🎯 Year-End Tax Checklist for Canadians: Are You Ready for December 31, 2025?
The end of the year is almost here, and with it comes some important deadlines that can make a big difference on your 2025 tax return. At Innovative Bookkeeping Solutions, we help Canadians stay organized, compliant, and confident—especially during crunch time.
Here are the key year-end actions to consider, along with how our bookkeeping and tax support can help you stay ahead.
🏦 1. Maximize Your Registered Plan Contributions
Several contribution deadlines fall on December 31, and missing them means missing out on valuable deductions and grants.
FHSA – Contribute up to $8,000 by year-end to deduct it on your 2025 return.
RESP – Contribute by December 31 to receive the 20% CESG match (up to $500 per child).
RDSP – Ensure contributions are made before year-end to qualify for 2025 grants and bonds.
RRSP (Age 71) – If you turn 71 this year, December 31 is your final day to contribute and convert to a RRIF.
How we help:
We track contribution deadlines, help you understand your available room, and ensure your year-end tax planning aligns with your financial goals.
📉 2. Review Your Investments Strategically
Year-end is a powerful time to optimize your investment tax position.
Tax-Loss Selling – Sell losing investments by December 30 to offset capital gains.
TFSA Withdrawals – If you plan to withdraw early in 2026, doing so before December 31 restores your contribution room on January 1.
How we help:
We work with you (and your advisor, if applicable) to ensure your investment activity is recorded accurately and tax-efficiently, and that capital gains/losses are properly tracked for filing.
đź’¸ 3. Maximize Deductions and Credits
Small actions now can lead to meaningful tax savings.
Charitable Donations – Make donations by December 31 for a 2025 tax receipt.
Medical Expenses – Consider paying for eligible expenses before year-end to meet the threshold.
Deductible Expenses – Ensure childcare, professional fees, and other deductible costs are paid before December 31.
How we help:
We categorize and track all deductible expenses, ensure receipts are properly documented, and help you identify credits you may be missing.
đź“‚ 4. Get Organized Before Tax Season
A little preparation now saves a lot of stress later.
Gather receipts, invoices, and statements.
Confirm your final instalment payment was made by December 15.
Review your bookkeeping for accuracy and completeness.
How we help:
From full-cycle bookkeeping to year-end cleanup, we make sure your records are accurate, audit-ready, and easy to hand off for tax filing. We also offer tax preparation services to streamline the entire process from start to finish.
🤝 Need Support Before the Deadline?
At Innovative Bookkeeping Solutions, we specialize in helping individuals, small businesses, and professionals stay compliant, organized, and financially confident. Whether you need year-end cleanup, tax prep, contribution tracking, or guidance on what steps make sense for your situation, we’re here to help.
✨ Let’s make your 2025 tax season your smoothest one yet.
Send us a message to get started.