With the end of the year quickly approaching, it’s important to consider what financial tasks you should take care of before
2024 comes to a close. Here are four tax and investment opportunities that can support your planning and help set you up
for success in 2025.

1. Make a contribution to your First Home Savings Account (FHSA)

If your financial goals include the purchase of your first home, consider contributing up to $8,000 to an FHSA before Dec.
31. Contributing to a FHSA is a tax-efficient way to save for your first home, as contributions are tax-deductible, while
qualifying withdrawals (including withdrawals of any investment earnings or growth in the account) are tax-free.

The FHSA is a relatively new registered plan available to Canadian residents aged 18 or older that allows first-time home
buyers a tax-advantaged option to save for the purchase of a home. Beginning in the year you open an FHSA, $8,000 is
added to your FHSA participation room. If you contribute less than the FHSA participation room for a year, the unused
portion is your FHSA carryforward, which is added to your FHSA participation room for the following year. The maximum
amount of unused FHSA participation room that can be carried forward to a subsequent year is $8,000. FHSAs have a
lifetime contribution limit of $40,000.

Even if you don’t have funds available to invest in 2024 but plan to begin your FHSA contributions in 2025, consider opening
an FHSA before Dec. 31, 2024 to maximize your FHSA participation room for the future.

2. Maximize your child’s Registered Education Savings Plan (RESP)

Consider making an RESP contribution by Dec. 31 if you have not already maximized the current year’s CESG. Contributing
to an RESP is a tax-efficient way to save for a child’s education.

The Canada Education Savings Grant (CESG) is available from the federal government and will match up to 20% of the first
$2,500 of contributions each year, equal to $500 per beneficiary, per year. Families with low income may be eligible for
additional government incentives.

Your financial advisor can help you set up an investment strategy for your contributions, and establish a plan to feel
prepared for your child’s future.

3. Utilize and review your employee benefits

Year-end is a great time to review your situation and ensure you are maximizing the benefits available to you and your family.
Benefit credits will often expire, so plan to access all that’s available to you by the end of the year. Whether it’s insurance,
health and dental benefits or your company’s pension or savings plan, these are part of your compensation package and
should be taken into consideration as part of your financial planning.

Year-end planning is also required when choosing your group benefits for the upcoming year. If you are a member of a
group savings or pension plan, choose a contribution amount that maximizes any company matching contributions. Review
any investment choices that you have made with your financial advisor and ensure your investments are in-line with your
long-term savings goals. Spend time reviewing the options for dental, optical, insurance (life, disability, critical illness) and
health and wellness coverage for the upcoming year. If your spouse or common-law partner is also a member of an
employee benefit plan, understand how the two plans can work together to provide the best coverage for your family.

4. Consider your charitable donations

To be eligible to receive a tax credit for the 2024 tax year, charitable donations must be made by Dec. 31, 2024. For Alberta
residents, the 2024 combined federal and provincial charitable donation tax credits will represent 75% on the first $200
donation in the year, 50% on donations in excess of $200 (where the taxpayer is not in the top federal marginal tax bracket)
and 54% on donations in excess of $200 (where the taxpayer has sufficient income above $246,752).

For more information on this topic including helpful examples, refer to ATB Wealth’s article, ‘Tis the season for charitable
giving.’

The new year will be here before we know it. Speak with an ATB Wealth financial advisor to discuss how you can use these
and other investment strategies to achieve your financial goals and make a plan for a successful 2025 and beyond.

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