Today marks the start of the last month of the year – a month that always seems to slip away faster than we expect. And when it comes to your taxes and financial plans, timing matters.

Most year-end tax strategies must be completed before Dec. 31, not sometime in early January and certainly not in the final days of the month when your advisor, your bank and the CRA’s systems are all swamped.

If you want to meaningfully reduce your tax bill for 2025, the time to act is now—not Dec. 28.

Year-end tax planning articles appear every season, but the challenge is turning familiar advice into something that actually helps Canadians make smarter decisions.

Here are some refreshed, practical steps you can take now, while there’s still runway, to close out the year in a stronger financial position:

• Start by projecting your 2025 income—don’t guess. Thoughtful tax planning starts with clarity on your income picture. Review your paystubs, investment income, CPP and OAS payments, rental income, pension amounts, and any one-time items you received this year. A realistic projection helps you decide which strategies make sense.

If your income is unusually high, realizing investment losses could offset gains. If it’s........

© Castanet