This is the way to get a tax 'refund' every paycheque instead of just once a year

financialpost.com:

What better time to get a head start on a year’s worth of tax savings than with 2024 just around the corner. This is particularly true if you’re an employee, like me, who has taxes withheld from your paycheque each pay period by your employer, yet you end up with a significant tax refund the following spring.

As I’ve said many times, if you’re like most Canadians who get a tax refund each year, rather than giving yourself a pat on the back to celebrate your windfall, perhaps it’s time to revisit your tax strategy. After all, a tax refund is essentially an interest-free loan to the government for up to 16 months.

A couple of years ago, when interest rates on short-term cash were basically zero, not having that extra cash flow throughout the year was only beneficial if you were going to use those funds to pay down high-interest debt or invest in equities with the hope of a decent rate of return.

But with money market funds currently yielding around five per cent, getting some extra cash flow regularly throughout the year in the form of reduced employer tax withholdings, and then simply investing that extra cash in a money market fund or high-interest savings account can add up.

A tax refund typically arises when the amount of tax owing on your return is less than the amount of tax withheld from your income during the year. Employment income is the most common type of income from which tax is deducted at the source and so employees are most often the ones who get significant tax refunds each year. But tax is also withheld from other payments, such as registered retirement savings plan (RRSP) withdrawals as well as registered retirement income fund (RRIF) withdrawals (above the required annual minimum).

Your employer