Most of what lowers your 2026 tax bill has to happen before December 31. Once the calendar turns, the only big deduction left is your RRSP. Here are ten moves Calgary families should check in November and December.
1. Fund your FHSA
First Home Savings Account contributions count for the year they are made, with no 60-day grace period. If you’re a first-time buyer, contributing up to $8,000 by December 31 gives you a deduction on your 2026 return. See our guide to RRSP vs FHSA.
2. Make charitable donations
Donations must be paid by December 31 to count for 2026. The federal credit jumps to 29% (33% for income in the top bracket) on amounts over $200, and Alberta adds a generous provincial credit too, so it often pays to combine donations on one spouse’s return or save them up and claim two years together.
3. Pay medical expenses before year-end
You can claim medical expenses for any 12-month period ending in 2026. Only the amount above the lower of 3% of net income or the annual threshold counts, so grouping costs like dental work, glasses and physiotherapy into one year can push you over the line. The lower-income spouse usually claims them.
4. Sell investments with losses (tax-loss selling)
If you’ve realized capital gains in a non-registered account, selling investments that are down can offset them. For 2026 the trade has to settle by December 31, so place it a few business days earlier. Watch the superficial loss rule: don’t buy the same investment back within 30 days.
5. Use your TFSA room
The 2026 TFSA limit is $7,000. It doesn’t give a deduction, but if you plan to withdraw from your TFSA in early 2027, do it in December instead: the room comes back on January 1, a year sooner.
6. Pay childcare and activity fees
Daycare, day camp and before- and after-school care paid in 2026 are deductible, usually by the lower-income spouse. Get receipts with the provider’s name and SIN or business number.
7. Pay interest on investment loans
Interest on money borrowed to earn investment income is deductible only if it’s paid in the year. Interest on a family income-splitting prescribed rate loan must be paid by January 30, 2027 or the arrangement fails.
8. Self-employed? Buy equipment before December 31
Equipment and vehicles put into use before year-end can be depreciated in 2026. Pay outstanding business expenses and check whether you’ll cross the $30,000 GST/HST small supplier threshold.
9. Turning 71? Convert your RRSP
If you turn 71 in 2026, your RRSP must be converted to a RRIF or annuity by December 31. You can still make a final contribution in December if you have room.
10. Gather your paperwork now
Start a folder for slips, receipts and CRA letters. If you work from home, keep a record of your workspace and expenses. A tidy folder in January means a faster, more accurate return in March.
Get a year-end review
A short call in November or December can save more than any refund-chasing in April. Garg Accounting will look at your 2026 picture and tell you which of these moves are worth making.
Book an appointment or call (368) 995-6000. We serve Calgary in person and clients across Canada online.
This article is general information, not personal tax advice. Amounts and rules can change; confirm your own figures in CRA My Account or with an accountant.
