Your Personal Financial Checklist

It’s a fresh, new year: the perfect time to plan ahead and identify those financial “to-dos” that form the foundation for a sound financial strategy for the year ahead.

To streamline the process, download Newport’s Personal Financial Checklist, a handy month-by-month guide that covers the important actions you should be taking to safeguard and maximize your assets.

Here are some important items for the first quarter of the year to get you started:

January

• Review prior year’s investment portfolio and discuss your 2025 strategy with your Portfolio Manager.
• Review life events: if significant changes occurred – births, deaths, or major asset transactions – update your Will, Powers of Attorney, and beneficiary designations to reflect current wishes.
• Pay interest on prescribed rate loan by January 30th.

February

• Maximize RRSP and TFSA contributions to take advantage of tax-sheltered compound growth.
• Consider opening TFSA and FHSA for children over the age of 18. RRSPs could be considered if a child is earning income and filing tax returns, 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.

March

• For taxpayers remitting quarterly, the first tax installment is due on March 15th.
• File trust tax and information returns by March 31st, no later than 90 days after year end.
• Review updated trust reporting requirements for trusts with a December 31, 2024 year-end with your accountant. Evaluate the continued effectiveness of your trusts.

Get the full checklist now to find out what you should focused on throughout the year.

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.