November is the last full month to take meaningful tax action before the end of the 2026 tax year. This is when you should review your income, investment gains, and charitable giving plans, then execute any remaining tax-efficient moves to minimize what you'll owe or maximize what you'll receive. The key actions include maximizing RRSP room, making final charitable donations, reviewing capital gains, and adjusting withholding taxes if you're self-employed or earning variable income. November sits in a unique spot on the tax calendar. It's far enough into the year that you can calculate your actual income and tax bracket with reasonable accuracy. It's also close enough to year-end that you still have time to act without rushing in December when CRA offices are busier and deadlines feel tighter. If you've had an unexpectedly strong income year, you'll want to shelter some of that in tax-deferred or tax-free accounts. If you've realized capital gains on investments, you might want to offset them. If you're charitably minded, year-end is when most people donate. While the official RRSP contribution deadline is 60 days into 2027 (for the 2026 tax year), making contributions in November gives you two advantages.
No. The deadline to contribute for the 2026 tax year is 60 days into 2027 (around early March). November contributions give you tax savings this year plus more time for investment growth inside the account.
Yes, if you donate in November 2026 and receive a receipt by December 31, 2026, you can claim it on your 2026 tax return. Some charities accept commitments in November but issue receipts in January, which would apply to 2027.
The superficial loss rule prevents you from selling a security at a loss and buying back the same (or substantially identical) security within 30 days before or after the sale. This rule stops tax-loss harvesting from being abused, so plan November sales carefully.
It depends on your tax bracket and goals. RRSPs reduce taxable income now (good if you're in a high bracket), while TFSAs offer tax-free growth forever (better if you're younger or expect higher income later). Use the [TFSA vs RRSP comparison](/tools/tfsa-vs-rrsp) to decide.
You can make voluntary installment payments to CRA in November or December. This reduces the interest charges that would apply to any balance owing when you file in 2027. The earlier you pay, the less interest accrues.