Surviving the 2023 tax season – a Personal Financial Checklist

If you made a resolution to get on top of your financial affairs in 2023, it’s not too late to put your good intentions into practice. Although January has come and gone, there’s still time to be proactive and plan ahead. To guide you, we’ve put together a month-by-month Personal Financial Checklist for 2023. 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 2023 tax season approaches; you can download the full Personal Financial Checklist here.

February

• Maximize RRSP and TFSA contributions to take advantage of tax-sheltered compound growth
  • • Consider opening TFSA, RRSP or spousal RRSPs for children over the age of 18; note that RRSP and SRSPs are applicable if the child is earning income
    • The 2023 TFSA contribution room is $6,500. Top up unused contribution room accumulated since 2009 and re-contribute any withdrawals from previous years. The cumulative TFSA contribution room is $88,000
    • RRSP contribution deadline is March 1st; maximum contribution limit for 2022 is $29,210
• Contribute to RESPs early to take advantage of compounding. Review past unused contribution room and take action, only 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 is due on March 15th
• File trust tax and information returns by March 30th, no later than 90 days after year end

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
• Review Q1 investment portfolio results with your Portfolio Manager

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.