Last updated: October 2026
Your Year-End Money Checklist: 8 Moves to Make Before December 31, 2026
October is the sweet spot for year-end money moves in Canada: close enough to the finish line that the deadlines are real, but with enough runway left to act. Some of these deadlines are hard — miss December 31 and the opportunity is gone for good. Others, like the RRSP, give you until early March. Here is what to check off, in rough order of urgency.
1. Top up your TFSA
The 2026 TFSA contribution limit is $7,000, and if you were 18 or older and a Canadian resident since 2009 and have never contributed, you have $109,000 in total room (as of October 2026). There is no December 31 deadline for TFSA contributions — unused room carries forward — but year-end is the natural moment to check your number.
One warning: do not overshoot. TFSA over-contributions are hit with a 1% penalty per month on the excess, with no buffer, and the CRA’s online room figure can lag your actual transactions. Keep your own records.
Learn more about TFSA rules on the CRA website.
2. Contribute to your FHSA before December 31
If you are a first-time home buyer, the First Home Savings Account is the best deal in Canadian saving: contributions are tax-deductible like an RRSP, and withdrawals for a qualifying first home are completely tax-free — with nothing to repay.
The limits: $8,000 per year, up to a $40,000 lifetime maximum (as of October 2026). Unlike the RRSP, there is no 60-day grace period — the FHSA deadline is December 31, so contributions must land before year-end to count for 2026. Unused room of up to $8,000 carries forward one year.
One more thing many people miss: your FHSA room only starts accumulating once you open the account. If you have not opened one yet, open it before year-end even if you cannot contribute the full $8,000 — you will bank this year’s room either way.
Learn more about FHSA rules on the CRA website.
3. Capture this year’s RESP grant
The Canada Education Savings Grant adds 20% to your RESP contributions, up to $500 per year per child — so contributing $2,500 captures the full grant. The lifetime grant maximum is $7,200 per child, and the lifetime contribution limit is $50,000 per beneficiary (as of October 2026).
The timing matters: to get the 2026 grant, your contribution must be made before December 31. Miss a year and you can catch up — unused grant room carries forward one year — but you cannot reach back further than that.
Learn more about RESP grants on the Government of Canada website.
4. Make your 2026 RRSP plan (deadline: March 1, 2027)
The RRSP is the one account with a grace period: contributions for the 2026 tax year can be made until March 1, 2027. Your 2026 limit is 18% of your 2025 earned income, up to $33,810 (as of October 2026).
October is the time to plan, not scramble: estimate your 2026 income, decide how much room you want to use, and set up automatic contributions for November through February so the money is in place well before the deadline.
Learn more about RRSP rules on the CRA website.
5. Make charitable donations by December 31
Donations to registered charities earn a federal tax credit of 15% on the first $200 and 29% on everything above that, with provincial credits on top (as of October 2026). To claim the credit for the 2026 tax year, the donation must be made by December 31 — but you do not have to claim it right away: unclaimed donations can be carried forward up to five years.
Two tips: if you are married or common-law, pool all donations on one spouse’s return so the lower 15% rate only applies once; and if you hold appreciated stocks in a non-registered account, donating the shares directly to a charity means you pay no capital gains tax on the donated shares.
Learn more about the charitable donation tax credit on the CRA website.
6. Tally your medical expenses
You can claim eligible medical expenses for any 12-month period ending in 2026. The federal credit is 15% of expenses above the lesser of 3% of your net income or $2,890 — that is the 2026 federal figure from published 2026 tax tables; confirm it on the CRA’s site when you file (as of October 2026).
If your expenses are close to the threshold, December is the time to act: booking that dental work or buying those prescription glasses before year-end can push you over. Pool the whole family’s expenses and have the lower-income spouse claim them — the 3%-of-income floor is lower, so more of the expenses qualify.
Learn more about eligible medical expenses on the CRA website.
7. Review your non-registered investments for tax losses
The capital gains inclusion rate for 2026 is 50% — the proposed increase to 66.67% was cancelled in March 2025 and never took effect. If you have investments sitting at a loss in a non-registered account, selling before December 31 crystallizes a capital loss that can offset gains you realized this year, or be carried back up to three years.
Watch the superficial loss rule: if you (or your spouse) repurchase the same security within 30 days before or after the sale, the CRA disallows the loss. Swap into a similar-but-different holding if you want to stay invested.
Learn more about reporting capital gains on the CRA website.
8. Use up benefits that reset on January 1
Many employer health and wellness spending accounts, flexible benefits, and paramedical coverage caps reset on December 31. Money left unclaimed is money lost — check your balances and book the dentist, physio, or eye exam now, while December appointments are still available.
Same goes for any RRSP matching your employer offers: make sure you have contributed enough to capture the full 2026 match. It is an instant return no investment can beat.
The bottom line
December 31 is the real deadline for your FHSA, RESP grants, charitable donations, and medical expense claims. Your TFSA and RRSP can wait a little longer — but the plan should be made now. Work through this list before the holiday rush, and you will start 2027 with every available tax break captured.
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