We’re here to help you reach your financial goals. Each month, take a few minutes to check in on these key areas of your plan. A little time now can make a big impact later!
Wrap-Up 2024: Your Year-End Financial Checklist
As we approach the end of 2024, now is the perfect time to take stock of your finances and make sure everything is in place for a successful 2025. We’ve organized this checklist to cover the most important areas for your year-end review:
Taxes
- Review realized gains and losses to identify tax-saving opportunities.
- Check carry-forward losses from prior years to offset current gains.
- Confirm you’ve made any required tax installments to avoid penalties.
- Consider year-end charitable donations for potential tax benefits.
Retirement
- Maximize RRSP contributions, including catch-up contributions if applicable.
- Take required withdrawals from your RRIF or other retirement accounts.
- Review your retirement income strategy to ensure it’s on track.
Investments
- Rebalance your portfolio to align with updated goals or timelines.
- Confirm any unused TFSA contribution room and consider adding to your account.
- Consider a First Home Savings Account (FHSA) for children or grandchildren planning to buy their first home.
- Consider topping up your Registered Education Savings Plan (RESP) to take advantage of the government grants.
Insurance
- Review life and health insurance to ensure your coverage reflects current needs.
- Confirm beneficiaries on your policies and update them if needed.
- Review your eldercare plan with your children.
Health
- Submit any outstanding health claims before your insurer’s deadline.
- Use any remaining flexible spending account funds before year-end.
- Verify out-of-country health coverage if you’re traveling over the holidays.
Estate Planning
- Ensure your Will and Power of Attorney documents reflect your current wishes.
- Check beneficiaries on registered accounts like RRSPs, TFSAs and life insurance policies.
- Organize estate planning documents so they’re accessible if needed.
Age Milestones
- 0: You can start a Registered Education Saving Plan
- 18: Eligible to open and contribute to a TFSA.
- 55: Begin withdrawals from a LIRA, if applicable.
- 60: Should you start or defer Canada Pension Plan (CPP)?
- 65: Should you start or defer Old Age Security (OAS)?
- 71: Deadline to convert your RRSP into an RRIF or annuity.
Major Life Changes: Let Us Know If You’ve…
- Moved, changed jobs, or sold a significant asset.
- Experienced a marriage, divorce, or new addition to your family.
- Started caring for an aging family member or received an inheritance.
Do You have any Questions?
If anything feels unclear or you want to dive deeper into any of these topics, set up a quick call or virtual meeting with us HERE
Looking forward to helping you stay on track!
Best, Jack
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 905-332-4403
Jack Lumsden is a Financial Advisor with Assante Financial Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Financial Management Ltd. Please contact him at 905.332.5503 or visit www.jacklumsden.com to discuss your circumstances before acting on the information above.
Insurance products and services are provided through Assante Estate and Insurance Services Inc.
