Your Personal Financial Checklist

If you made a resolution to be proactive, plan ahead, and get on top of your financial affairs this year, we’ve put together a month-by-month Personal Financial Checklist. It details the important “to dos” that form the foundation for a sound financial strategy. While not every item may apply to your circumstances, it covers the important actions you should be taking to safeguard and maximize your assets.

Here’s what you should be focused on as the tax season approaches; you can download the full Personal Financial Checklist here.

January

• Reflect back on 2023:
  • Review prior year’s investment portfolio and discuss your 2024 strategy with your Portfolio Manager.
  • Life events: If any significant changes or life events occurred – births or deaths, buying or selling of material assets – be sure to revise your Will and Powers of Attorney to reflect current wishes.
• Review assets and liabilities for all family entities (i.e. trusts, corporations, family members).
  • Effectively redeploy cash balances to reduce debt or to obtain higher returns.
  • Minimize non tax-deductible debt and consolidate where appropriate.
  • Consider converting non-deductible debt to tax deductible debt.
  • Assess short-term liquidity needs; set aside emergency funds covering a minimum 3 months of living expenses.
• Pay interest on prescribed rate loan by January 30th.
• Establish priorities for charitable giving. Revise pre-authorization of payments for changes in giving.
• Consider making a 2024 RRSP contribution early in the year to take advantage of tax-free growth.
  • Maximum RRSP contribution limit for 2024 is $31,560.

February

• Maximize RRSP and TFSA contributions to take advantage of tax-sheltered compound growth.
  • The 2024 TFSA contribution room is $7,000. Top up unused contribution room accumulated since 2009 and re-contribute any withdrawals from previous years. Cumulative TFSA contribution room is $95,000.
  • RRSP contribution deadline is February 29th; maximum contribution limit for 2023 is $30,780.
• Consider opening TFSA and FHSA for children over the age of 18. RRSPs could be considered if a child is earning income, regardless of age.
• Contribute to RESPs early to take advantage of compounding. Review past unused contribution room, as one year’s contribution can be carried forward in a given year to receive government grant.
• Collect receipts and other information for tax filings due in March (trusts) and April (personal).

March

• For taxpayers remitting quarterly, the first tax installment due is on March 15th.
• File trust tax and information returns by March 30th, no later than 90 days after year end.
• Review enhanced trust reporting requirements for tax years ending after December 30, 2023. Evaluate the continued effectiveness of your trusts.

April

• File personal tax returns by April 30th for all family members.
• Pay any outstanding tax liabilities by April 30th (April 15th for individuals who have U.S.-source employment income).
• Revise personal tax installments for the balance of the year.
• Discuss income/family expectations for university/college children returning home to set expectations for the summer and September enrollment.
• Review Q1 investment portfolio results.

If part of your plan involves a review of your investment portfolio, we invite you to get in touch. We’d be happy to arrange a call with a member of our wealth management team to learn more about Newport’s pragmatic and strategic approach to protecting your wealth.