Before The Calendar Runs Out
The “New Year, New Visa Bill” feeling is something many of us have to manage. We create magical holiday celebrations, but then, come January, we have to recoup. We walk into a brand-new year already feeling behind on our finances.
But what if we flipped the script?
What if, instead of trying to combine the mad rush of holiday spending with the pressure to get your year-end finances in order, we got a little head start this year? Why don’t we plan NOW so we don’t miss those important December 31st deadlines? The last thing we need in this economy is missed contribution room, tax deductions left on the table, or grant money left unclaimed.
In my world, one of the most underrated feelings you can have in January is knowing your finances are already organized. You are not scrambling or catching up. You are simply starting the New Year with a clear head and a plan already in motion.
In my experience, the best month to set yourself up for a strong new year isn’t January; it’s October. Yes, right now!! Early enough to act thoughtfully, late enough that year-end is real and close. Here’s where to start:
Your TFSA is one of the most powerful wealth-building tools available to Canadians, and one of the most consistently underused. Every dollar that grows inside it, whether through dividends, capital gains, or interest, does so completely tax-free. Every dollar you withdraw comes out tax-free too. If you have unused contribution room for 2026, it carries forward, but that doesn’t mean leaving it idle serves you. There is still time this year to put that room to work.
Your RRSP is worth a look too. Unused contribution room doesn’t expire, but the tax deduction it generates does. If you have income you’d like to shelter before the 2026 tax year closes, contributing to your RRSP is important. With RRSPs, you are allowed to make contributions in the first 60 days of 2027 and count them as a deduction for your 2026 tax year. This is one of the most straightforward ways to reduce what you owe next spring. For anyone in a higher income bracket, this is not a small consideration.
If you have been thinking about making a charitable donation, doing it before December 31st, 2026 means it counts toward your 2026 tax return. Giving back is one of the most rewarding things you can do with your financial success, and in Canada, the government rewards you for it too. Charitable donations generate a tax credit that reduces the amount of tax you owe, rather than simply reducing your taxable income. Generosity and smart tax planning go hand-in-hand.
If you have children or grandchildren with a Registered Education Savings Plan, making a contribution before year-end could be matched by the government. The Canada Education Savings Grant matches 20% of the first $2,500 you contribute per beneficiary each year. Miss that deadline and you could miss that year’s grant room. While unused room from prior years can be carried forward, it is worth knowing exactly where you stand before the window closes.
October is the right time to have these conversations. There are so many ways we can give more structure and clarity to your 2027 finances.
Give us a call at 905-686-5678, and we will help you figure out exactly where you stand, so that come January, you are already ahead. We welcome drop-in visits at our Port Perry office. We are located at the corner of Perry and Mary, right across from The Old Flame.
And, as always, our expert free advice can be found at theinvestorscorner.ca all year round.
We can’t wait to work with you,
Brian Gribben and the BGIP Team
