A good number of us adhere to the annual ritual of making resolutions. Taking care of oneself usually tops the list. But why not decide, as well, to improve your financial health? Here’s a non-exhaustive list of actions you can take to make the most of your money.

1. Revise your will and your mandate in the event of incapacity. Anticipate strategies or mechanisms for reducing taxes.

2. Reduce your tax by using income splitting. Use of a TFSA for a family member over 18 or the use of a strategy of a loan between spouses at a prescribed rate are some examples.

3. Ensure that you have adequate life insurance coverage and disability insurance. Upon your death, your assets could generate a significant tax liability that would require liquidation of the assets of your inheritors.

4. Check that your asset allocation is up to date and can allow you to reach your investment objectives. It’s a good time (good market performances in 2019) to review the allocation of your assets in terms of the categories of securities (cash, fixed income securities and shares).

5. Use credit effectively. Is the interest you pay tax deductible? There could be a way to restructure your loan and your assets so as to reduce your interest costs or make them deductible.

6. Estalish a retirement projection with your advisor. Try to answer this question: “Will I have enough money in retirement?”

The main goal of this reflection is to simplify your financial life. Consolidating your assets with the help of a professional can save you a great deal of time to fully enjoy your passions.

I invite you to contact me to set up a meeting during which we’ll study, together, your financial health.