A tax refund might feel like a gift, but it’s your own hard-earned money the government has been holding, which you finally receive – and without interest.

You can put that money to work sooner by having your employer reduce the amount of tax that’s deducted from your income.

You’ll receive more money every pay period, which you may wish to contribute to mutual funds in your Registered Retirement Savings Plan (RRSP). Or you could use the extra cash flow to pay off high-interest debt or your mortgage, or contribute the funds to your Tax-Free Savings Account (TFSA), Registered Education Savings Plan (RESP) or emergency fund.

The first step is to file the Canada Revenue Agency (CRA) T1213 form, Request to Reduce Tax Deductions at Source. Quebec residents must also file the Revenu Quebec TP-1016-V form, Application for a Reduction in Source Deductions of Income Tax. Once it’s approved, you’ll receive a letter of authority that you give to your employer.

Note that you must file the form each year you want the tax reduction.