Good afternoon. In today’s letter we’re covering: 

This will be the last Peak Money of the year, so have a wonderful holiday and we’ll see you in 2026. In the meantime, our daily newsletter is still coming out, so be sure to sign up for that to keep up with what’s going on.

Today’s reading time is 2½ minutes.

Tax filing is a ways away still, but there are still a few things you need to think about doing before the end of the year. First, if your income's lower than usual, consider withdrawing from your RRSP now to take advantage of lower marginal tax rates — and if you've got an RRIF, make sure you hit your minimum withdrawal or your bank might force one on you. Second, double-check your TFSA: the $7,000 contribution limit resets Jan. 1, and any withdrawals you make before Dec. 31 will restore that room in the new year (wait until January and you'll have to wait another full year). Third, get those charitable donations in and processed before the calendar flips to claim the tax credit.

Holiday shopping is in full swing, but so are the scammers. New data from RBC reveals a troubling gap: 86% of Canadians think they can spot a scam, yet 1 in 4 have already fallen victim to one.

The stakes are higher this year. AI-powered scams using deepfakes and voice cloning are making them even harder to detect, and 85% of Canadians are concerned about these sophisticated tactics.

Here's what's even more worrying:

Your confidence might be your biggest vulnerability. Before you click "buy now" on that unbelievable offer, pause. Educate yourself on the latest scam tactics, enable extra security measures, and remember: if it seems too good to be true, it absolutely is.

Learn more about staying vigilant this holiday season

Blocked from accumulating wealth the old-fashioned way, millennials and Gen Z are turning into financial nihilists, Kyla Scanlon writes in The Wall Street Journal. With student debt piling up, homeownership rates trending down, and new grads struggling to find entry-level jobs in their field, the old money playbook feels broken. In the U.S., nearly two-thirds of young people now believe crypto and gambling are the only real ways to build wealth. The kicker? Most know the risks — 41% of young adults say legal sports betting is actually bad for society. They're not confused; they just see few better options.

Ottawa will keep the foreign home buyer ban in place through 2026, but is eyeing changes for 2027 that could let offshore money flow into new builds and rentals. Housing Minister Gregor Robertson says the government is studying Australia's approach, where foreigners can't touch existing homes but can buy new units and vacant land — a model aimed at boosting supply without juicing prices. Developers have grumbled the current ban chokes off capital they need to build, and the feds have ambitious targets: 500,000 new homes a year by 2035, nearly double the current pace. Robertson, who wrestled with foreign buyer headaches during his decade as Vancouver's mayor, says any decision will depend on "where the housing market's at a year from now."