When you have more tax deductions or credits than you require to maximize your refund in a particular tax year, you can often carry them forward to a future tax year to reduce your tax payable.
Amounts that you can carry forward include:
- RRSP contributions
- Capital gains deduction
- Home office expenses
- Net capital losses
- Non-capital losses
- Student loan interest
- Charitable donations
- Tuition, education, and textbook amount
- Medical expenses (but only if they occur within a 12-month period that ends in the current tax year)
- Moving expenses