The First-Time Home Savings Account (FHSA) is a hybrid account combining RRSP benefits (tax deduction) and TFSA advantages (tax-free growth). It’s designed specifically for first-time homebuyers.<\/p>\n\n\n\n
The action:<\/strong> You can deposit up to $8,000 before December 31. If you deposit on December 31, the deduction applies to your 2025 return. <\/p>\n\n\n\n Why it matters:<\/strong> An $8,000 deposit can mean $2,400 to $3,200 back on your tax return (depending on your income bracket). This money grows tax-free until you purchase your home.<\/p>\n\n\n\n Do this now:<\/strong> If you’re considering buying a home, open a CELIAPP account before December 31. Most banks allow online setup in under an hour. We can guide you. <\/p>\n\n\n\n What usually happens:<\/strong> Clients arrive at our office in March with a pile of medical receipts\u2014some lost, others incomplete. Once the deadline passes, medical expense deductions disappear.<\/p>\n\n\n\n The action:<\/strong> Before year-end, collect every medical, dental, pharmacy, mobility aid, and therapy receipt. Include glasses, hearing aids, and specialized treatments.<\/p>\n\n\n\n Where to find them:<\/strong><\/p>\n\n\n\n Why it matters:<\/strong> Medical expenses add up quickly\u2014dental work, prescriptions, equipment. Both federal and Quebec tax credits can reduce your bill by hundreds or thousands of dollars.<\/p>\n\n\n\n Do this now:<\/strong> Spend 30 minutes putting together a folder (digital or physical) labeled \u00ab\u00a0Medical Expenses 2025.\u00a0\u00bb<\/strong> If you can’t locate all receipts, call providers directly\u2014most will reissue documentation.<\/p>\n\n\n\n What many people don’t know:<\/strong> If you support a parent, spouse, or adult child with a medical condition or disability, you may qualify for the Caregiver Tax Credit<\/strong>\u2014a credit that can substantially reduce your tax bill.<\/p>\n\n\n\n The criteria:<\/strong><\/p>\n\n\n\n The action:<\/strong> Ask the medical provider to complete the required certification form. For some conditions\u2014such as Type 1 diabetes or recognized disabilities\u2014the credit is nearly automatic if the form is submitted.<\/p>\n\n\n\n Why it matters:<\/strong> This credit can be worth $500 to $2,000+ annually depending on your income and the dependant’s situation. Many caregivers don’t claim it simply because they didn’t know it existed.<\/p>\n\n\n\n Do this now:<\/strong> If you support someone with a health condition, contact their doctor and request the medical certification form. You can file it with your 2025 return in spring.<\/p>\n\n\n\n Important distinction:<\/strong> Unlike the FHSA (which has a December 31st deadline), RRSP<\/strong> contributions can be made until March 3, 2026. However, TFSA<\/strong> deposits and withdrawals must happen before December 31st to count for the year.<\/p>\n\n\n\n For your RRSP:<\/strong><\/p>\n\n\n\n Action:<\/strong> Check your contribution room (available on your CRA Notice of Assessment) and decide if contributing now or early 2026 aligns with your financial plan.<\/p>\n\n\n\n For your TFSA:<\/strong><\/p>\n\n\n\n Why timing matters:<\/strong> Your TFSA room increases each year with inflation. If you withdraw $2,000 this year, next year you’ll have the right to deposit $7,000 (the new limit) + $2,000 (your withdrawal) + annual indexation increases.<\/p>\n\n\n\n Action today:<\/strong> Log into your CRA My Account to review your contribution room for both accounts. If you’re near the limit or considering a withdrawal, make the decision before year-end.<\/p>\n\n\n\n These four moves might seem minor individually\u2014a form here, a deposit there, a receipt search elsewhere. Together, they represent potentially hundreds or thousands of dollars<\/strong> in difference between a refund and a bill next spring.<\/p>\n\n\n\n At Sentinelle Fiscale, we see clients every March who wish they’d invested time in December. We also see clients who planned ahead and return with confidence, knowing they optimized their situation.<\/p>\n\n\n\n The difference? Usually just a few hours of planning in December.<\/p>\n","protected":false},"excerpt":{"rendered":" The holiday season is busy, but December 31st brings critical tax deadlines. Discover four concrete actions to avoid tax surprises next spring. 1. Maximize your FHSA contribution before December 31st What is it?The First-Time Home Savings Account (FHSA) is a hybrid account combining RRSP benefits (tax deduction) and TFSA advantages (tax-free growth). It’s designed specifically for […]<\/p>\n","protected":false},"author":2,"featured_media":324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"\n The holiday season is busy, but December 31st brings critical tax deadlines. Discover four concrete actions to avoid tax surprises next spring.<\/p>\n\n\n\n What is it?<\/strong> The action:<\/strong> You can deposit up to $8,000 before December 31. If you deposit on December 31, the deduction applies to your 2025 return. <\/p>\n\n\n\n Why it matters:<\/strong> An $8,000 deposit can mean $2,400 to $3,200 back on your tax return (depending on your income bracket). This money grows tax-free until you purchase your home.<\/p>\n\n\n\n Do this now:<\/strong> If you're considering buying a home, open a CELIAPP account before December 31. Most banks allow online setup in under an hour. We can guide you. <\/p>\n\n\n\n What usually happens:<\/strong> Clients arrive at our office in March with a pile of medical receipts\u2014some lost, others incomplete. Once the deadline passes, medical expense deductions disappear.<\/p>\n\n\n\n The action:<\/strong> Before year-end, collect every medical, dental, pharmacy, mobility aid, and therapy receipt. Include glasses, hearing aids, and specialized treatments.<\/p>\n\n\n\n Where to find them:<\/strong><\/p>\n\n\n\n Why it matters:<\/strong> Medical expenses add up quickly\u2014dental work, prescriptions, equipment. Both federal and Quebec tax credits can reduce your bill by hundreds or thousands of dollars.<\/p>\n\n\n\n Do this now:<\/strong> Spend 30 minutes putting together a folder (digital or physical) labeled \"Medical Expenses 2025.\"<\/strong> If you can't locate all receipts, call providers directly\u2014most will reissue documentation.<\/p>\n\n\n\n What many people don't know:<\/strong> If you support a parent, spouse, or adult child with a medical condition or disability, you may qualify for the Caregiver Tax Credit<\/strong>\u2014a credit that can substantially reduce your tax bill.<\/p>\n\n\n\n The criteria:<\/strong><\/p>\n\n\n\n The action:<\/strong> Ask the medical provider to complete the required certification form. For some conditions\u2014such as Type 1 diabetes or recognized disabilities\u2014the credit is nearly automatic if the form is submitted.<\/p>\n\n\n\n Why it matters:<\/strong> This credit can be worth $500 to $2,000+ annually depending on your income and the dependant's situation. Many caregivers don't claim it simply because they didn't know it existed.<\/p>\n\n\n\n Do this now:<\/strong> If you support someone with a health condition, contact their doctor and request the medical certification form. You can file it with your 2025 return in spring.<\/p>\n\n\n\n Important distinction:<\/strong> Unlike the FHSA (which has a December 31st deadline), RRSP<\/strong> contributions can be made until March 3, 2026. However, TFSA<\/strong> deposits and withdrawals must happen before December 31st to count for the year.<\/p>\n\n\n\n For your RRSP:<\/strong><\/p>\n\n\n\n Action:<\/strong> Check your contribution room (available on your CRA Notice of Assessment) and decide if contributing now or early 2026 aligns with your financial plan.<\/p>\n\n\n\n For your TFSA:<\/strong><\/p>\n\n\n\n Why timing matters:<\/strong> Your TFSA room increases each year with inflation. If you withdraw $2,000 this year, next year you'll have the right to deposit $7,000 (the new limit) + $2,000 (your withdrawal) + annual indexation increases.<\/p>\n\n\n\n Action today:<\/strong> Log into your CRA My Account to review your contribution room for both accounts. If you're near the limit or considering a withdrawal, make the decision before year-end.<\/p>\n\n\n\n These four moves might seem minor individually\u2014a form here, a deposit there, a receipt search elsewhere. Together, they represent potentially hundreds or thousands of dollars<\/strong> in difference between a refund and a bill next spring.<\/p>\n\n\n\n At Sentinelle Fiscale, we see clients every March who wish they'd invested time in December. We also see clients who planned ahead and return with confidence, knowing they optimized their situation.<\/p>\n\n\n\n The difference? Usually just a few hours of planning in December.<\/p>\n","_et_gb_content_width":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-astuces"],"yoast_head":"\n
\n\n\n\n2. Gather your medical receipts today, not in March<\/h2>\n\n\n\n
\n
\n\n\n\n3. Check your eligibility for the caregiver credit<\/h2>\n\n\n\n
\n
\n\n\n\n4. Make your year-end RRSP and TFSA decisions<\/h2>\n\n\n\n
\n
\n
\n\n\n\nConclusion: Why planning now is worth its weight in gold<\/h2>\n\n\n\n
![\"\"](\"https:\/\/www.sentinellefiscale.com\/EN\/wp-content\/uploads\/2025\/11\/concept-different-office-accessories-paper-with-clip-1024x683.jpg\")
\n\n\n\n1. Maximize your FHSA contribution before December 31st<\/h2>\n\n\n\n
The First-Time Home Savings Account (FHSA) is a hybrid account combining RRSP benefits (tax deduction) and TFSA advantages (tax-free growth). It's designed specifically for first-time homebuyers.<\/p>\n\n\n\n
\n\n\n\n2. Gather your medical receipts today, not in March<\/h2>\n\n\n\n
\n
\n\n\n\n3. Check your eligibility for the caregiver credit<\/h2>\n\n\n\n
\n
\n\n\n\n4. Make your year-end RRSP and TFSA decisions<\/h2>\n\n\n\n
\n
\n
\n\n\n\nConclusion: Why planning now is worth its weight in gold<\/h2>\n\n\n\n