Taylor Amonson • October 22, 2026
Year-End Tax Planning Checklist for Canadians (2026)
7 Year-End Tax Planning Checks Before December 31, 2026
Many tax-saving opportunities don't happen during tax season. They happen before December 31. A quick year-end review can help ensure you don't miss important deadlines, government grants, tax-saving opportunities, or planning decisions that cannot be revisited once the calendar year ends.
Here are seven items worth checking before the end of 2026.
1. Review Non-Registered Investments
Tax-loss selling may help offset capital gains realized this year or in previous years.
✓ Do you have investments in a taxable account currently worth less than you paid?
✓ Did you realize capital gains in 2026?
✓ Did you report significant capital gains in 2023 that could potentially be offset?
2. If You Turned 71 This Year, Take Action
December 31 is the final deadline to contribute to your own RRSP and convert it to a RRIF, annuity, or withdrawal arrangement.
✓ Did you turn 71 during 2026?
✓ Has your RRSP conversion been started?
✓ Have RRIF minimum withdrawals been completed?
3. Maximize Government Grants
Some contribution deadlines cannot be recovered later.
✓ Have RESP contributions been made to qualify for available education grants?
✓ Have RDSP contributions been reviewed?
✓ If eligible, have you opened and funded an FHSA?
4. Think About Planned TFSA Withdrawals
TFSA contribution room withdrawn this year is restored on January 1 of next year.
✓ Are you planning a TFSA withdrawal soon?
✓ Would withdrawing before year-end provide more flexibility next year?
5. Review Charitable Giving Plans
How you donate can be as important as how much you donate.
✓ Do you plan to make charitable donations before year-end?
✓ Do you own investments with unrealized gains?
✓ Would donating securities be more tax-efficient than donating cash?
6. Business Owners Should Review Compensation
Year-end is an opportunity to review salary, dividends, bonuses, and shareholder loan considerations.
✓ Is your salary and dividend mix still appropriate?
✓ Should a year-end bonus be considered?
✓ Are shareholder loan deadlines being monitored?
7. Don't Forget Tax Instalments
For Canadians who pay taxes by instalments, the final payment is due before year-end.
✓ Have you received a CRA instalment reminder?
✓ Have you planned for the December payment?
Final Thought
Not every item on this checklist will apply to every family. However, reviewing these opportunities before December 31 can help ensure that important tax-planning strategies are not missed.
Looking for personalized guidance? Learn more about our approach to tax planning and how it fits into your overall financial plan.
Prefer to talk first? Call us at 403-671-1707 or send us a message
*This article is general educational information only and is not tax, legal, or investment advice for any individual. Tax rules, contribution limits, and deadlines can change, and the right strategy depends on your personal and corporate circumstances, income, and province of residence. Please speak with your financial advisor and tax professional before acting on any strategy described here.*
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