Before winter 2026 winds down, you have a limited window to make tax-smart moves that could save you money or prevent penalties. The key actions fall into three categories: final contributions to registered accounts, last-minute business deductions, and preparing for the spring filing deadline. If you're an employee, business owner, or investor, taking action now in late winter gives you the best results for your 2026 tax year. Winter (January through early March) is when most Canadians realize they haven't optimized their taxes for the year that just ended. This is your final chance to make moves that count: - RRSP contribution deadlines close in early March (typically the first 60 days of the new year for prior-year claims) - TFSA and FHSA contributions for 2026 should be completed before year-end tax planning becomes impossible - Investment losses can be harvested to offset gains before year-end reporting - Business owners can still make certain deductible expenses before the tax year closes Unlike spring (when you're filing) or summer (when everything is locked in), winter is your action month. If you didn't max out your registered accounts in 2025, some options are still available in early 2026.
The RRSP contribution deadline for claiming against your 2025 tax year is March 2, 2026. Any contributions made by this date can be deducted on your 2025 return, and contributions made after March 2 will apply to your 2026 tax year.
Yes. If you have unused TFSA contribution room from 2025, you can contribute in January or February 2026 and it will count toward your 2025 room. Check your CRA account or use a TFSA calculator to confirm your available room.
Employers issue T4 slips by the end of February, investment companies issue T5 slips, and mortgage lenders send interest statements. Gather these as they arrive so you're ready to file by the spring deadline.
Business expenses must be incurred in 2025 to be claimed against 2025 income. Winter is the time to document and record all 2025 expenses before you file. Expenses paid in 2026 apply to your 2026 tax year.
Yes. Capital losses can offset capital gains in 2025, and if losses exceed gains, you may carry them back to prior years or forward to future years. Use a capital gains calculator to see the impact on your taxes.