End-of-Year Deadlines That Affect Your Taxes and Savings

A year-by-year look at the IRS and CRA dates and limits worth checking before December ends

Still open as of October 19, 2026: December 31 (required minimum distributions, charitable gifts, and FHSA contributions for a deduction this year), January 1 (TFSA withdrawals return to your room), and January 15, 2027 (the fourth-period estimated tax payment). Already behind us: the estimated tax payments of April 15, June 15, and September 15, 2026, and the April 15, 2026 deadline for 2025 HSA contributions.

This guide covers readers in the United States and Canada and writes the tax year next to every figure, so 2025 and 2026 never blur together. Figures come from IRS and CRA pages reviewed on October 19, 2026. Confirm current limits and dates on the IRS and CRA websites before you act, because IRS amounts can be adjusted for cost of living.

Retirement Distributions and the Cost of Missing Them

When the Required Minimum Distribution Clock Starts

Required minimum distributions, or RMDs, begin in the year a person turns 73. The first one is due by April 1 of the year after you turn 73, and every later one is due by December 31 of each year.

The Penalty for Falling Short

If you do not withdraw enough, the IRS imposes a 25% tax on the amount you failed to take out. That rate drops to 10% if you correct the mistake within 2 years.

Contribution Limits That Differ by Year

IRAs in the United States

For tax year 2026, the combined limit for traditional and Roth IRAs is US$7,500, or US$8,600 if you are 50 or older, thanks to a US$1,100 catch-up amount. For tax year 2025, the limit was US$7,000, or US$8,000 for those 50 and older. The IRS page reviewed does not state a contribution deadline, so check the IRS site for the date that applies to you.

401(k) Plans

For tax year 2026, the employee deferral limit is US$24,500 for traditional and safe harbor 401(k) plans and US$17,000 for SIMPLE plans. Workers 50 and older can add a catch-up of US$8,000 in traditional or safe harbor plans and US$4,000 in SIMPLE plans. People aged 60 to 63 get a larger catch-up: US$11,250 for traditional or safe harbor plans and US$5,250 for SIMPLE plans, all for tax year 2026. Your plan may set a lower limit and allows catch-up only if it provides for it.

Canada: TFSA, RRSP, and FHSA

The CRA lists the annual TFSA limit at CAD 7,000 for 2024, 2025, and 2026, and the 2026 room is added to whatever space you had on January 1, 2026. Withdrawals are added back to your room only on January 1 of the following year. Over-contributing to a TFSA is taxed, though the page reviewed does not give the rate.

The RRSP dollar limit was CAD 31,560 for 2024, CAD 32,490 for 2025, CAD 33,810 for 2026, and CAD 35,390 for 2027. The RRSP deadline for tax year 2025 passed on March 2, 2026, and the page does not give the one for tax year 2026. Contributions to your own RRSP end on December 31 of the year you turn 71. The FHSA accepts contributions until December 31 for a deduction in that year, and the CRA page mentions a CAD 8,000 limit for people who opened an FHSA in 2025.

A Quick Check for You

Which of these accounts do you actually use, and do you know which tax year your next contribution counts toward? If not, write down the account, the year, and the figure, then compare it with the official page.

Estimated Taxes, Losses, and Gifts

Estimated Tax Dates for 2026

People who earn income without withholding, such as the self-employed, partners, and S corporation shareholders, may need to pay estimated tax. In general, that applies if you expect to owe US$1,000 or more when you file, or US$500 or more for corporations. To avoid a penalty, you should have paid the smaller of 90% of this year’s tax or 100% of last year’s tax. For 2026, the first three payment dates (April 15, June 15, and September 15, 2026) have passed. The open one is January 15, 2027, and a weekend or holiday moves it to the next business day. The January 2027 payment can be skipped if you file your 2026 Form 1040 by January 31, 2027 and pay the balance due.

Capital Losses

If you sold investments at a loss, the amount you can deduct against ordinary income is limited to the smaller of your net loss or US$3,000, or US$1,500 if you are married and filing separately. It is reported on line 7a of Form 1040. Any excess carries forward.

Charitable Gifts

Charitable gifts in the United States are deductible only if you itemize, and only when given to qualifying organizations under section 170(c). The gift must be paid before the end of the tax year. The general ceiling is 50% of adjusted gross income, with 30% or 20% limits in some cases. Certain Canadian organizations may qualify under a treaty, and Publication 1771 covers substantiation.

Health Accounts and a Year Warning

The IRS Publication 969 edition reviewed is the 2025 edition, not 2026. For 2025, the health FSA salary reduction limit is US$3,300, with a maximum carryover of US$660 if the plan allows one. The 2025 HSA limits are US$4,300 for individual coverage and US$8,550 for family coverage, plus US$1,000 more for people 55 and older. That April 15, 2026 deadline for 2025 HSA contributions has passed. The 2026 FSA and HSA limits were not found in the sources reviewed, so do not assume the 2025 numbers apply.

What This Means for You

The calendar is simpler once you sort items by tax year and by status. Act on what is still open: December 31, January 1, and January 15, 2027. Never carry a 2025 figure into a 2026 plan. The IRS and CRA pages are the final word on limits and dates.

Frequently Asked Questions

Do I have to take a required minimum distribution every year?

The first is due by April 1 of the year after you turn 73, and later ones by December 31 each year. Missing one can trigger a 25% tax on the shortfall, which can fall to 10% if corrected within 2 years.

Are the 2025 and 2026 savings limits the same?

No. The IRA limit is US$7,000 for tax year 2025 and US$7,500 for tax year 2026. The TFSA limit is CAD 7,000 in both years, while the RRSP dollar limit rose from CAD 32,490 to CAD 33,810.

What is the RRSP deadline for tax year 2026?

The CRA page reviewed gives the RRSP deadline for tax year 2025 (March 2, 2026), but not for tax year 2026. Check the CRA page.

This content is for informational purposes only and does not constitute personalized financial advice. Terms and conditions change, so confirm the details with the official provider before making a decision.

Last reviewed: 2026-10-19

Sources consulted:

• https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/important-dates-rrsp-rrif-rdsp.html
• https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributing/calculate-room.html
• https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/pspa/mp-rrsp-dpsp-tfsa-limits-ympe.html
• https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
• https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions
• https://www.irs.gov/publications/p505
• https://www.irs.gov/publications/p969
• https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits
• https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits
• https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs
• https://www.irs.gov/taxtopics/tc409