Half of Canadians failing to claim tax benefits, credits for income tax

Some of the most commonly missed tax credits and deductions, include:

1. Child Care Expense Deduction: Deducts up to $8,000 per child under 7, $5,000 per child aged 7-16, and $11,000 for a disabled child.
2. Canada Caregiver Credit (CCC): For those Canadians supporting a spouse, partner, child, or dependent with a disability or medical condition, a non-refundable tax credit of up to $8,375 can be claimed on their 2024 tax return.
3. Medical Expense Tax Credit (METC): For expenses, including prescription glasses (and also prescription sunglasses!), dental work (such as crowns, braces and dental implants), travel for medical treatment (if over 40 km), gluten-free food (for celiac disease) and therapy and mental health services.
4. Canada Workers Benefit (CWB): A refundable tax credit for low-income workers, with a maximum credit in 2024 of $1,590 for individuals and $2,739 for families.
5. Tuition and Education Tax Credits: Students can transfer up to $5,000 of unused tuition credits to a parent, spouse, or grandparent; many students forget to claim past tuition fees. Any unused credit can be carried forward without limit of time.
6. Interest on Student Loans:  On your 2024 return, you can claim interest paid in 2024, or in any of the past 5 years, on federal and provincial student loans.
7. Home Accessibility Tax Credit (HATC): Covers renovations for seniors (65+) or disabled individuals to improve home accessibility, with a credit of 15% (12.5% in Quebec) or up to $3,000 (or $2,500 in Quebec) on expenses up to $20,000 (including GST/HST).
8. Moving Expenses Deduction: If you move at least 40 kilometres closer to work or school, you may be eligible to deduct moving costs like transportation and travel, temporary living expenses and real estate fees.
9. Disability Tax Credit (DTC): For individuals with prolonged physical or mental impairments up to $9,872 in non-refundable tax credits. Many Canadians with conditions like ADHD, diabetes, or mental health conditions qualify but don't claim.
10. First-Time Home Buyers' Tax Credit (HBTC): A $10,000 credit (saves $1,500 in taxes) for first-time home buyers ($1,200 in Quebec).

Currently, 74% of Canadians worry they’re not saving enough, according to a report.

Review of prior returns

Nearly 2 out of 3 Canadians (65%) report that they were not aware that you can amend your tax returns from the last 10 years to claim any benefits, deductions, or credits that you were entitled to but missed, according to H&R Block Canada.

After learning this, 38% believe they have amounts they could still claim, according to the survey of 1,790 Canadians conducted February 12–13, 2025.

"There's no doubt that there are likely hundreds of thousands of Canadians who have left money on the table from missed credits and benefits from prior tax returns. Meaning, if you filed a tax return and missed a credit or deduction you were entitled to in years past, you can go back to the CRA and amend the previous assessment," says Yannick Lemay, tax expert at H&R Block Canada.

Once made aware, more than one-third (34%) of Canadians say they are likely to review their past tax returns to check for unclaimed credits or deductions.

However, 72% of Canadians say that the process of amending past returns feels too complicated to bother with—even if money is on the line.

Long-term employment does not guarantee comfortable retirement for many workers, based on findings from a previous study. That’s because financial stress is still the top worry for workers aged 40 to 60, according to Healthcare of Ontario Pension Plan (HOOPP).