Here's a list of to-dos that could help save you money and minimize your taxes:

• TFSA– If you haven't already done so, consider setting up a tax-free savings account. You can contribute up to $6,000 in 2020 with the total accumulation limit allowed currently at $69,500. If you don’t have a TFSA and you turned 18 before 2009, then you could open one and contribute a maximum of $69,500.
• RRSP – Contributions to registered retirement savings plans can be made until the end of February. However, if you turned 71 this year, December 31 is the last day to make a contribution to your own RRSP.
• RRIF Extra Payment – If you need to request an extra RRIF payment above the minimum withdrawal, you must submit it to the account custodian before December 31.
• Voluntary RRIF – If you are 70 or younger and want to arrange RRIF income, you must set up the RRIF and receive the payment by December 31.
• RESP – Be sure to contribute to your RESP by the deadline of December 31 in order to ensure you get the government grant. A $2,500 deposit provides the maximum $500 grant per child. Also, sure to start an RESP before your child turns seven in order to qualify for the $1,200 BC Training and Education Savings Plan grant.
• Tax loss selling – If you sold some investments at a profit this year, consider selling any poor performers to help offset your capital gains. You must receive the sale proceeds by December 31.
• Charitable Donations – This is the season to give generously, and you can realize tax benefits if you donate currently owned securities or cash directly to charities by December 31.
• Pre-Pay Fees – Pay safety deposit box fees, investment-related charges, professional fees, tuitions and political donations that you wish to use as a tax deduction by December 31.

For more information on these year-end tasks, talk to one of our professional financial advisors.