Your Monthly Game Plan Strategy

A Simple Financial Checklist

We’re here to help you stay on track with your goals. Each month, we’ll send a short checklist you can use to stay proactive. A few minutes now can make a big difference later.

Wrap-Up 2025: Year-End Financial Checklist

As we close out 2025, it’s a great time to pause and review a few key areas. Here’s a simple guide to help you wrap up the year with confidence:

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Taxes

• Look at gains and losses—there may be some tax-saving opportunities.
• Use any carry-forward losses to offset current gains.
• Double-check that all required tax installments are made.
• Thinking of donating to charity? You might benefit from a year-end tax credit.

Retirement

• Max out RRSP contributions, including any catch-up room.
• If you’re taking RRIF withdrawals, make sure they’re on track.
• Review your income plan to see if it still fits your retirement goals.

Investments

• Rebalance your portfolio to reflect any changes in goals or timelines.
• Check if you have unused TFSA room and consider topping it up.
• Have kids or grandkids planning to buy a first home? The FHSA might be worth a look.
• Consider contributing to an RESP to get full advantage of available grants.

Insurance

• Review your insurance coverage—does it still match your needs?
• Check and update beneficiaries on your policies.
• If eldercare planning is part of your family’s picture, review it with your kids.

Health

• Submit any health claims before your insurer’s deadline.
• Use any remaining health or flexible spending account dollars.
• Traveling this holiday? Make sure your out-of-country coverage is up to date.

Estate Planning

• Are your Will and Power of Attorney still current?
• Confirm beneficiaries on your RRSP, TFSA, and life insurance.
• Keep important documents in a place that’s easy to access if needed.

Age Milestones

• 0: Open a RESP
• 18: Eligible to contribute to a TFSA
• 55: May start withdrawals from a LIRA
• 60: Decide whether to start or defer CPP
• 65: Decide whether to start or defer OAS
• 71: Time to convert your RRSP to a RRIF or annuity

Major Life Changes? Let Us Know If You’ve:

• Moved, changed jobs, or sold a major asset
• Had a marriage, divorce, or new child/grandchild
• Started caring for an aging parent or received an inheritance

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Have Questions?

If anything above isn’t clear—or if you’d like to talk through any of it—let’s set up a quick call or virtual meeting. 

Book time with us HERE

Looking forward to helping you stay on track.

Best Regards, Jack Lumden, MBA, CFP® Financial Advisor