2009 Year-end financial deadlines

With the end of this year just around the corner, here are some personal finance deadlines to note:

1. December 24, 2009: Last day to crystallize tax losses for the 2009 financial year.
2. December 31, 2009: Last day to contribute to a RESP and receive the 2009 Canada Education Savings Grant. While you can receive CESG for previous years, the maximum regular grant in a calendar year is $2,000.
3. December 31, 2009: Last day to make a contribution to the Registered Disability Savings Plan and receive the disability savings grants.
4. December 31, 2009: Last day to make charitable donations and receive a receipt for the 2009 financial year.
5. December 31, 2009: Last day to contribute to a TFSA. Note that any unused portion of 2009 contribution room of $5,000 is carried over to the next year.
6. December 31, 2009: Last day for a TFSA withdrawal to count as a withdrawal in the current year. Any withdrawals from a TFSA creates additional contribution room equal to the amount of withdrawal for the next calendar year. If you had wanted to transfer your TFSA to another financial institution, you can avoid transfer fees by making a withdrawal in 2009 and opening a new TFSA account and contributing the same sum in 2010.
7. February 1, 2010: Deadline for home improvement expenses to qualify for the Home Renovation Tax Credit.

Of course, the big one is the RRSP contribution deadline of March 1, 2010, which is close to three months away but is never too early to plan for it now.