Tax Free Savings Account Archives - Legacy Family Office

2026 Financial Calendar

Jan 2, 2026

Welcome to our 2026 financial calendar!

This calendar is designed to help you keep track of important financial dates and deadlines, such as tax filing and government benefit distribution. You can bookmark this page for easy reference or add these dates to your personal calendar so you don’t miss any important financial obligations.

If you need help with your taxes, 2025 income tax packages will be available starting January 20, 2026. Don’t wait until the last minute to get started on your tax return – make an appointment with your accountant so you’re ready when tax season arrives.

Important Dates to Know

On January 1, 2026, the contribution room for your Tax-Free Savings Account (TFSA) opens again. The TFSA dollar limit for 2026 is $7,000.

For those who are eligible, the contribution room for your:

Registered Retirement Savings Plan (RRSP)
First Home Savings Account (FHSA)
Registered Education Savings Plan (RESP)
Registered Disability Savings Plan (RDSP)

will also be available for the 2026 calendar year.

RRSP Deadline (for the 2025 Tax Year)

For your Registered Retirement Savings Plan (RRSP) contributions to be eligible for the 2025 income tax year, you must make them by:

March 2, 2026

Contributions made after this date will generally count toward your 2026 tax return.

GST/HST Credit Payment Dates

GST/HST credit payments will be issued on:

January 5
April 2
July 3
October 5

Canada Child Benefit (CCB) Payment Dates

Canada Child Benefit payments will be issued on:

January 20
February 20
March 20
April 20
May 20
June 19
July 20
August 20
September 18
October 20
November 20
December 11

Canada Pension Plan (CPP) and Old Age Security (OAS)

The government will issue Canada Pension Plan (CPP) and Old Age Security (OAS) payments on the following dates:

January 28
February 25
March 27
April 28
May 27
June 26
July 29
August 27
September 25
October 28
November 26
December 22

Bank of Canada Interest Rate Announcements

The Bank of Canada will make interest rate announcements on:

January 28
March 18
April 29
June 10
July 15
September 2
October 28
December 9

Personal Income Tax Deadlines

For most individuals, April 30, 2026 is the last day to:

File your 2025 personal income tax return, and
Pay any balance owing on your 2025 taxes.

This is also generally the filing deadline for final returns if death occurred between January 1 and October 31, 2025.

If death occurred between November 1 and December 31, 2025, the filing deadline for the final return is six months after the date of death (which will fall between May 1 and June 30, 2026).

Self-Employment Tax Deadlines

If you or your spouse/common-law partner are self-employed:

The filing deadline for your 2025 tax return is June 15, 2026.
Any tax payments owing are still due by April 30, 2026.

Filing later than these dates may result in interest and penalties.

Year-End Contribution Deadlines

The final contribution deadline for the 2026 calendar year for the following accounts is December 31, 2026:

Tax-Free Savings Account (TFSA)
First Home Savings Account (FHSA)
Registered Education Savings Plan (RESP)
Registered Disability Savings Plan (RDSP)

December 31, 2026 is also the deadline for:

Making 2026 charitable donations that you want to claim on your 2026 tax return.

Individuals who turn 71 in 2026 to:

Make their last contributions to their own RRSPs, and
Convert their RRSPs to RRIFs (or an annuity).

Please reach out if you have any questions or would like help planning around any of these dates.

Sources:

Canada Revenue Agency. Tax-Free Savings Account (TFSA), Guide for Individuals. RC4466 (E), Canada.ca, https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4466/tax-free-savings-account-tfsa-guide-individuals.html.

Canada Revenue Agency. “Registered Retirement Savings Plan (RRSP).” Canada.ca, https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/registered-retirement-savings-plan-rrsp.html.

Canada Revenue Agency. “Registered Education Savings Plans (RESPs).” Canada.ca, https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-education-savings-plans-resps.html.

Canada Revenue Agency. “First Home Savings Account (FHSA).” Canada.ca, https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html.

Canada Revenue Agency. “GST/HST Credit – Payment Dates.” Canada.ca, https://www.canada.ca/en/revenue-agency/services/child-family-benefits/gst-hst-credit/payment-dates.html#toc1.

Canada Revenue Agency. “Benefit Payment Dates.” Canada.ca, https://www.canada.ca/en/revenue-agency/services/child-family-benefits/benefit-payment-dates.html.

Canada. “Benefit Payment Dates Calendar.” Canada.ca, https://www.canada.ca/en/services/benefits/calendar.html.

Bank of Canada. “Bank of Canada Publishes 2026 Schedule for Policy Interest Rate Announcements and Other Major Publications.” Bank of Canada, https://www.bankofcanada.ca/2025/08/bank-canada-publishes-2026-schedule-policy-interest-rate-announcements-other-major-publications/.

Canada Revenue Agency. “Important Dates – Individuals.” Canada.ca, https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/important-dates-individuals.html.

Canada Revenue Agency. “Important Dates for RRSPs, RRIFs, and RDSPs.” Canada.ca, https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/important-dates-rrsp-rrif-rdsp.html.

Retirement Planning for Business Owners – Checklist

Jun 30, 2025

As a business owner, one of your challenges is learning how to balance between reinvesting into the business and setting money aside for personal savings. Since there are no longer employer-sponsored pension plans and the knowledge that retirement will come eventually, it’s important to have a retirement plan in place.

We’ve put together an infographic checklist that can help you get started on this. We know this can be a difficult conversation so we’re here to help and provide guidance to help you achieve your retirement dreams.

Income Needs

Determine how much income you will need in retirement.
Make sure you account for inflation in your calculations.

Debts

You should try to pay off your debts as soon as you can; preferably before you retire.

Insurance

As you age, your insurance needs change. Review your insurance needs, in particular your medical and dental insurance because a lot of plans do not provide health plans to retirees.
Review your life insurance coverage because you may not necessarily need as much life insurance as when you had dependents and a mortgage, but you may still need to review your estate and final expense needs.
Prepare for the unexpected such as a critical illness or a need for long-term care.

Government Benefits

Check what benefits are available for you upon retirement.
Canada Pension Plan- decide when would be the ideal time to apply and receive CPP payments. Business owners are in a unique position to control how much can be contributed to CPP by deciding to pay salary or dividends. (Dividends don’t trigger CPP contributions.)
Old Age Security- check pension amounts and see if there’s a possibility of clawback.
Guaranteed Income Supplement- if your income is low enough, you could apply for GIS.

Income

Are you a candidate for an individual pension plan (IPP)? IPPs can provide higher contributions than typically permitted to an RRSP and the ability to create a lifelong pension.
Check if your business is a candidate for a group RRSP or company pension plan. This is a great way for you to build retirement savings and provide benefits for your employees and business too.
Make sure you are saving on a regular basis towards retirement- in an RRSP, TFSA, or non-registered account. As you can control how you get paid, you should make sure you have the optimal mix of salary and dividends to achieve your financial goals. Dividends are not considered eligible income to create RRSP room.
Ensure your investment mix makes sense for your situation.
Don’t forget to check if there are any other income sources. (e.g. rental income, side hustle income, etc.)

Assets

The sale of your business can be part of your retirement nest egg. Therefore, you should make sure you know the valuation of your business and your plan to sell the business to your family, employees, partners or a third party. You should also know when you decide to sell your business.
Are you planning to use the sale of your home or other assets to fund your retirement?
Will you be receiving an inheritance?

One other consideration that’s not included in the checklist is divorce. This can be an uncomfortable question; however, divorce amongst adults ages 50 and over is on the rise and this can be financially devastating for both parties.

Next steps…

Retirement Planning for Business Owners

Jan 31, 2025

Retirement planning can be a complex process for us all, but if you are the owner of a small business it may can get even more complicated, due to the various factors and circumstances that you have to take into consideration. A common mistake made by small business owners is reinvesting extra money to grow their business, at the expense of putting it aside to save for their retirement.

Although there is no magic formula for getting started on a retirement strategy for your business, there are some general principles which might help you to get a handle on the steps that you need to take. One of the key ideas is the consideration of both your business and your personal finances and how to structure and integrate the two in order to create a robust retirement financial strategy.

Here are some tips on how to get started on a retirement plan.

Set aside time to plan for the future – It’s important to make retirement planning a priority, or you run the risk of never getting around to it. A professional financial planner can help you to assess your personal circumstances and create a personalized plan that suits you and your business, with the right balance between saving and reinvestment to help your business to grow.
Think about your future retirement income – Here are the main sources of retirement income that small business owners usually rely on:

Equity held in your business – If your business is successful, you are likely to benefit from equity from it in your retirement. Selling your company is an option, particularly attractive to some as, in some cases, you could benefit from the lifetime capital gains exemption on the sale. Of course, finding the right person to run your business in the future is easier said than done. A clear succession plan, created in advance of your retirement, can help you to ensure that business continuity will be affected as little as possible and will give you peace of mind as you approach your retirement. You may also want to consider using the expertise of an accountant or mergers and acquisitions specialist to help you to value your business correctly and also look after your interests when liaising with potential purchasers.
Alternatively, you may choose for your children to inherit your business, or you may decide to retain ownership of dividend-paying preferred shares in order to maintain an ongoing source of income.
Registered plans – A Registered Retirement Savings Plan (RRSP) can offer personal tax deductions on your contributions, plus your savings will grow as tax-deferred whilst in the plan. In addition, tax-free savings accounts (TFSAs) can be a useful way to save tax-free in particular circumstances.

Consider offering a retirement savings plan to your employees – Paying your statutory contribution of the Canada Pension Plan is just the minimum – many small businesses choose to offer their employees enhanced pension contributions as an incentive or employee benefit. For example, you could match their RRSP contributions to a set limit, to help their retirement nest grow more quickly. Alternatively, you could offer a benefit plan with an investment contribution package from an insurance company, which can be a more straightforward and cost-effective choice.

Be sure to diversify – As a small business owner, you should avoid putting all of your eggs in one basket, financially speaking, as this could leave you vulnerable to changes in the market. Try to diversify your investments and spread your funds in order to protect yourself and engage the help of a professional where necessary to help you to do so.

In summary, it’s important to remember that retirement planning is a process which is unique and personal to your own and your business’ circumstances and there is no uniform approach which works across the board. Take time to take stock of your current situation, as well as your goals for the future and this will help you to create a retirement plan that is right for your needs, both current and future.

2026 Financial Calendar

Important Dates to Know

RRSP Deadline (for the 2025 Tax Year)

GST/HST Credit Payment Dates

Canada Child Benefit (CCB) Payment Dates

Canada Pension Plan (CPP) and Old Age Security (OAS)

Bank of Canada Interest Rate Announcements

Personal Income Tax Deadlines

Self-Employment Tax Deadlines

Year-End Contribution Deadlines

Retirement Planning for Business Owners – Checklist

Next steps…

Retirement Planning for Business Owners

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