Before 2024 draws to a close, there are two tax items to check off your list before. First, if you've maxed out your TFSA for the year, withdrawing before Dec. 31 can help you increase your contribution room for the next year. For example, let’s say you contributed $7,000 to your TFSA in 2024 (the maximum annual limit), and through investments, it grew to $8,000. If you withdraw the full $8,000 before the end of the year, you’ll be able to re-contribute that $8,000 (including the $1,000 in gains) plus the new $7,000 limit in 2025, growing your contribution room beyonds the standard limits. Next, if you’re a first-time homebuyer, it’s a great time to open a first home savings account (FHSA). Unlike a TFSA, you need to open an FHSA to start accumulating contribution room, so make sure to open one by Dec. 31 to get the $8,000 contribution room for 2024, which can also be carried forward to next year. This account allows you to save tax-free for your first home up to a lifetime contribution limit of $40,000.