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10 Annual Financial Tasks to Kick Off the New Year

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Welcome to 2016!  With a brand new year, it’s time for reflection.  It’s time to review your financial health!  Here are 10 tips to start your year off well.

  1. Set/Review your Financial Goals: Think about what you have done and what you want to accomplish.  Are you moving closer to your goals?  Set up a plan so that you can get to where you want to be.  (We can help with this!)
  2. Increase your Contributions to Savings:  If you just got a raise or a bonus, or you just improved your cash flow, you should increase your contribution percentage.  Consider putting away half of the increase.
  3. Plan your Contributions for RRSP and TFSAs:  RRSP deadline for the 2015 tax year is February 29th, 2016 (leap year).  If you are going to make a lump sum contribution, put that in motion.  Going forward, think about a monthly contribution instead!
  4. Shop your Insurance Rates:  Just because you got the lowest rates when you purchased the insurance doesn’t mean it will be the lowest this year.  Shopping around can result in significant saving of money over the coming years.   (We can help you with this)
  5. Shop your Banking Products:  Are you getting the best rates?  Think you’ve got the best rewards on your credit card?  Have a look and make sure.
  6. Review your Home Services:  Are you getting the best rates on internet, telephone, television?  Negotiate a lower rate or change providers to make a big impact on your monthly bills.
  7. Cancel unused or underutilized subscriptions, memberships, and services – Review your credit card statements thoroughly to catch any sneaky automatic renewals that you might have forgotten about.
  8. Check your Credit Score/Report:  And correct any errors.  You can order one for free by calling Equifax.
  9. Review your Beneficiaries:  Any registered account (RRSP, LIRA, RIF, TFSA, company pension etc.) should have a listed beneficiary which will take precedence over your Will and avoid probate taxes.   Review them carefully to ensure that your funds would be distributed as intended.  
  10. Review your Will:  Haven’t done one yet?  No time like the present – make an appointment with a lawyer today.