December can be a hectic month, with lots on the go, but it is also a good month to set aside an hour or two for some financial housekeeping. Taking a moment now can mean less stress in 2026, so here’s our very own naughty and nice list of dos and don’ts.

Here are smart financial steps Canadians should consider at year-end, based on current guidance and deadlines:

Don’t blow your budget now!

Assess how your spending compared to your budget this year and try to stay on track this season.
Cancel unused or underused subscriptions. Take that monthly money and direct it to a monthly pre-authorized contribution to your investments.
Update financial goals for the new year (e.g., home purchase, debt reduction, retirement savings).

Do maximize your registered accounts if you can.

TFSA Contributions:
- 2025 limit: $7,000 (lifetime max about $102,000 if eligible since 2009).
- Make withdrawals before Dec 31 if you plan to recontribute next year (withdrawals restore room the following year
RESP Contributions:
- Contribute $2,500 per child by Dec 31 to get the 20% CESG grant (up to $500/year). Catch-up contributions allowed.
FHSA (First Home Savings Account):
- Open before Dec 31 to start building contribution room ($8,000/year, $40,000 lifetime).
RRSP Contributions:
- Deadline for 2024 tax year: March 3, 2025.

Do make some tax planning moves.

Charitable Donations:
- Make donations by Dec 31 to claim credits on this year’s return.

Do an insurance & estate review.

Take a look at your life, disability, and critical illness coverage — update beneficiaries on RRSPs, TFSAs, and insurance policies.

Don’t dip into that emergency fund for Christmas goodies!

Remember, it’s for emergencies.
Aim for 3 – 6 months of living expenses in an accessible account.
Review debt terms — consider paying down high-interest debt or refinancing if rates are favorable.

So grab a cup of hot chocolate and set aside some time to end the year with your house in good financial shape. It’s truly a gift to yourself!