2025 Year-end Tax Readiness
Simple moves before December 31 that can add up in 2026
As 2025 winds down, a few timely moves can lock in credits, deductions, and clean reporting before the clock strikes midnight. This one-page guide highlights the key deadlines—Dec 15 installments, Dec 31 TFSA/FHSA top-ups, RESP/RDSP contributions, charitable gifts, and placing CCA assets in use—plus a reminder that RRSP contributions made in the first 60 days of 2026 can still count for 2025. We also flag practical tactics like tax-loss selling (mind T+1 settlement), salary/bonus planning for owner-managers, and simple checklist items to keep you organized and onside.
At-a-glance Deadlines
- December 15 – Final installment payment (avoid non-deductible interest).
- December 31 – TFSA/FHSA top-ups; RESP/RDSP contributions for 2025 grants/bonds; charitable gifts (cash or in-kind securities); place new CCA assets in use.
- First 60 days of 2026 – RRSP contributions count toward 2025.
Individuals & Families
- TFSA/FHSA – Fill room by Dec 31 (FHSA contributions made this year are deductible for 2025).
- RRSP – Check 2025 income; if needed, adjust year-end salary/bonus to create 2026 RRSP room.
- RESP/RDSP – Contribute now to capture CESG/CLB and RDSP Grant/Bond.
- Charitable Giving – Consider donating appreciated securities (often better than cash).
- Medical & Credits – Choose the best 12-month period ending in 2025; claim under the lower-income spouse.
Investors
- Tax-loss Selling – Harvest losses to offset gains (T+1 settlement-sell at least one business day before Dec 31).
- Gold/Crypto – Treat as satellites; keep records for adjusted cost base and dispositions.
- Rebalance with Rules – Use bands or quarterly dates—don’t chase headlines.
Business Owners
- Salary vs. Dividend – Decide the mix early; consider bonuses paid by Dec 31 for a 2025 deduction.
- Capital Purchases – Put assets in use before year-end to claim CCA.
- Payroll & Benefits – Sweep taxable benefits, T4/T4A prep, and GST/HST reconciliations now.
The information provided is for educational/entertainment purposes only. Actual information may vary, please consult our office for further details. Got a question? Feel free to reach us at helpdesk@assentt.com.
