As another year comes to a close, it’s worth looking beyond your investment performance and asking a bigger question: Is your wealth strategy working as hard for you as you’ve worked to build your wealth? Strategic year-end tax planning can help you keep more of what you’ve earned and strengthen your estate plan. It can also help ensure your wealth continues to support the lifestyle you enjoy today and the legacy you want to leave tomorrow. 

Jamie Golombek, Managing Director of Tax and Estate Planning at CIBC Private Wealth, says making a few timely adjustments now can make a difference in your 2025 tax outcome to help position your wealth for long-term success. 

Here are five opportunities to consider before December 31st: 

1. Review your portfolio for tax-loss selling. 
If you realized capital gains this year, consider selling investments at a loss before year end to offset those gains and reduce your 2025 tax bill. 

2. Make your charitable giving count. 
Donations made by December 31 qualify for this year’s tax credit. Gifting appreciated securities instead of cash can eliminate capital gains tax and maximize the impact of your donation — a smart move for both your portfolio and your philanthropic goals. 
3. Strategize Registered Education Savings Plan (RESP) withdrawals. 
If you’re helping fund education for children or grandchildren, consider withdrawing RESP income while they’re in school.  Since those payments are counted as the student’s income—and they’re often in a lower income bracket—it may reduce how much overall tax your family pays. 

4. Open a First Home Savings Account (FHSA). 
Helping adult children or grandchildren open an FHSA supports their financial goals while offering tax-deductible contributions and potential for tax-free growth. 

5. Apply now to reduce 2026 tax withheld at source. 
If you typically receive a large refund, applying now to reduce the tax withheld from your income can improve your cash flow throughout the year, so you can access more of your money sooner. 

For families looking to take planning a step further, a prescribed-rate loan— currently at 3%* — can also help shift investment income to lower-income family members and reduce your family’s overall tax bill.

At its core, thoughtful year-end planning is about making intentional decisions that preserve and grow your wealth over time.  

For more insights Watch Jamie Golombek’s Top Tax Tips for 2025. 

You can always connect with me directly to explore how these strategies can strengthen your long-term financial plans.