Cash Flow Needs: 

• Establish a budget to track income and expenses to uncover any potential surplus for investment. Where you have cash flow shortfalls, review discretionary expenses and determine areas where you can cut back.

• Establish an emergency fund of approximately 3 months’ worth of expenses. Or, establish a personal line of credit.

• Take advantage of any pre-payment options on your mortgage.

Estate Needs: 

• Review your Wills and Powers of Attorney once every three years (or more frequently if appropriate) to ensure your estate will be distributed according to your wishes.
• Prepare Powers of Attorney (both General and for Personal Care).
• Review beneficiary designations on RRSPs, RRIFs, and life insurance policies.

Insurance Needs:

• Review your level of life insurance coverage to ensure that your family will be taken care of in the event of your death.

• Review your disability insurance - is it adequate?

• Ensure that coverage for your home, dwelling, and contents reflect their true replacement value.

Retirement Needs:

• Review and update your retirement plan to ensure that you stay on track to realizing your retirement goals.

• Establish your sources of retirement income (CPP, OAS, pension, investment income) - will they be sufficient to meet your needs?

• Maximize your RRSP contributions as early in the year as possible.

• Establish a well-diversified RRSP investment portfolio.

• Review potential income splitting opportunities in retirement.

• Roll your RRSP into a RRIF before the end of the year you turn 71 to continue to control your investments.

Are there gaps in your financial checklist?

Give us a call to discuss making improvements to your overall plan. 

Contact us today