December 2025 is here, and we’re just weeks away from 2026. The holiday season brings celebration and reflection, but it’s also the perfect time to review your finances and prepare for the year ahead.
Below is a year‑end financial checklist to help you get organized before 2026. For detailed explanations on each heading, please click here.
Conduct a General Financial Check
Take a moment to assess your overall financial health for the year.
Budget
Review your 2025 spending. Did you stay within your budget? Overspend? Underspend? Now is the ideal time to evaluate your income and expenses and adjust your budget for 2026. If you have leftover funds in any category, consider directing them toward your emergency fund or investments.
Debts
Check your progress on debt repayment. Are you on track with your goals? Do you need to adjust your strategy for next year?
Emergency Fund
Ensure you have enough savings to cover 3–6 months of essential expenses. If you’re short, consider making this a priority for early 2026.
Insurance Coverage
Review your insurance policies to confirm you’re adequately protected against unexpected events. Update coverage if your circumstances have changed.
Estate Planning
If you already have an estate plan, year‑end is a great time to review it. Your net worth or family situation may have changed, which could affect how your assets should be distributed or taxed. If you don’t yet have an estate plan or will, now is a good time to create one.
Optimize Your Registered Accounts and Contributions
TFSA
For 2025, the annual TFSA contribution limit is $7,000, plus any unused room from previous years. If you still have contribution room, consider topping up your TFSA to benefit from tax‑free growth.
Planning a withdrawal soon? Doing it before December 31 allows the withdrawn amount to be added back to your contribution room on January 1, 2026.
RRSP
For 2025, you can contribute 18% of your earned income, up to the annual maximum set by the CRA. Unused contribution room from previous years carries forward.
You can make RRSP contributions during the first 60 days of 2026 to apply them to your 2025 tax return. If your employer offers RRSP matching, contribute enough to take full advantage of the benefit.
Make RESP Contributions
A Registered Education Savings Plan (RESP) helps you save for your child’s post‑secondary education.
The government matches contributions at 20%, up to $500 per year per child. If you haven’t maximized your RESP contributions for 2025, consider adding more before year‑end.
Prepare for Tax Season
Unless you are self‑employed, your 2025 income tax return is due by April 30, 2026.
Start gathering your tax documents now to avoid missing important deductions or credits. Organizing early can make tax season much smoother.
Plan for the Future
If you faced financial challenges in 2025, use those lessons to plan better for 2026.
Review your budget, insurance, investments, and estate plan to ensure they align with your goals for the coming year.
Need Guidance?
If you’re feeling overwhelmed or unsure where to begin, I’m here to help you navigate your financial goals with clarity and confidence.
