Game Plan Strategy: Your Monthly Financial Checklist

This Month’s Focus: Tax Planning Tips to Keep More of What You Earn

Smart tax planning can make a real difference—not just today, but over the long run. This month’s checklist gives you proactive steps to help lower your tax bill and avoid common oversights. Taking just a few minutes now can help you keep more of your hard-earned money.

Tax Planning Checklist

1. Review Last Year’s Tax Return
   ☑ Look for missed credits or deductions.
   ☑ Spot income changes or patterns that could affect future taxes.
2. Track Tax-Deductible Expenses
   ☑ Keep organized records for charitable donations, medical expenses, and business costs.
   ☑ Use folders or an app to store receipts and documents in one place.
3. Estimate Your 2025 Tax Bill
   ☑ Use current income to estimate what you might owe.
   ☑ Make quarterly payments if needed to avoid surprises.
   ☑ Include one-time income or windfalls in your estimate.
4. Add to Your RRSP
   ☑ Contributions lower your taxable income and grow tax-deferred.
   ☑ Spousal RRSPs may help reduce taxes in retirement.
   ☑ Know your limit and keep March 1st in mind.
5. Top Up Your TFSA
   ☑ Growth is tax-free—contribute regularly to build savings.
   ☑ Watch your annual and lifetime limits.
6. Contribute to an RESP
   ☑ Add funds to receive government grants for education savings.
   ☑ If withdrawing, plan to spread out taxable amounts over school years.
7. Use the Home Office Deduction
   ☑ If you work from home, some costs—like internet or utilities—may be claimable.
   ☑ Keep detailed records of work-related expenses.
8. Plan Capital Gains and Losses
   ☑ Review investments for gains or losses.
   ☑ Selling losing positions may help offset gains and lower taxes.
9. Consider Pension Income Splitting
   ☑ If you’re 65+ and receiving eligible income, splitting it with a spouse may reduce taxes.
10. Track Carryforward Amounts
    ☑ Keep an eye on unused RRSP room, tuition credits, or past losses.
    ☑ These could help lower taxes in future years.
11. Check Tax Installments
    ☑ Make sure your payments are up to date.
    ☑ Avoid unnecessary interest or penalties.
12. Review the Disability Tax Credit
    ☑ If you or a family member qualifies, it could reduce your tax bill.
    ☑ Worth looking into if there’s a long-term medical condition.
13. Talk to a Tax Professional
    ☑ Tax rules change—get guidance tailored to your situation.
    ☑ We can help make sure you’re using all available strategies.

 

Action Tip:

If you haven’t looked at your 2024 tax return through a financial lens, now’s a great time. A little planning ahead can help you reduce taxes and feel more confident about where things stand.

Let’s Talk Strategy

If you’d like to review your plan or have questions about anything on this checklist, we’re here to help.

Book a quick strategy call here or contact us directly.

Best regards,

Jack Lumsden, MBA, CFP^®, Financial Advisor | Assante Financial Management Ltd.

P.S. The earlier we start reviewing your tax strategy, the more flexibility you have to reduce taxes and grow your wealth over time.

What To Do Next

Are You on Track with Your Retirement Strategy? FIND OUT TODAY!

For more information, refer to Preserving Wealth: The Next Generation – The definitive guide to protecting, investing, and transferring Wealth by Jack Lumsden, MBA, CFP® or schedule a call with Jack at 905-332-5503