Year-end tax planning checklist
Most year-end tax planning lives in the last 90 days of the calendar year — but the decisions that unlock the biggest savings start in October. This checklist sequences the actions by month.
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October — estimate & assess
- Project full-year income (self-employment, dividends, capital gains, employment)
- Check instalment account balance against the "no-calculation" or current-year option
- Calculate RRSP room available and target contribution
- Review TFSA / FHSA balances against annual limits
- Confirm passive investment income trajectory (CCPC owners: SBD clawback at $50k+)
November — harvest, accelerate, document
- Capital loss harvesting — sell underwater non-registered positions to crystallise losses; respect 30-day superficial-loss rule (s. 54)
- Accelerate deductible business expenses (subscriptions, supplies, maintenance) into current year if income is high
- Complete vehicle logbook for the year (CRA prescribed format)
- Plan CCA strategy: claim full / partial / zero depending on income vs loss-carry profile
- Review bad debts — write off uncollectible accounts before year-end
December — deadline month
- Maximise TFSA contribution for the year
- Maximise FHSA contribution ($8,000/yr, $40,000 lifetime) — room is use-it-or-carry-forward-one-year only
- Charitable donations by 31 December for the year's credit (first $200 at 15% federal, balance at 29%/33%)
- CCPC owners: finalise salary vs dividend declaration; declare bonuses to be paid within 180 days
- December 15 — final personal instalment due
- Family pension splitting election readiness (s. 60.03)
January – March — filing season
- RRSP deadline — typically 1 March (or first business day) for prior-year deduction
- T4 / T4A slips to recipients and CRA by 28 February
- TFSA re-contribution of prior-year withdrawals becomes available 1 January
- HBP / LLP repayments due in the year
- Final personal T1 return: 30 April (self-employed: file by 15 June, balance still due 30 April)
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