Year-end registered account checklist for 2025
Four registered account deadlines and moves to make before 2025 ends.
Photo by Hoi An and Da Nang Photographer on Unsplash
The RRSP deadline gets all the attention, but it's not until March. Three other registered account moves happen before December 31st - and missing them costs more than most people realize.
Lock in your 2025 TFSA room
Your 2025 TFSA contribution room is $7,000 - but only if you contribute before midnight on December 31st. Unlike RRSPs, TFSA contributions don't carry over to the following tax year.
If you earned $75,000 this year in Ontario and have TFSA room available, putting $7,000 in now means that money grows tax-free forever. Skip December, and you can't make up for a year of tax-free growth later.
The catch: you need to know exactly how much room you have left. Over-contribute by even $1, and you'll pay a 1% penalty every month until you fix it. Your most recent Notice of Assessment shows your room as of the end of last year - add $7,000 for 2025, subtract what you've already contributed this year.
Max out your FHSA before the reset
The FHSA gives you $8,000 of contribution room each year, but unused room doesn't vanish - it carries forward. Still, if you're planning to buy your first home in the next few years, contributing before December 31st starts the tax-free growth clock earlier.
Here's what most people miss: FHSA contributions reduce your taxable income just like RRSP contributions do. At $80,000 income in Ontario, maxing out your FHSA saves you roughly $2,500 in taxes. That refund can go straight into your TFSA once January hits.
Consider spousal RRSP contributions
If you're married or common-law and one of you earns significantly more than the other, spousal RRSP contributions can cut your household tax bill both now and in retirement.
The higher earner gets the immediate tax deduction, but the money belongs to the lower earner's retirement. When they withdraw it later, it gets taxed at their likely lower rate instead of yours.
The deadline for spousal RRSP contributions is the same as regular RRSPs - 60 days into the new year. But if you're planning to contribute anyway, doing it before December 31st means the money has an extra two months to grow tax-deferred.
Review your withholding tax situation
If you got a massive refund this year - say, $3,000 or more - you lent the government your money interest-free. Next year's TaxSplit calculations will show you whether adjusting your payroll deductions makes sense.
The flip side: if you owed money at tax time, you might want to increase contributions to avoid owing again. An RRSP contribution in December gives you the deduction for this tax year, while a contribution in January applies to next year's return.
What can wait until March
Your regular RRSP contribution deadline isn't until 60 days after the end of the tax year - that's March 2nd, 2026 for the 2025 tax year. Same with pension income splitting if you're over 65.
But everything else - TFSA, FHSA, spousal RRSP timing, payroll adjustments - those decisions lock in with the calendar year.
If you're unsure which account to prioritize: FHSA first if you're buying a home, then RRSP if you're earning over $60,000, then TFSA with whatever's left.
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