Making resolutions at the beginning of a new year may not be everyone’s cup of tea, but it is the perfect time to get organized, especially when it comes to your finances and tax planning. Taking a proactive approach now with your finances will help you make the most of 2026. With updated contribution limits, shifting tax thresholds, and evolving savings opportunities, here are the top financial tasks you should prioritize as the year begins.
1. Review the updated RRSP and TFSA contribution limits
Every January your contribution room for RRSPs and TFSAs reset and/or change. For 2026, the Registered Retirement Savings Plan (RRSP) limit has increased to $33,810. This increase allows Canadians to shelter more income from taxes now, while boosting retirement savings. Since RRSP room is based on your prior year’s earned income (up to the annual maximum), be sure to check your personal limit on your 2025 CRA Notice of Assessment.
The Tax‑Free Savings Account (TFSA) annual limit remains $7,000 for 2026. Never contributed to a TFSA before? The total cumulative room has reached $109,000, so perhaps 2026 is a good year to open one. Whether you’re saving for emergencies, short‑term goals, or long‑term investments, a TFSA allows tax‑free growth and withdrawals, making it one of the most flexible tools in your financial toolkit. Looking to take advantage of investment possibilities with your TFSAs? We’re here to help.
2. Check your payroll deductions for CPP and EI
With new tax years come updated source deduction thresholds. In 2026, there have been increases to CPP and EI thresholds, which may result in higher deductions for you.
By reviewing your paystub early in the year, you can ensure your cash‑flow plans reflect these higher deductions — and avoid surprises come tax time. Talk to your HR department if your deductions aren’t reflecting the new levels.
3. Update your tax credits and personal amounts
The Basic Personal Amount (or what you can earn before paying federal income tax), rises to $16,452 in 2026 for most Canadians, with a gradual reduction for high‑income earners. Adjustments like these may slightly lower your tax burden, so verify your TD1 forms with your employer.
4. Maximize other registered plans
If you’re saving for a child’s post‑secondary education, the RESP still offers a 20% matching grant up to $500 per year, so be sure to take advantage of this.
Do you have a family member that has the Disability Tax Credit (DTC)? It’s a great time to explore opening a Registered Disability Saving Plan for them. Like the RESP, there are also matching government grants and bonds to help boost savings, and with RDSPs, they can be retroactively applied.
By reviewing all registered plans early you and your advisor can map out contributions, transfers, or withdrawals strategically for the year ahead.
5. Get organized for tax filing early
Even though taxes aren’t due until April, gathering receipts, investment statements, medical expenses, charitable donation slips, and T‑slips early can reduce stress — and help you spot deductions or credits you might otherwise miss. January is also a good time to set up or update digital folders to keep documents organized as they arrive.
Are you still getting your tax slips in the mail? It may be time to switch to E‑statements and slips, which allows for easier access to the information you need, especially given the postal strikes in the last year.
6. Strengthen your online security
Speaking of online access, smart financial planning isn’t only about contributions and credits, it’s also about protecting your personal information. As our tax documents, financial statements, and CRA communications move online, securing your digital life is essential. Here are a few tips to strengthen your online presence.
- Use Strong, Unique Passwords
Avoid reusing the same password across accounts. Use long passphrases or a reputable password manager to keep your financial and CRA login details safe.
- Enable Multi‑Factor Authentication (MFA)
Turn on MFA wherever it’s available — especially for banking, CRA’s My Account, email, and investment platforms. This adds an extra layer of protection if your password is compromised.
- Beware of Phishing Attempts
Tax season brings an increase in fake CRA emails and texts. Remember: the CRA does not ask for personal information via email or text. Always sign in through the official CRA portal rather than clicking a link.
- Secure Your Devices
Install updates regularly, use reputable antivirus software, and avoid logging into financial accounts over public Wi‑Fi networks. If you must use public Wi‑Fi, enable a virtual private network (VPN).
- Monitor Your Accounts
Set up alerts on your bank and investment accounts. Review statements monthly to catch any suspicious activity early.
- Protect Your Digital Tax Files
Store tax documents in encrypted folders or password‑protected cloud storage. Avoid emailing sensitive files unless they are encrypted or exchanged through secure portals.
Starting the year with a clear financial game plan sets you up for confidence and success. By reviewing contribution limits, updating payroll and tax documents, and organizing your financial records and accounts now, you’ll be ready to make informed decisions in 2026.