Year-End Tax Checklist Canada 2026: 10 Moves Before Dec 31

Last updated Nov 2026. Deadlines checked against CRA and Canada.ca sources.

Most tax planning happens in a panic in April, when it's too late to change anything. A lot of the moves that actually lower your tax bill have to be done by December 31. Here's a checklist for November and December 2026, in plain words. Not every item will apply to you, and that's fine.

Want to see how a move changes your bill? Try our simple income tax calculator or the more detailed Canadian income tax calculator.

1. Tax-loss selling: trade by December 30

If you have investments in a non-registered account that are worth less than you paid, selling them can create a capital loss that offsets capital gains you realised this year (or in the previous three years, or any future year).

The trade must settle in 2026. Canadian and US markets settle on a T+1 basis, so the last trade date for 2026 settlement is normally Wednesday, December 30, 2026. Confirm with your brokerage, as holiday schedules can shift this.

Watch the superficial loss rule: if you, your spouse or a company you control buy the same or an identical investment within 30 days before or after the sale, the loss is denied. Losses inside a TFSA or RRSP can't be claimed at all.

2. Make charitable donations by December 31

Donations to registered charities must be made by December 31 to count for 2026. The federal credit is 15% on the first $200 and 29% above that (33% on the portion of donations tied to income in the top bracket), plus a provincial credit. Spouses can pool receipts on one return, which helps get past the $200 mark faster.

Donating publicly listed securities that have gone up in value, directly to a charity, generally means no capital gains tax on the gain and a receipt for the full market value.

3. Use your FHSA room by December 31

The First Home Savings Account has an $8,000 annual limit and a $40,000 lifetime limit. Unlike the RRSP, there's no 60-day grace period: contributions must be made by December 31 to count for 2026. Unused room carries forward, but only up to $8,000 a year, so carrying forward more than one year's room isn't possible. See our FHSA guide.

4. RRSP: you have until March 1, 2027

The 2026 RRSP dollar limit is $33,810, or 18% of your 2025 earned income if lower, plus unused room (CRA limits table). Your personal limit is on your notice of assessment. Contributions made up to March 1, 2027 can be deducted on your 2026 return.

So the RRSP isn't strictly a December task, but it's worth estimating your 2026 income now so you know how much a contribution would save.

5. TFSA withdrawals: before December 31 if you plan to recontribute

When you take money out of a TFSA, the room comes back on January 1 of the following year. If you plan to withdraw anyway and want to put it back soon, withdrawing in December rather than January gets the room back about a year sooner.

Also remember the 2026 TFSA limit is $7,000 (Canada.ca). Never recontribute in the same year unless you have unused room, or you'll pay 1% a month on the excess.

6. RESP: catch the grant

The Canada Education Savings Grant adds 20% on the first $2,500 contributed per child each year (up to $500). If a child has unused grant room, you can catch up one extra year at a time. Contribute by December 31 to get grant on this year's room. More in our RESP grant article.

7. Turning 71? Convert your RRSP

Your RRSP must be converted to a RRIF (or an annuity, or cashed out) by December 31 of the year you turn 71. If you have earned income this year and RRSP room for next year, a final contribution before the conversion can be worth looking at, even if it triggers a small over-contribution penalty for one month. This is a good one to check with a tax professional.

8. Medical expenses and other receipts

You can claim eligible medical expenses for any 12-month period ending in 2026, above the lesser of 3% of net income or $2,890 (2026). Pay for planned expenses before year-end if it helps you clear the threshold, and gather receipts for both spouses. Often the lower-income spouse should claim them.

9. Pay deductible expenses before year-end

Childcare, union and professional dues, interest on money borrowed to invest, and some employment expenses are generally deductible in the year they're paid. If you're paying them anyway, doing it in December pulls the deduction into 2026.

10. Think about when income lands

If you have some control over timing (a bonus, a RRIF withdrawal, a self-employment invoice), consider whether this year or next year will have the lower marginal rate. Seniors should also keep an eye on the OAS recovery tax threshold, which is $95,323 of net income for 2026 (Canada.ca).

A quick December to-do list

• Review non-registered investments for losses (trade by Dec 30)
• Make donations (Dec 31)
• FHSA contribution (Dec 31)
• RESP contribution (Dec 31)
• TFSA withdrawals you plan to replace (Dec 31)
• RRSP-to-RRIF conversion if you turn 71 (Dec 31)
• Pay deductible expenses and medical bills (Dec 31)
• Estimate your RRSP contribution (deadline March 1, 2027)

FAQ

What's the last day for tax-loss selling in 2026?

With T+1 settlement, the last trade date is normally December 30, 2026, so the trade settles by December 31. Check your brokerage's holiday schedule.

Can I contribute to my FHSA in January for last year?

No. FHSA contributions count for the calendar year they're made in. There's no 60-day window like the RRSP's.

When is the RRSP deadline for 2026?

March 1, 2027.

Do donations have to be made by December 31?

Yes, to count on your 2026 return. Unclaimed donations can be carried forward up to five years.

If I withdraw from my TFSA in December, when do I get the room back?

On January 1, 2027.

Educational only, not advice. Tax rules are complex and your situation matters; confirm with the CRA or a qualified tax professional. — The Finance Coach