No matter the time of year, there’s always something to do to keep up with your finances. From preparing for the tax season to budgeting for a family holiday, this personal finance calendar will provide tips and tricks for you to consider throughout the year!
Happy New Year! Start the year off on the right foot by considering these financial tips:
- As you set your New Year’s resolutions, add some financial resolutions, such as savings goals or any major financial events that you anticipate.
- Update your personal net worth on your financial management platform.
- Double-check your tax withholdings and other tax information for the new year.
As the year gets underway, consider the following:
- Double-check your insurance coverage, and determine if you need any additional coverage.
- Create a list of your monthly recurring expenses, and determine if you still need them.
- Identify your dream expenses for the year and determine whether you have the savings system to meet those goals.
- Remember that February 20, 2023, is the earliest day to file your taxes online for the 2022 tax year.
It’s almost spring! Do some spring cleaning with the following tips:
- Organize all of your important tax documents, as tax time is right around the corner.
- Check your credit score, and make sure there aren’t any erroneous reports. Canadians can access their credit scores online via Equifax and TransUnion.1
April is all about taxes. Here are some tips:
- For most Canadians, the deadline to pay taxes and file a return is April 30.
- Check for any changes to tax benefits, credits, and expenses.
- Update your CRA information, including your address, marital status, name, and other personal information.2
Prepare for summer with these financial tips:
- If you’re planning a summer holiday, review your expenses and set a budget for the trip.
- In addition to holidays, consider any other expenses for the summer (camps, weddings, events, etc.) and plan accordingly.
- Ensure that your estate strategy still reflects your family’s wishes. Were there any marriages or divorces in the past year? Did your family welcome a new child or grandchild? These changes should be reflected in your estate strategy.
Can you believe that the year is already half over? Let’s review how the first half of the year was, and prepare for the second half of the year:
- Talk to your financial advisor about your short- and long-term goals to ensure that you’re on track.
- Create or update your home and personal property inventory. Use your phone and a reliable digital backup service to record and store videos of your valuable possessions.
- Look back at the last six months. Can you apply for any financial takeaways for the remainder of the year?
Here are some financial tips as you continue to review the year and look forward:
- Refresh your money skills. Add at least one book on personal finance, economics, or investing to your summer reading list.
- Ask your friends and family if they have any helpful financial tips.
It’s back-to-school season!
- If you have a child or grandchild getting ready to go to university, create a strategy to see if you can help contribute to these expenses.
- Ensure that your college-bound child or grandchild applies to all applicable financial aid, including the Canada Student Financial Assistance Program.
Fall is the perfect season for new beginnings and a financial refresh.
- Check your credit card benefits and points earned. With the holidays approaching, you may have deals or discounts waiting.
- Review your charitable giving and update any funding strategies, if needed.
With these tips, Halloween decorations will be the only thing giving you a scare.
- Double-check the filing date on your tax return if you requested an extension in April.
- For many companies, open enrollment starts in the fall, so consider changing your coverage.
‘Tis the season for giving thanks and spending time with those closest to us.
- Budget for the holidays, including attending family gatherings and buying gifts.
- Give thanks by donating to your favorite charity.
It’s the end of the year! Happy holidays!
- Do an end-of-year review of your finances. How did you do?
- Revisit your tax withholding, if needed.
- Check on your emergency savings. Is it enough?
This content is developed from sources believed to be providing accurate information. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.