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Tax Planning in Ottawa
Tax planning is the proactive side of tax: the decisions you make during the year that lower what you owe when you file. Filing a return records what already happened. Planning changes the outcome before it is locked in, through the timing of income, the use of registered accounts like the RRSP, TFSA, and FHSA, and how an owner-manager draws money from a corporation.
Nour & Daniels Tax works with individuals, families, retirees, and business owners across Ottawa to build a plan that fits your year, then keeps it current as your life and income change. The goal is simple: pay less over time, legally and predictably.
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2026 Planning Numbers
The contribution room that drives a plan
Most personal planning starts with the registered accounts below. These are the 2026 figures, verified against canada.ca. Your own RRSP room depends on your income and any unused room carried forward, which appears on your CRA notice of assessment.
| Account or rule | 2026 figure |
|---|---|
| RRSP deduction limit | 18% of your prior-year earned income, up to a maximum of $33,810, plus unused room carried forward. Contributions reduce taxable income. |
| TFSA annual limit | $7,000, on top of any unused room from prior years. Growth and withdrawals are tax-free. |
| FHSA (first home) | $8,000 per year, up to a $40,000 lifetime limit. Contributions are deductible and qualifying withdrawals are tax-free. |
| Capital gains inclusion rate | One-half. The proposed increase to two-thirds was cancelled, so plan on one-half. |
| RRSP contribution timing | Contributions for a tax year can be made during that year and in the first 60 days of the following year. |
An Ottawa professional has $20,000 of unused RRSP room and a marginal tax rate near the top of the middle brackets. Contributing $20,000 before the deadline reduces her taxable income by that amount, and the money grows tax-deferred until retirement, when she expects to withdraw it at a lower rate. The same $20,000 left in a regular account would have produced fully taxable investment income every year. The savings come entirely from planning, not from earning a dollar more.
Planning for individuals and families
For most households, the biggest wins come from using the right account in the right order and timing income and deductions deliberately.
- RRSP, TFSA, and FHSA strategy: Which account to fill first depends on your income today versus your expected income later. We map the order that produces the most after-tax value, not just the biggest deduction this year.
- Income splitting where the rules allow: Moving income to a lower-taxed spouse through eligible mechanisms can lower a household's combined bill. We apply only what the rules permit.
- Credit and deduction timing: Medical expenses, donations, and tuition can sometimes be grouped or shifted between spouses or years for a better result. We plan these rather than discovering them at filing.
Planning for owner-managers and corporations
If you run an incorporated business, how and when you take money out of the company is one of the largest levers you have.
- Salary and dividend mix: The right blend depends on your corporate income, your personal cash needs, RRSP room, and CPP. We model it with your real numbers each year. The mechanics live on our corporate tax page.
- Year-end corporate moves: Bonuses, the timing of asset purchases for capital cost allowance, and shareholder loan clean-up are decisions best made before year-end, not after.
- Instalments and cash flow: We forecast what the corporation and you personally will owe so instalments are planned and arrears interest is avoided.
Planning for retirees and pre-retirees
In retirement, the question shifts from how to save to how to draw down savings in the most tax-efficient order, and that order can change your lifetime tax meaningfully.
- Drawdown sequencing: The order you pull from RRSP/RRIF, TFSA, and non-registered accounts affects your tax every year and the size of your estate later. We plan the sequence with you.
- Pension income splitting: Allocating eligible pension income to a lower-taxed spouse can save real money each year. We review it on our personal income tax service.
- Managing the OAS clawback: Once net income passes a threshold, Old Age Security is partly repaid. Smoothing income across years can keep more of it. We watch this as part of the plan.
Planning around big moments and one-time gains
The largest tax events are often one-offs: selling a property, a business, or an investment portfolio. A little planning before the sale beats a lot of regret after it.
- Capital gains timing: When a gain is realized, and whether it can be spread or offset with losses, changes the tax. We plan the timing where you have a choice.
- Selling a business or property: Structure and timing decided early can change the result substantially. For incorporated sellers we coordinate with our corporate tax work.
- Life changes: Marriage, a new child, a home purchase, or an inheritance all shift your tax picture. We update the plan so the next return reflects the change in your favour.
How It Works
How a planning engagement works
Planning is a conversation, not a form. Here is how we approach it.
Understand your full picture
Income sources, family, business, registered accounts, and your goals for the next few years. Good planning needs the whole context, not one slip.
Find the levers that matter
We identify the handful of decisions that move your tax the most, rather than drowning you in every theoretical option.
Model the options
We run the numbers on the choices that apply to you, so you see the real after-tax difference before you decide.
Put the plan in motion
You get clear steps with deadlines: what to contribute, when to sell, how to draw your pay, and by which date.
Revisit as life changes
A plan made once and forgotten loses value. We keep it current year-round and adjust when your situation shifts.
Help Centre
Tax planning questions, answered
What is the difference between tax filing and tax planning?
Filing reports what already happened in a year and calculates the tax on it. Planning happens beforehand and changes the outcome: deciding what to contribute, when to realize a gain, and how to take income, so that when you file, the number is lower. Filing is backward-looking; planning is forward-looking.
When in the year should I start tax planning?
The most valuable moves happen before December 31, because many decisions cannot be made after the calendar year closes. Earlier is better, but it is rarely too late to help, and contributions like the RRSP can still be made in the first 60 days of the following year. The worst time to start planning is at filing time, when the year is already locked in.
How much can I put into my RRSP, TFSA, and FHSA in 2026?
For 2026, the TFSA limit is $7,000 plus any unused room, the FHSA allows $8,000 per year up to a $40,000 lifetime maximum, and your RRSP limit is 18% of prior-year earned income up to $33,810, plus carried-forward room. Your exact RRSP and TFSA room is on your CRA notice of assessment or in CRA My Account. (Source: CRA registered plan limits.)
Is tax planning only worthwhile for high earners or business owners?
No. Young families choosing between an RRSP, TFSA, and FHSA, new homeowners, and retirees deciding how to draw their savings all benefit, often by hundreds or thousands of dollars a year. Planning is about using the rules that already apply to you well, and that matters at every income level.
I am about to sell a property or investments. Can planning still help?
Yes, and this is one of the highest-value moments to talk to us, ideally before the sale closes. The timing of a sale, whether a gain can be offset with losses, and how the proceeds are handled all affect the tax. Once the transaction is done, the options narrow considerably.
Do you offer one-time consultations, or only ongoing planning?
Both. Some clients come for a single consultation around a specific decision, such as incorporating, selling a property, or planning a retirement drawdown. Others prefer a relationship where we plan and file together each year. We are glad to do either. Start by reaching out through our contact page.
Plan now, pay less later
Tell us where you are and what is coming up this year. We will find the moves that matter for your situation and lay out the steps clearly.
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