Year End Financial Planning Tips


Year End Financial Planning Tips

As we get closer to the finish line of 2020 we thought it was important to review some ideas to help you get your financial affairs in order.

1) Look at topping up any RESP,RDSP or TFSA contributions- the year end date for these is Dec 31, unlike RRSP which has a deadline of March 1 2021. If you don’t know what these are we will be happy to explain.

2) Review your credit card usage. Look at the cards that you have in force and understand the interest rates that you owe on them. Remember that carrying balances forward require special planning and Tyler or Brian are happy to explain the strategies when dealing with this.

3) Check to see if your retirement( or other savings targets) is on track. If you don’t have a plan- get one.

4) Review your taxes roughly to see if you are going to be needing to top up RRSP’s or pay taxes this will give you an opportunity to save for tax deadlines. This is a good site to do this
5) Get together your receipts, deductible expenses etc so that you can file your taxes as early as possible if you are getting money back. Just because April 30 is the tax deadline does not mean you should let the Federal Government keep your money longer than necessary.

6) Ask your investment advisor to review your investment portfolio to ensure that you are rebalanced.

7) Try to shop locally for your Christmas gifts. More this year than ever we need to support the local businesses that make our communities thrive. I have not yet seen Amazon sponsor a local ball team or donate to the arts.

8) Review important dates and give yourself time to prepare for those dates. Do you have a mortgage renewing?, life insurance renewing? Car loan coming due? Credit card expiring? Note the date in your calendar and set up a reminder at least a month in advance so that you don’t make rushed or costly decisions.

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  1. Thanks for helping me understand that we must definitely get a retirement plan if we don’t have one, and we must keep it on track. I will share this information with my sister especially that she is almost 50, so she has to prepare for her needs. She is single until now, so she might really have to take care of herself well until that age.

  2. I like that you pointed out that it would be best to check if your retirement plan is on track. I guess I need to look for a financial planner to help me out on this part because I never thought about this for myself. It might be hard for me to save up for that aspect because I am the breadwinner of the family, so I hope I can hire a good one to help me learn about my options.


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