As we close out November—Financial Literacy Month—we’re reminded of the importance of staying informed and proactive about our financial health. At Hayes Vickers Private Wealth (HVPW), we are committed to empowering you with the knowledge and tools to navigate key milestones, from tax planning to saving for life’s big moments. With 2025 year-end deadlines approaching, now is the perfect time to prepare for a smooth tax season and optimize your savings strategies.
Key Tax Deadlines & Reminders
Tax reporting doesn’t have to be stressful. Below are some key deadlines to mark in your calendar. For a more comprehensive list visit this link to 2025 deadlines and contributions amounts:
- March 2, 2026: Last day to contribute to your RRSP for the 2025 tax year.
- April 30, 2026: Deadline to file your 2025 tax return (penalty-free).
- June 15, 2026: Extended deadline for self-employed individuals.
Access your 2025 tax slips conveniently through RBC Wealth Management Online. Slips will become available between the end of February through to mid-March 2026. For guidance on tax documents or filing, refer to our Client Tax Reporting Guide.
Maximize Your Savings Opportunities
Take advantage of these tax-efficient accounts and activities before year-end:
1. Registered Education Savings Plan (RESP)
Deadline: December 31, 2025
Contribute by year-end to qualify for the Canada Education Savings Grant (CESG)—up to $500 annually per beneficiary (child). If your child turns 17 in 2025, this is your last chance to secure the grant for them. Learn more about RESP contributions and grants.
2. First Home Savings Account (FHSA)
Deadline: December 31, 2025
Open an FHSA by year-end to unlock a $8,000 annual contribution limit for 2025 (carryforward allowed). This account offers tax-deductible contributions and tax-free withdrawals for first-time homebuyers. Even if you, personally, already have a home, the FHSA may still benefit your younger family members. Explore Tax-free First Home Savings Account article today.
3. Tax-Free Savings Account (TFSA)
2025 Contribution Limit: $7,000
Unused contribution room accumulates indefinitely. Whether saving for short-term goals or long-term growth, a TFSA offers flexibility. Explore our TFSA article today.
4. Registered Retirement Savings Plan (RRSP)
2025 Contribution Deadline: March 2, 2026
Reduce your taxable income and save for retirement. If you’re unsure about your contribution limit, check your CRA notice of assessment. Review 2025 Handy Financial Planning Facts for insights about maximum annual deduction limit.
5. Charitable Giving
Charitable giving is more than a financial decision - it’s a meaningful way to support causes close to your heart while making a lasting impact on your community. As 2025 comes to a close, consider how giving can align with your values and financial plan.
Donations made by December 31, 2025, may qualify for tax benefits, such as the charitable donation tax credit. For greater tax efficiency, donate appreciated securities to avoid capital gains tax and claim a credit based on the securities’ fair market value.
To proceed with a securities donation from your account, contact us by December 15, 2025. For eligibility details and tax credit calculations, visit our Charitable Donations Guide.
Start the Financial Conversation
Financial literacy starts at home. Engage your kids or grandkids with these questions:
- What are your top three financial goals?
- How do you think investing works?
- Why is saving important—even for small purchases?
- What’s one money habit you’d like to build?
Share our Family Financial Literacy Guide to make the conversation fun and educational. Contact us to support your conversations about money with the young ones in your lives.
Next Steps: Act Now to Stay Ahead
Don’t let deadlines pass you by. Here’s your checklist:
- If this blog generates new ideas or questions about your family's goals don't hesitate to contact us.
- Share this blog with your friends and family.
- Contribute to RESPs and open FHSAs by December 31, 2025.
- Review TFSA/RRSP contribution room in RBC Wealth Management Online.
- Consider how charitable gift giving fits with your financial goals.
- Mark tax deadlines in your calendar and gather documents early.
At HVPW, we’re here to support you every step of the way. Let’s make 2026 your most financially confident year yet!