They reduce your taxable income dollar-for-dollar, lowering the amount of income tax you pay.

- RRSP: Tax-deductible contributions; withdrawals are taxed.

- TFSA: No tax deduction; withdrawals are tax-free.

- RRSP: 18% of prior year’s earned income, up to $32,490 for 2025.

- TFSA: $7,000 limit for 2025 (lifetime room accumulates if unused).

Not required, but filing can allow you to access benefits/credits (e.g., GST/QST credits, CCB).

Only 50% is taxable. Gains in RRSP/TFSA are sheltered. Your principal residence is exempt if it meets the criteria.

No, but income earned from investing those winnings is taxable.

Quebec has unique credits such as Solidarity Tax Credit, credits for caregivers, and certain work-related credits.

You can claim out-of-pocket eligible medical costs exceeding the lesser of 3% of your net income or the annual fixed amount set by CRA and Revenu Québec.

A non-refundable tax credit for those with prolonged impairments. Application requires Form T2201 (CRA) and medical certification.

Yes, the CRA and Revenu Québec treat crypto like any other investment for tax purposes. Report gains/losses each year.

Generally no — the lower-income spouse must claim the deduction unless they are in school, incapacitated, or in specific exceptions.

At least six years from the end of the tax year they apply to.