top of page
  • jeremiah509

Year End Financial Checklist


Chris Worby and Jeremiah Worby are Trusted Regina financial advisors and Wealth Management services providers. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial and wealth management services to individuals, families and business owners in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In our latest Worby Wealth Blog Post we share details about a year end financial checklist.


Year end financial checklist

by Jeremiah Worby - Dec 1, 2022

It's near the end of another year. You've probably been busy planning parties, planning pranks, and soon to be attending holiday events, but there's one thing that needs your attention – your personal finances. It's time to start reviewing how much money you have saved up for retirement and other important costs in life. Here's how:

Do you have any RRSP room left for 2022?

If your RRSP room is $10,000 and you have already contributed $6,000 to an RRSP this year, then that means you have only… hold on give me a minute here – carry the 9… oh yeah, $4,000 of available room for 2022.

If you don't have any remaining RRSP room for 2022, then no other RRSP contributions can be made before year-end. That being said, if there are other registered plans (e.g., a TFSA) that you haven't maxed out yet for this year, then it may still be worthwhile contributing what is needed to fill up your existing registered plans so long as doing so doesn't exceed their respective contribution limits.


Are your TFSA contributions up to date?

TFSAs are a great way to save for retirement. Straight from the Canadian government’s website, “The TFSA program began in 2009. It is a way for individuals who are 18 years of age or older and who have a valid social insurance number (SIN) to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes.”

Unused contribution room from previous years carries forward to future years. A quick check with your MyCRA account (or office Dwight – he seems to know everything) should let you know exactly how much TFSA room you currently have.

Have you funded your children's RESPs this year?


Whether you have two children or twelve, saving up for their education is a top priority for lots of families. The biggest benefit of RESPs is that a grant from the Canadian government of up to $7,200 can be earned over the life of the plan. The money in an RESP can be used for various education costs, not just for tuition. There is no tax on the investment earnings as long as it remains in the plan. Contributions are not tax deductible, however withdrawals called educational assistance payments are included in the student’s income.

Do you have enough life insurance coverage in case something happens to you?

Life insurance is an important part of financial planning. The question is, do you have

enough? Pro tip: $100 Million is probably more than what you need.

You should consider getting life insurance coverage to protect your family from being left with financial burdens if something happens to you.

It's important to know how much coverage you need and what kind of coverage makes sense for your situation. You can get a free life insurance quote by contacting Worby Wealth Management.

A review of personal finances at the end of the year makes sense

It’s a good idea to review your personal finances at the end of the year. This way, you can ensure that you are on track with your goals and make adjustments as needed.

You should review:

  • Your financial situation – How much debt do you have? How much money do you have in savings? What are your investments doing? If there is anything that needs to be changed or improved, now is the time for it!

  • Your financial goals – What are some things that need improving? Are there any new goals that could be set for next year?

  • Investments – Is your portfolio set up for long-term growth or short-term gain? Are your investment goals aligned with your time horizon and risk tolerance (e.g., saving for retirement vs. building wealth). Have any recent market events caused you to rethink this part of your financial plan? If yes, make sure to contact Worby Wealth Management for a free second opinion.

  • Insurance coverage – Does your current insurance cover all important aspects of your life (e.g., health care, disability income, burial expenses) while still being affordable? What other types of coverage might make sense moving forward as life circumstances change (e.g., term insurance for those years while you’re still carrying a mortgage).


Conclusion

The end of the year is a good time to review your finances and make sure you're on track for the new year. It's also a great opportunity to look back at the financial decisions you've made over the past 12 months and see if there might be room for improvement. If so, now is the perfect time to make those changes!

Questions regarding your year end financial checklist? If you have questions about your year end financial checklist, then contact Worby Wealth Management to get your questions answered and start investing in an RRSP, TFSA or other investment accounts today.

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This Blog was written, designed and produced by Jeremiah Worby and Chris Worby for the benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

bottom of page