Last updated on December 12, 2025.
As 2025 comes to a close, it’s the perfect time to take stock of your finances and set yourself up for success in the year ahead. The start of a new year is often a time of renewed focus and can be a catalyst to finally deal with some of the things we’ve been putting off. Our finances are no exception. With the RRSP contribution deadline on March 2, 2026, this checklist will guide you through the most important steps to wrap up 2025 strong and start 2026 with confidence.
1. Review your debt and/or savings plan.
Deadline: As soon as possible
One of the key aspects of year-end financial planning is setting up a budget for the remaining months of the year. Consider your upcoming expenses, including holiday shopping, travel, and any outstanding bills. Creating a budget will help you avoid overspending and keep your finances in check. It will also allow you to consider replenishing your rainy-day fund if it has been depleted. Utilizing a line of credit as an emergency fund may be an option. If you are able to budget for it, try to set aside some emergency savings in a high interest savings account or a cashable term deposit.
Tip: Put all your debts and savings in one list so you can clearly see your balances and interest rates. It’ll help you prioritize what to tackle first.
2. Create an end-of-year budget and replenish your emergency fund.
One of the key aspects of year-end financial planning is setting up a budget for the remaining months of the year. Consider your upcoming expenses, including holiday shopping, travel, and any outstanding bills. Creating a budget will help you avoid overspending and keep your finances in check. It will also allow you to consider replenishing your rainy-day fund if it has been depleted. Utilizing a line of credit as an emergency fund is not optimal, given the increase in variable in If you are able to budget for it, try to set aside some emergency savings in a high interest savings account or a cashable term deposit. That way, those higher rates will be working for you, not against you.
Tip: Review your last few months of spending to spot patterns and find extra cash to rebuild your emergency fund.
3. Check your insurance coverage.
Review your insurance policies, including health, auto, home, and life insurance. Ensure your coverage meets your current needs and make any necessary adjustments.
For example, you’ll want to ensure life insurance coverage is adequate to meet your goals of income replacement and debt reduction should you or your spouse pass away. Review whether other coverages, such as disability or critical illness, might also help meet your objectives.
If you own your home, review your policy with your broker to ensure it meets your needs. If that home is a strata lot, you’ll want to ensure your policy aligns with the strata’s policy so you will avoid paying large deductibles in the event of a claim.
And if you rent your home, you can consider protecting your belongings with a renter’s policy.
Tip: Note any major life changes from the past year. For example, a move, new job, marriage, or a new child, and update your insurance accordingly.
One of the key aspects of year-end financial planning is setting up a budget for the remaining months of the year.
4. Get a will.
Deadline: As soon as possible
A recent poll found that more than half of Canadians don’t have a will. This statistic is troubling for a several reasons. First and foremost, your will dictates guardianship of minor children. If there is no will, the courts decide guardianship and they may not make the same choice you would. Having a will also expedites the estate process for your surviving family, potentially reducing costs and leaving more money for them sooner. Read more here about the importance of a will and how to get started.
Tip: Make a quick list of your assets, beneficiaries, and guardians before starting your will. It’ll make the process smoother.
5. Make RRSP contributions.
Deadline: Monday, March 2, 2026 for 2025 tax year
Give a gift to your future self by planning an RRSP contribution now. The deadline to contribute for the 2025 tax year is March 2, 2026. Start by figuring out how much you should contribute to maximize your tax savings. Remember RRSPs are essentially a tax deferral program and contribution amounts can be deducted on your income tax return. Also, understanding early how much you want to contribute will help you budget better for what can be, for some, an expensive holiday season. You may also want to consider if a TFSA (or FHSA) contribution makes more sense for you – here’s a breakdown of RRSP vs TFSA.
Tip: Check your RRSP contribution room early so you don’t overcontribute and set up a small automatic transfer to make saving easier.
6. Make charitable donations.
Deadline: December 31, 2025 for 2025 tax year
If there is a registered charity that you like to support, consider donating by December 31 to get tax benefits for the 2025 tax year. A federal tax credit of 15% can be claimed on your first $200 of donations. If you can afford to donate more, additional donations will garner a 29% federal tax credit. Provincial credits are also available. But the tax credits are just a bonus on top of the positive vibes that come from giving.
Tip: Gather your donation receipts early and check if you have any unused credits you can carry forward.
7. Make use of benefits.
Deadline: Usually December 31, 2025. (most plans reset at year-end).
If you have extended health benefits, you typically can’t carry forward unused amounts into the new year. So, amid the crazy holiday season, why not spend some time to take care of yourself? You could go for a massage to relieve the stress in your back and shoulders. Or maybe it’s time to upgrade your glasses. Whatever you might need, now is the time to make sure your health benefits don’t go to waste.
Tip: Check your plan details early so you don’t miss out.
8. Submit work expenses.
Deadline: Varies by workplace
If you have reimbursable expenses at work, make sure you check when the submission deadline is and submit these in time, so you don’t get stuck with the bill. To ensure you don’t get too far behind with your expense submissions next year, set monthly or quarterly reminders in your calendar to submit.
Tip: Confirm your workplace’s cut-off date and submit receipts well in advance.
9. Review assets and capital gains.
Deadline: December 31, 2025, for 2025 tax year
If you’re expecting to pay tax on capital gains from the sale of a security asset in 2024, you may wish to sell another security asset before December 31 at a loss, if possible, to offset the gain and wipe out the tax. For example, if you sold some stocks at the beginning of the year, you may have realized a capital gain. By disposing of another security at a loss before the deadline, the capital loss can be used to offset the capital gain and reduce your tax burden. We recommend that you talk to your advisor to make sure this strategy is suitable for you.
Tip: Review your portfolio before year-end to decide if tax-loss selling makes sense.
Looking to get some advice? You can talk to a Vancity advisor about options relating to your specific situation.
Disclaimer: Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This material is not intended to be investment, tax or other advice and should not be relied on without seeking the guidance of a professional to ensure your circumstances are property considered. Please see our Terms of Use.
