an in-person meeting in a public location to collect a payment
  • Charge a fee to speak with a contact centre service representative
  • Ask for personal or financial information in a voicemail or email

If you receive a call saying you owe money to the CRA, you can verify what you owe by checking your CRA account. Stay up-to-date on the latest benefit and tax-related scams affecting Canadians by visiting our Recognize a scam page or tune in to our podcast.

Contacts

Media Relations
Canada Revenue Agency
613-948-8366
[email protected]

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SOURCE Canada Revenue Agency

Organization Profile

Canada Revenue Agency

Related Organization(s)

Government of Canada