{"id":90393,"date":"2024-11-01T15:08:41","date_gmt":"2024-11-01T19:08:41","guid":{"rendered":""},"modified":"2024-11-01T15:23:36","modified_gmt":"2024-11-01T19:23:36","slug":"year-end-tax-planning","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/","title":{"rendered":"With year-end fast approaching, have you given any thought to your tax planning? \u00a0"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/etfs\/\">\n\t\t\t\t\t\t\t<span>ETFs<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">With year-end fast approaching, have you given any thought to your tax planning? \u00a0<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Anne Papmehl<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Wooden blocks with checkmarks\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg 6000w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=With year-end fast approaching, have you given any thought to your tax planning? \u00a0 &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published November 1, 2024 \u2022 7 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr  mar-b-hlf\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>It may not be top of mind right now, but year-end tax planning is important in ensuring a smooth tax season<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>By staying on top of key deadlines, can help you make the most of your tax deductions<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>From making charitable donations to maximizing your health benefits, here are the key tax-planning due dates you should be aware of<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>As&nbsp;2024 winds down and your calendar fills up with holiday activities, it\u2019s easy for tax prep to fall off your radar.<\/p>\n\n\n\n<p>Taking some time to review your financial affairs may provide you with opportunities to reduce your 2024 tax bill. To ensure you leave no stone unturned, here\u2019s a summary of some common money-saving strategies and key dates you may need for tax season. Consult with your tax advisor to determine whether these, or any other strategies, are right for you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">On or Before December 15<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Pay your final tax installment&nbsp;<\/h3>\n\n\n\n<p>If you\u2019re required to make quarterly tax installment payments to the Canada Revenue Agency (CRA), your final installment payment is due on December 15. If you don\u2019t pay by December 15, you could be hit with interest and potentially late payment penalties. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">On or Before December 30<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Decide if tax-loss selling is right for you<\/h3>\n\n\n\n<p>If you want to take advantage of tax-loss selling and claim a loss for 2024, your sales (trades) must settle by December 31.&nbsp; For securities such as mutual funds that have a T+1 settlement period, the last day to make a trade is December 30. Tax-loss selling \u2014 also known as tax-loss harvesting \u2014 involves selling underperforming investments in your non-registered accounts that are trading at a loss (below your original purchase price) and using the capital losses to offset capital gains you may have realized that year.<\/p>\n\n\n\n<p>These capital losses can also be used for previous years (up to three years back) or carried forward indefinitely to future years. Saving them for future years may be worthwhile if you may have capital gains in future years, which could occur if you sell assets at a profit.<\/p>\n\n\n\n<p>Keep in mind that there are rules around tax-loss selling \u2014 including when you can buy back the same or identical shares, mutual funds or ETFs after you sell \u2014 and the strategy may not be right for everyone. Learn more details in&nbsp;<a href=\"https:\/\/www6.royalbank.com\/en\/di\/hubs\/investing-academy\/article\/tax-loss-selling\/ki58kkpl#:~:text=WRITTEN%20BY%20THE%20INSPIRED%20INVESTOR%20TEAM%20%7C%20PUBLISHED,stocks%2C%20bonds%2C%20mutual%20funds%20and%2For%20exchange-traded%20funds%20%28ETFs%29.\" data-dig-id=\"LP-90393-925107dc\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"What is Tax-Loss Selling?\" class=\"rbc-link-format\">What is Tax-Loss Selling?<\/a>&nbsp;and consult with your tax advisor to determine if it is right for you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">On or Before December 31<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Donate to your favourite charities<\/h3>\n\n\n\n<p>Making a charitable donation is one of the ways you can significantly reduce the personal tax you pay. The final day to make contributions to a registered charity is December 31 in order to claim the donation tax credits for 2024. Be aware that processing can take time, especially if you are donating securities or property, so it\u2019s best to start early.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Make your RESP and RDSP contributions<\/h3>\n\n\n\n<p>To make the most of the government grants and investment growth opportunities that the&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/resp.html\" data-dig-id=\"LP-90393-86225264\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Registered Education Savings Plan (RESP)\" class=\"rbc-link-format\">Registered Education Savings Plan (RESP)<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/rdsp.html\" data-dig-id=\"LP-90393-ed4508fc\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Registered Disability Savings Plan (RDSP)\" class=\"rbc-link-format\">Registered Disability Savings Plan (RDSP)<\/a>&nbsp;can provide, contribute on or before December 31. The grants can be a significant addition to your savings. Remember to check your RESP and RDSP contribution limits and make sure you don\u2019t exceed them.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Make the most of tax-deductions and claims&nbsp;<\/h3>\n\n\n\n<p>Did you know that some common life expenses can be claimed as a credit or deducted as part of your personal income tax return? If you wish to apply these deductions to your 2024 taxes, remember to pay all eligible fees and expenses by December 31. A few examples may include childcare expenses, applicable medical expenses,&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/about-your-tax-return\/tax-return\/completing-a-tax-return\/deductions-credits-expenses\/line-22100-carrying-charges-interest-expenses.html\" target=\"_blank\" data-dig-id=\"LP-90393-82baa5a1\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"investment management fees\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">investment management fees<\/a>,&nbsp;alimony and any deductible accounting or legal fees. If you\u2019re not sure what you can claim, check with your tax advisor.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Make your TFSA contributions<\/h3>\n\n\n\n<p>The Tax-Free Savings Account (TFSA) contribution limit for 2024 is $7,000, and if you have unused contribution room from previous years, you can use that too. To avoid going over you contribution limit, make sure you check your TFSA room. If you don\u2019t already have a TFSA account, you can now open one&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/tfsa.html\" data-dig-id=\"LP-90393-2423024d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"online with RBC\" class=\"rbc-link-format\">online with RBC<\/a>.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Remember FHSA contributions<\/h3>\n\n\n\n<p>The First Home Savings Account (FHSA) offers another great opportunity for Canadians to save and invest with tax advantages. The annual contribution period for the FHSA is January 1 to December 31. This means you must contribute on or before December 31 to have your contribution amount deducted from your taxable income.&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/fhsa.html?msockid=3fc6fbaf060360bd30aeeaf4079a61ee\" data-dig-id=\"LP-90393-1ea3688c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn more about the FHSA\" class=\"rbc-link-format\">Learn more about the FHSA<\/a>&nbsp;to find out if it\u2019s right for you.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Use up your health benefits<\/h3>\n\n\n\n<p>If you\u2019re fortunate enough to receive employee health benefits, check to see if you have any benefit coverage that can\u2019t be transferred to the next year. If so, consider throwing in a massage, year-end visit to your chiropractor or a new pair of eyeglasses as you schedule other important things for the last days of 2024.<\/p>\n\n\n\n<p>While this suggestion doesn\u2019t apply directly to taxes, it is a way to take advantage of the benefits you\u2019re entitled to. Think of it as a holiday self-care gift to yourself!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Year-end bonus planning<\/h3>\n\n\n\n<p>If you receive a bonus prior to year-end, consider contributing to your tax-advantage RRSP retirement savings plan, if you haven\u2019t reached the maximum RRSP contribution limit for this year.&nbsp; Just keep in mind, if the bonus is paid directly to you, there will be withholding taxes.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Get ahead for 2025<\/h2>\n\n\n\n<p>While the below deadlines are in the new year, it&#8217;s important to stay on track to ensure your tax season goes smoothly.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">On or Before January 30<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Pay interest on family loans<\/h3>\n\n\n\n<p>Did you borrow money from your spouse? Or did you have a prescribed rate loan in 2024 with a spouse or minor child or grandchild? The government gives Canadians 30 days after the year-end to pay the interest on such loans, which means interest on family loans for 2024 is due by January 30, 2025.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">On or Before March 3<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Make final RRSP contributions<\/h3>\n\n\n\n<p>Soon after the New Year\u2019s Eve parties are cleaned up, you\u2019ll probably start hearing a lot about Registered Retirement Savings Plan (RRSPs). This is because the deadline for RRSP contributions is March 3, 2025 if you want to claim the deductions on your 2024 taxes. Check your available contribution room by logging into the My Account service on the CRA website, checking the RRSP Deduction Limit Statement on your latest notice of assessment, giving CRA a call, or learn&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/rrsps-related-plans\/contributing-a-rrsp-prpp\/where-you-find-your-rrsp-prpp-deduction-limit.html\" target=\"_blank\" data-dig-id=\"LP-90393-cd59730c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"more\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">more<\/a>. Look at your finances to see how much money you can put away for your future. You can now open an RRSP account with RBC and make contributions online.&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/rrsp.html?msockid=3ca8c7cbd3db65d30648d39fd24f64a7\" data-dig-id=\"LP-90393-a8b995e9\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn more here\" class=\"rbc-link-format\">Learn more here<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Final tip<\/h2>\n\n\n\n<p>Filing taxes is always a labour-intensive process, especially if you&#8217;re trying to stay financially savvy. But staying on top of all your&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/question-of-the-week\/what-tax-slips-do-i-need-and-where-can-i-find-them\/\" data-dig-id=\"LP-90393-244eba1a\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"tax forms\" class=\"rbc-link-format\">tax forms<\/a>, deadlines, and strategies throughout the year can set you up for success well ahead of tax season. For more specific information on filing your year-end taxes, check out our&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/dms\/campaign\/taxtime\/passthrough.html?msockid=3ca8c7cbd3db65d30648d39fd24f64a7\" data-dig-id=\"LP-90393-d2a90b5d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC Tax Centre\" class=\"rbc-link-format\">RBC Tax Centre<\/a>&nbsp;or speak with a tax advisor.&nbsp;<\/p>\n\n\n\n<p class=\"has-light-grey-background-color has-background\">Book an appointment with your advisor to learn which tax-saving strategies best apply to your personal financial situation.<\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-90393-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Disclaimer\"><span>Disclaimer<\/span><span>Disclaimer<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>Mutual Funds are sold by Royal Mutual Funds Inc. (RMFI). There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Please read the Fund Facts\/prospectus before investing. Mutual fund securities are not insured by the Canada Deposit Insurance Corporation. For funds other than money market funds, unit values change frequently. For money market funds, there can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in a fund will be returned to you. Past performance may not be repeated. RMFI is licensed as a financial services firm in the province of Quebec. Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-216cb304-fee3-4174-bc3c-b5b6432975fc\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=With year-end fast approaching, have you given any thought to your tax planning? \u00a0 &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-df3a340a-319c-48ce-b5cf-73d4415889c2\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/etfs\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">ETFs<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/mutual-funds\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Mutual Funds<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/resp\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">RESP<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/rrsp\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">RRSP<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Savings<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/tax-tips\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Tax Tips<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/tfsa\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">TFSA<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"584\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/Investing-and-Saving_1856x1058.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A couple typing on their laptop and mobile phone.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/Investing-and-Saving_1856x1058.jpg 1856w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/Investing-and-Saving_1856x1058.jpg?resize=300,171 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/Investing-and-Saving_1856x1058.jpg?resize=768,438 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/Investing-and-Saving_1856x1058.jpg?resize=1024,584 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/Investing-and-Saving_1856x1058.jpg?resize=1536,876 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/\">\n\t\t\t\t\t\tIdeas and Motivation\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/should-you-be-investing-or-saving-right-now\/\" class=\"card-title h4 mar-t-0\">Should I Invest or Save?<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TDD-2.jpg?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Young man working at a desk with a laptop and looking at a paper desk calendar.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TDD-2.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TDD-2.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TDD-2.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/\">\n\t\t\t\t\t\tInvesting Academy\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/last-minute-rrsp-planning-deadline-limits-and-more\/\" class=\"card-title h4 mar-t-0\">RRSP Contribution Deadline &amp; Limits Guide<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A young woman deep in thought\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg 8640w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/\">\n\t\t\t\t\t\tAccount Types\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/tax-free-savings-account\/\" class=\"card-title h4 mar-t-0\">TFSA Accounts: What They Are and How They Work<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-216cb304-fee3-4174-bc3c-b5b6432975fc {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-216cb304-fee3-4174-bc3c-b5b6432975fc {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-df3a340a-319c-48ce-b5cf-73d4415889c2 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-df3a340a-319c-48ce-b5cf-73d4415889c2 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>It may not be top of mind right now but staying on top of key deadlines will make your tax season much easier.<\/p>\n","protected":false},"author":80,"featured_media":90397,"parent":58194,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[177,249,144,92,48,179,94],"rbc_content_type":[31],"rbc_audience":[],"rbc_lob_group":[71],"rbc_difficulty_level":[33],"rbc_mmm_category":[393,394],"class_list":["post-90393","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-etfs","tag-mutual-funds","tag-resp","tag-rrsp","tag-savings","tag-tax-tips","tag-tfsa","rbc_content_type-article","rbc_lob_group-investments","rbc_difficulty_level-beginner","rbc_mmm_category-inspired-investor","rbc_mmm_category-investing-academy"],"acf":{"contently_publication_id":"341920","custom_author":"Anne Papmehl ","rbc_video_header":"","rbc_media_duration":"","rbc_video_keywords":"","rbc_video_description":"","rbc_video_upload_date":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"If you find yourself wondering whether you should choose a TFSA or RRSP, ask yourself these three questions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"If you find yourself wondering whether you should choose a TFSA or RRSP, ask yourself these three questions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC Royal Bank\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-01T19:23:36+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/\"},\"author\":{\"name\":\"jacquelinewu\",\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/#\/schema\/person\/d055d46e444faf6863d781f24c107a5e\"},\"headline\":\"With year-end fast approaching, have you given any thought to your tax planning? \u00a0\",\"datePublished\":\"2024-11-01T19:08:41+00:00\",\"dateModified\":\"2024-11-01T19:23:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/\"},\"wordCount\":1394,\"image\":{\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80\",\"keywords\":[\"ETFs\",\"Mutual Funds\",\"RESP\",\"RRSP\",\"Savings\",\"Tax Tips\",\"TFSA\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/\",\"url\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/\",\"name\":\"With year-end fast approaching, have you given any thought to your tax planning? \u00a0 - My Money Matters\",\"isPartOf\":{\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80\",\"datePublished\":\"2024-11-01T19:08:41+00:00\",\"dateModified\":\"2024-11-01T19:23:36+00:00\",\"description\":\"If you find yourself wondering whether you should choose a TFSA or RRSP, ask yourself these three questions.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#primaryimage\",\"url\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80\",\"contentUrl\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80\",\"width\":6000,\"height\":4000,\"caption\":\"Wooden blocks with checkmarks\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"My Money Matters\",\"item\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Inspired Investor\",\"item\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Ideas and Motivation\",\"item\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"With year-end fast approaching, have you given any thought to your tax planning? \u00a0\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/#website\",\"url\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/\",\"name\":\"RBC Royal Bank\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/#\/schema\/person\/d055d46e444faf6863d781f24c107a5e\",\"name\":\"jacquelinewu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/3321e8136810c69188cc4e33665518d781482ff9e3a346484c2892fdffef6ded?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3321e8136810c69188cc4e33665518d781482ff9e3a346484c2892fdffef6ded?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3321e8136810c69188cc4e33665518d781482ff9e3a346484c2892fdffef6ded?s=96&d=mm&r=g\",\"caption\":\"jacquelinewu\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"description":"If you find yourself wondering whether you should choose a TFSA or RRSP, ask yourself these three questions.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/","og_locale":"en_US","og_type":"article","og_description":"If you find yourself wondering whether you should choose a TFSA or RRSP, ask yourself these three questions.","og_url":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/","og_site_name":"RBC Royal Bank","article_modified_time":"2024-11-01T19:23:36+00:00","twitter_card":"summary_large_image","twitter_image":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80","twitter_misc":{"Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#article","isPartOf":{"@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/"},"author":{"name":"jacquelinewu","@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/#\/schema\/person\/d055d46e444faf6863d781f24c107a5e"},"headline":"With year-end fast approaching, have you given any thought to your tax planning? \u00a0","datePublished":"2024-11-01T19:08:41+00:00","dateModified":"2024-11-01T19:23:36+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/"},"wordCount":1394,"image":{"@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80","keywords":["ETFs","Mutual Funds","RESP","RRSP","Savings","Tax Tips","TFSA"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/","url":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/","name":"With year-end fast approaching, have you given any thought to your tax planning? \u00a0 - My Money Matters","isPartOf":{"@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#primaryimage"},"image":{"@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80","datePublished":"2024-11-01T19:08:41+00:00","dateModified":"2024-11-01T19:23:36+00:00","description":"If you find yourself wondering whether you should choose a TFSA or RRSP, ask yourself these three questions.","breadcrumb":{"@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#primaryimage","url":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80","contentUrl":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80","width":6000,"height":4000,"caption":"Wooden blocks with checkmarks"},{"@type":"BreadcrumbList","@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"My Money Matters","item":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/"},{"@type":"ListItem","position":2,"name":"Inspired Investor","item":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/"},{"@type":"ListItem","position":3,"name":"Ideas and Motivation","item":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/"},{"@type":"ListItem","position":4,"name":"With year-end fast approaching, have you given any thought to your tax planning? \u00a0"}]},{"@type":"WebSite","@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/#website","url":"https:\/\/www.rbcroyalbank.com\/en-ca\/","name":"RBC Royal Bank","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rbcroyalbank.com\/en-ca\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.rbcroyalbank.com\/en-ca\/#\/schema\/person\/d055d46e444faf6863d781f24c107a5e","name":"jacquelinewu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/3321e8136810c69188cc4e33665518d781482ff9e3a346484c2892fdffef6ded?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/3321e8136810c69188cc4e33665518d781482ff9e3a346484c2892fdffef6ded?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3321e8136810c69188cc4e33665518d781482ff9e3a346484c2892fdffef6ded?s=96&d=mm&r=g","caption":"jacquelinewu"}}]}},"parsely":{"version":"1.1.0","canonical_url":"https:\/\/rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/","smart_links":{"inbound":0,"outbound":0},"traffic_boost_suggestions_count":0,"meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"With year-end fast approaching, have you given any thought to your tax planning? \u00a0","url":"http:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/year-end-tax-planning\/"},"thumbnailUrl":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80&w=150&h=150&crop=1","image":{"@type":"ImageObject","url":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80"},"articleSection":"Uncategorized","author":[{"@type":"Person","name":"jacquelinewu"}],"creator":["jacquelinewu"],"publisher":{"@type":"Organization","name":"RBC Royal Bank","logo":""},"keywords":["etfs","mutual funds","resp","rrsp","savings","tax tips","tfsa"],"dateCreated":"2024-11-01T19:08:41Z","datePublished":"2024-11-01T19:08:41Z","dateModified":"2024-11-01T19:23:36Z"},"rendered":"<script type=\"application\/ld+json\" class=\"wp-parsely-metadata\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"With year-end fast approaching, have you given any thought to your tax planning? \\u00a0\",\"url\":\"http:\\\/\\\/www.rbcroyalbank.com\\\/en-ca\\\/my-money-matters\\\/inspired-investor\\\/ideas-and-motivation\\\/year-end-tax-planning\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.rbcroyalbank.com\\\/en-ca\\\/my-money-matters\\\/inspired-investor\\\/ideas-and-motivation\\\/year-end-tax-planning\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbcroyalbank.com\\\/en-ca\\\/wp-content\\\/uploads\\\/sites\\\/12\\\/2024\\\/11\\\/shutterstock_1714693012-1.jpg?quality=80&w=150&h=150&crop=1\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.rbcroyalbank.com\\\/en-ca\\\/wp-content\\\/uploads\\\/sites\\\/12\\\/2024\\\/11\\\/shutterstock_1714693012-1.jpg?quality=80\"},\"articleSection\":\"Uncategorized\",\"author\":[{\"@type\":\"Person\",\"name\":\"jacquelinewu\"}],\"creator\":[\"jacquelinewu\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"RBC Royal Bank\",\"logo\":\"\"},\"keywords\":[\"etfs\",\"mutual funds\",\"resp\",\"rrsp\",\"savings\",\"tax tips\",\"tfsa\"],\"dateCreated\":\"2024-11-01T19:08:41Z\",\"datePublished\":\"2024-11-01T19:08:41Z\",\"dateModified\":\"2024-11-01T19:23:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/rbcroyalbank.com\/p.js"},"featured_img":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/shutterstock_1714693012-1.jpg?quality=80&w=1024","coauthors":[],"author_meta":{"author_link":"https:\/\/www.rbcroyalbank.com\/en-ca\/author\/jacquelinewu\/","display_name":"jacquelinewu"},"relative_dates":{"created":"Posted 1 year ago","modified":"Updated 1 year ago"},"absolute_dates":{"created":"Posted on November 1, 2024","modified":"Updated on November 1, 2024"},"absolute_dates_time":{"created":"Posted on November 1, 2024 3:08 pm","modified":"Updated on November 1, 2024 3:23 pm"},"featured_img_caption":"","tax_additional":{"post_tag":{"linked":["<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/etfs\/\" class=\"advgb-post-tax-term\">ETFs<\/a>","<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/mutual-funds\/\" class=\"advgb-post-tax-term\">Mutual Funds<\/a>","<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/resp\/\" class=\"advgb-post-tax-term\">RESP<\/a>","<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/rrsp\/\" class=\"advgb-post-tax-term\">RRSP<\/a>","<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\" class=\"advgb-post-tax-term\">Savings<\/a>","<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/tax-tips\/\" class=\"advgb-post-tax-term\">Tax Tips<\/a>","<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/tfsa\/\" class=\"advgb-post-tax-term\">TFSA<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">ETFs<\/span>","<span class=\"advgb-post-tax-term\">Mutual Funds<\/span>","<span class=\"advgb-post-tax-term\">RESP<\/span>","<span class=\"advgb-post-tax-term\">RRSP<\/span>","<span class=\"advgb-post-tax-term\">Savings<\/span>","<span class=\"advgb-post-tax-term\">Tax Tips<\/span>","<span class=\"advgb-post-tax-term\">TFSA<\/span>"],"slug":"post_tag","name":"Tags"},"rbc_content_type":{"linked":["<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/content-type\/article\/\" class=\"advgb-post-tax-term\">Article<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Article<\/span>"],"slug":"rbc_content_type","name":"Content Types"},"rbc_audience":{"linked":[],"unlinked":[],"slug":"rbc_audience","name":"Audiences"},"rbc_lob_group":{"linked":["<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/lob-group\/investments\/\" class=\"advgb-post-tax-term\">Investments<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Investments<\/span>"],"slug":"rbc_lob_group","name":"LOB Groups"},"rbc_difficulty_level":{"linked":["<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/difficulty-level\/beginner\/\" class=\"advgb-post-tax-term\">Beginner<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Beginner<\/span>"],"slug":"rbc_difficulty_level","name":"Difficulty Levels"},"rbc_mmm_category":{"linked":["<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/mmm-category\/inspired-investor\/\" class=\"advgb-post-tax-term\">Inspired Investor<\/a>","<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/mmm-category\/investing-academy\/\" class=\"advgb-post-tax-term\">Investing Academy<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Inspired Investor<\/span>","<span class=\"advgb-post-tax-term\">Investing Academy<\/span>"],"slug":"rbc_mmm_category","name":"Categories"},"ep_custom_result":{"linked":[],"unlinked":[],"slug":"ep_custom_result","name":"Custom Results"}},"series_order":"","jetpack_sharing_enabled":true,"primary_tag":"177","primary_rbc_mmm_category":"393","_links":{"self":[{"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/rbc_my_money_matter\/90393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/rbc_my_money_matter"}],"about":[{"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/types\/rbc_my_money_matter"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/users\/80"}],"version-history":[{"count":6,"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/rbc_my_money_matter\/90393\/revisions"}],"predecessor-version":[{"id":90406,"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/rbc_my_money_matter\/90393\/revisions\/90406"}],"up":[{"embeddable":true,"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/rbc_my_money_matter\/58194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/media\/90397"}],"wp:attachment":[{"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/media?parent=90393"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/tags?post=90393"},{"taxonomy":"rbc_content_type","embeddable":true,"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/rbc_content_type?post=90393"},{"taxonomy":"rbc_audience","embeddable":true,"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/rbc_audience?post=90393"},{"taxonomy":"rbc_lob_group","embeddable":true,"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/rbc_lob_group?post=90393"},{"taxonomy":"rbc_difficulty_level","embeddable":true,"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/rbc_difficulty_level?post=90393"},{"taxonomy":"rbc_mmm_category","embeddable":true,"href":"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-json\/wp\/v2\/rbc_mmm_category?post=90393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}