Investment Tax Steps to Take Before Year-End

Tax-loss selling, contribution timing, donations and a checklist of deadlines

Scott Tang, CPAUpdated 2026-11-052026 rules4 min read

Many tax moves depend on December 31: once that day has passed, there is much less you can do for this year (a few things, such as RRSP contributions, still have time). Spending an hour going through a checklist before year-end is often more useful than any trick at tax time.

Dec. 30

An example based on standard T+1 settlement in Canadian and US markets: for a sale to count in 2026, it must trade by this day (the settlement date generally governs)

Dec. 31

Deadline for donations, RESP and FHSA contributions, TFSA withdrawals and RRIF minimum withdrawals

Jan. 30, 2027

Last day to pay the 2026 interest on a prescribed rate loan (it's a Saturday, so pay by Jan. 29 and keep the transfer record)

Mar. 1, 2027

Deadline for 2026 RRSP contributions

Year-end checklist

Item	Deadline 2026	Why do it before year-end
Selling losing investments to offset gains	—Trade by Dec. 30	—Only losses realized this year can offset this year's gains; watch the superficial loss rule (buying within 30 days before or after the sale and still holding on the 30th day after)
Donations (cash or listed shares)	—Dec. 31	—The date on the donation receipt determines the year; gains on donated listed shares are generally tax-free
RESP contributions	—Dec. 31	—$2,500 a year earns a $500 grant, counted by calendar year
FHSA contributions	—Dec. 31	—The FHSA has no "first 60 days"; this year's contributions must be made this year
Planned TFSA withdrawals	—Dec. 31	—Withdraw this year and the room comes back on January 1 next year; wait until January and you'll have to wait until 2028
RRIF minimum withdrawals	—Dec. 31	—If you haven't withdrawn the minimum amount, make up the shortfall
Final RRSP contribution in the year you turn 71	—Dec. 31	—Your last chance before converting to a RRIF
Expenses you can deduct or claim a credit for	—Dec. 31	—Child care and similar expenses generally count in the year paid; investment loan interest depends on whether it is paid or payable; medical expenses can use a 12-month period of your choice, so check them separately
Fourth-quarter personal tax instalment	—Dec. 15	—If you are required to pay quarterly instalments, don't forget the last one

Selling losing investments to offset gains

📅 Deadline: —Trade by Dec. 30
💡 Why do it before year-end: —Only losses realized this year can offset this year's gains; watch the superficial loss rule (buying within 30 days before or after the sale and still holding on the 30th day after)

Donations (cash or listed shares)

📅 Deadline: —Dec. 31
💡 Why do it before year-end: —The date on the donation receipt determines the year; gains on donated listed shares are generally tax-free

RESP contributions

📅 Deadline: —Dec. 31
💡 Why do it before year-end: —$2,500 a year earns a $500 grant, counted by calendar year

FHSA contributions

📅 Deadline: —Dec. 31
💡 Why do it before year-end: —The FHSA has no "first 60 days"; this year's contributions must be made this year

Planned TFSA withdrawals

📅 Deadline: —Dec. 31
💡 Why do it before year-end: —Withdraw this year and the room comes back on January 1 next year; wait until January and you'll have to wait until 2028

RRIF minimum withdrawals

📅 Deadline: —Dec. 31
💡 Why do it before year-end: —If you haven't withdrawn the minimum amount, make up the shortfall

Final RRSP contribution in the year you turn 71

📅 Deadline: —Dec. 31
💡 Why do it before year-end: —Your last chance before converting to a RRIF

Expenses you can deduct or claim a credit for

📅 Deadline: —Dec. 31
💡 Why do it before year-end: —Child care and similar expenses generally count in the year paid; investment loan interest depends on whether it is paid or payable; medical expenses can use a 12-month period of your choice, so check them separately

Fourth-quarter personal tax instalment

📅 Deadline: —Dec. 15
💡 Why do it before year-end: —If you are required to pay quarterly instalments, don't forget the last one

Tax-loss selling: how to make it count

1
Tally this year's gains
How much capital gain you have already realized
2
Find unrealized losses
In your non-registered accounts
3
Sell
Trade by December 30
4
Don't buy back
Not in the 30 days before or the 30 days after the sale; purchases by you, your spouse, your TFSA or RRSP, or your corporation all count
5
Carry back the rest
You can apply to offset gains from the previous 3 years

Other things to consider

Look at it as a couple
Review both spouses' gains, losses and donations together; donation receipts can be pooled and claimed by one spouse.
Which year income falls in
For income whose timing you genuinely can arrange legally, such as a bonus or dividends from your company, see whether this year or next year has the lower rate; self-employment income is recognized under your accounting method and can't be shifted at will.
Your corporation's year-end
If your corporation's year ends in December, decide before year-end on dividends or salary, and how much passive income it will have.
Children and parents
Think through large gifts, loans and RESP arrangements before year-end.

How Sheng Qian CPA can help

Year-end planning meeting
Our Year-round family tax advisor service includes 1 hour of year-end planning: we go through this year's income, gains, accounts and deadlines with you.
Work out which steps to take
Not every item will suit you; we pick out the ones that are useful for you.
Followed through at tax time
The arrangements made at year-end are carried through in one go when we file your return; for prices, see "What Sheng Qian CPA Can Do for Investors: Tax Returns, Accounts and Annual Planning" in this series.

Sources

CRA: Capital losses and deductions · Charitable donations
CRA: TFSA contribution room · Required tax instalments for individuals

Disclaimer

This article is general information only and is not tax or investment advice. Everyone's situation is different; please consult a CPA about your specific arrangements. Service fees are as set out in our written quote.