If you’re contributing regularly to your RSP or making tax-deductible childcare or spousal support payments, you can ask the government to deduct less tax from your paycheque by filing form T1213, Request to Reduce Tax Deductions at Source, with the Canada Revenue Agency. (Quebec residents should also file form TP-1016-V, Application for a Reduction in Source Deductions of Income Tax, with Revenu Québec.)

If your request to have withholding taxes reduced is approved, you get a tax break with every paycheque, instead of getting it as a refund when you file your annual return.

Once you know how much more you’ll get each payday, use it to further your savings by starting a savings plan, or by increasing your Retirement Savings Plan (RSP) contributions or other savings. Better yet, make savings automatic by setting up a Pre-authorized Transfer Service.