Submitted by: Glen Izzard, CIM; Investment Advisor, Portfolio Manager
The holiday season is a time of joy, reflection, and celebration with loved ones.
Between the gift-giving, decorating, and family traditions, it’s also an important moment to pause and check in on your financial to-do list. December isn’t just about wrapping presents — it’s about wrapping up the year on solid financial ground and setting yourself up for success in the year ahead.
In this month’s 3 Minute Financial Fix, let’s look at the essential money deadlines Canadians should be aware of — not only before the clock strikes midnight on December 31, but also in the early months of 2026. A few small steps now can save you money, reduce stress, and give you confidence as you step into the New Year.
Key Deadlines for December 31, 2025
- Charitable Donations – Last day to make donations that qualify for a 2025 tax receipt. Donating publicly traded securities directly may also reduce capital gains tax.
- RESP Contributions – Contribute up to $2,500 per child to secure the $500 Canada Education Savings Grant (CESG) for 2025.
- TFSA Withdrawals – Withdraw before year end if you want the contribution room restored on January 1, 2026. Waiting until January delays the new room until 2027.
- Tax-Loss Selling – Sell losing investments before year end to offset capital gains. Allow a few business days for trades to settle.
- Medical & Other Tax Credits – Pay eligible medical, tuition, or disability-related expenses by year end to include them on your 2025 tax return.
- Pension Income Splitting – Retirees should ensure income allocations are set before year end to maximize potential tax savings.
- January 1, 2026 – New Contribution Room
TFSA and RRSP contribution limits reset for the new year. The CRA announces the TFSA limit annually (for 2025, it was $7,000). RRSP room equals 18% of your 2025 income up to the CRA maximum. - February 28, 2026 – Tax Slips Issued
Employers, banks, and investment firms must issue most T4 and T5 slips by February 28. Watch for these in the mail or online to start your tax preparation. - March 1, 2026 – RRSP Contribution Deadline
The last day to contribute to your RRSP for the 2025 tax year. Contributions after this date will apply to your 2026 return.
- Automate Contributions – Setting up automatic RESP, TFSA, or RRSP transfers reduces the risk of missing deadlines.
- Review Investments – Use year end to rebalance your portfolio, check diversification, and confirm your plan still matches your goals.
- Plan Ahead for Taxes – Gather receipts for charitable giving, medical expenses, and tuition now, rather than scrambling in April.
- Start the Year Fresh – January is a natural time to review your budget, update financial goals, and set new savings targets.
The end of the year is a natural time to pause, reflect, and prepare.
By checking off these year-end deadlines — and looking ahead to the early 2026 calendar — you’ll reduce stress, save money, and give yourself a stronger financial start in the New Year.
So, in between the holiday dinners and festive celebrations, carve out a little time to double-check your financial checklist. Your future self will thank you.
From my family to yours, Merry Christmas, Happy Holidays, and best wishes for a financially confident New Year!
About Glen Izzard
Based in Meaford, Ontario, Glen Izzard is a Chartered Investment Manager (CIM®) and Discretionary Portfolio Manager with over 15 years of experience helping clients navigate investing, cash flow, estate planning, and retirement transitions.
Known for his client-first approach, Glen focuses on building clarity, confidence, and long-term results. An active community supporter, he serves as treasurer for the Meaford Chamber of Commerce and as Assistant Coach with Georgian Bay Lightning Hockey. Glen’s mission is simple: provide thoughtful guidance, practical strategies, and a steady hand so clients can stay on course — financially and in life.
Please Contact: (905) 407-4500
