There are three potential tax gotchas that can catch TFSA as well as RRSP investors by surprise. One is if you are in the ten percent of TFSA holders who use the maximum allowable amount every year and you also made a withdrawal in the year 2017, then you’ll need to wait until 2018 to gain that contribution space again. Another way is if you turned 71 in 2017, then you have until December 31st to make a final contribution before converting it into a RRIF. Finally, if you contributed to a spousal RRSP and your spouse plans to make a withdrawal by 2020, then you’ll need to contribute before December 31 because the contributor will be taxed on withdrawals made within three years.

Read more: Personal Investor: Year-end RRSP and TFSA tax ‘gotchas’