12/09/2025
As we approach year-end, I wanted to send a quick reminder about several important financial accounts that can help you maximize tax savings and government benefits before December 31st. If you haven’t taken advantage of these yet, this is a great time to do so. I also assist you with investment loans to accelerate contributions and growth in these accounts.
1. First Home Savings Account (FHSA)
If you’re planning to buy your first home in the future, the FHSA is one of the most powerful tools available:
Option 1: Maximize 2025 tax savings
You can contribute up to $8,000 this year and use it as a tax deduction for your 2025 tax return (deadline: December 31, 2025).
Option 2: Start with a minimum deposit
You can open the FHSA with just $100 to activate the account. This ensures your 2025 contribution room starts building.
FHSA Benefits:
Contributions are tax-deductible
Savings grow tax-free
Withdrawals for a first home are tax-free
Unused room carries forward
2. RRSP (Registered Retirement Savings Plan)
RRSP contributions reduce your taxable income.
The deadline for 2025 RRSP contributions is March 1, 2026.
3. TFSA (Tax-Free Savings Account)
There is no single deadline for TFSA contributions, but if you want to use your room for this year, it must be contributed before December 31, 2025 to count toward this year’s limit. The room renews on January 1, 2026.
4. RESP (Registered Education Savings Plan)
If you have children, the RESP allows you to receive 20% government grants on the first $2,500 contributed each year.
To receive the 2025 CESG grant, the contribution must be made by December 31, 2025.
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