Several subjects will claim our attention and should be tackled to get the financial year started off on the right foot. Here’s an overview of the subjects that I shall demystify during the year.

This month, you should receive your investment firm’s report. This annual report will fill you in on the fees and other remuneration you pay versus the profitability of your investments.

Unfortunately, 2018 was not a lucrative year for a balanced portfolio. Do you think your advisor did what was needed in terms of the management of your assets?

Maximize your TFSA
The maximum for benefits accrued in 2019 is $63,500, including an amount indexed at $6,000 for 2019.  (TFSA = tax-free savings account)

RRSP
Contribute to your RRSP, at the beginning of the year, up to 18 percent of your revenue to a maximum of $26,500. (RRSP = registered retirement savings plan)

Review your asset management documents

Is your financial planning up-to-date? It should be reevaluated in accordance with significant changes in your financial situation.

Have you had the opportunity to review your will and mandate in case of incapacity? To whom and how do you wish to transfer your financial assets?

How can you reduce the tax implications on your survivor or upon your death?

The beginning of the year is always a good time to step back and review our past year from the perspective of asset increase or financial accomplishments. For me, it’s an important time of the year that permits me to examine the overall picture, plan for the coming year and update my plan to maximize my assets over the long term.

In the same way as I plan my run down a ski hill, it is critically important to avoid pitfalls or hazards. Have a great ski season! See you on the slopes.