Smart Money Moves to Make Before Year-End

As the year winds down, fall is the perfect time to take stock of your finances. Acting now can save you money, lower your taxes, and set you up for a stronger start in the new year. Here are smart money moves every Canadian should consider before December 31.

Review Your Budget and Spending

Look at where your money has gone so far this year.

• Cut back on expenses that no longer add value.

• Reallocate savings to pay down debt or build an emergency fund.

• Plan for holiday spending to avoid relying on credit cards.

Maximize Tax-Advantaged Accounts

• RRSP contributions: You have until the RRSP deadline in early 2026 for the 2025 tax year, but contributing before year-end helps your savings grow sooner.

• TFSA contributions: Make sure you’ve used up your contribution room for the year. The growth is tax-free.

• RESP contributions: Add funds before year-end to get the full government grant for your child’s education.

Use Up Tax Credits and Benefits

• Medical expenses, charitable donations, and certain transit or work-related costs need to be paid before December 31 to count for this tax year.

• Keep receipts organized so you’re ready at tax time.

Pay Down High-Interest Debt

Carrying credit card balances into the new year costs you more. Focus on paying off high-interest debt now so you enter January with less financial stress.

Review Subscriptions and Recurring Bills

Streaming services, apps, and memberships often renew automatically. Cancel what you no longer use and redirect that money toward savings or debt repayment.

Plan Ahead for 2026

• Adjust your savings goals based on this year’s progress.

• Review insurance coverage to ensure it still fits your needs.

• Update or create a will and power of attorney if you don’t have them in place.

Taking these steps before year-end helps you finish the year on solid financial footing and gives you a head start on the new year.