The Canadian Money Roadmap Year end financial checklist (2025)
Dec 10, 2025
Discover essential year-end financial tasks to boost your savings! Learn how to maximize your First Home Savings Account and understand the best timing for TFSA withdrawals. Explore strategies for spousal RRSP contributions and the benefits of timely charitable giving. Review your capital gains and losses to optimize tax strategies, and don't miss out on workplace benefits. Finally, get organized with helpful resources to track your finances as you prepare for the new year!
AI Snips
Chapters
Transcript
Episode notes
Open FHSA Now To Preserve Contribution Room
- Open an FHSA before year-end to secure that year's contribution room even if you won't fund it immediately.
- Encourage eligible adult children to open their own FHSA so you can gift seed contributions tax-free later.
Withdraw TFSA In December To Preserve Refill Room
- Redeem TFSA funds in December if you expect to recontribute next year so the room returns in January.
- Avoid withdrawing in January because you then must wait a full 12 months to recontribute that amount.
TFSA Room Follows Rounded CPI Adjustments
- TFSA annual indexed room for 2026 is $7,000 and is rounded to the nearest $500 based on CPI.
- 2027 likely moves to $7,500 given current inflation trends, though deflation could alter that outcome.