In Investing, Money

The Canadian Financial ‘Money Things To Do’ Checklist for Each and Every Year

Here’s my short checklist of financial money management I do before the end of the year to prepare for the next.

It is not everything I do (and I don’t do it all, such as the RESP contribution), but it is stuff I note to get done.

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By NOVEMBER 30th OF THIS YEAR

  • Get your free credit report from Transunion and Equifax if you haven’t already done so the whole year

By DECEMBER 31st OF THIS YEAR

  • Sell any stocks you want to claim capital losses on
  • Sell any stocks you want to claim capital gains on
  • Contribute to your child’s RESP ($2500 contribution will get you $500 from the government)

Note: Stocks sold for capital losses cannot be used to reduce your income (earned, dividends, etc). It can only be used to offset any stocks you have gained money on, and it can be carried forward as a tax credit into future years as well.

By JANUARY 1st OF NEXT YEAR

  • Set aside another $5500 in TFSAs

By MARCH 31st OF NEXT YEAR

  • Max out RRSP contribution room to claim tax credits for this tax year
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Sherry of Save. Spend. Splurge.

Am my own Sugar Daddy. Am a millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I have 11 side incomes that are on track in 2020 to make me $50K - $75K. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

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4 Comments

  1. Julie

    where did you set up the RESP account for your son? I want to open a trading account but the annual fee is $50 at TD… ridonculous!

    Reply
    1. save. spend. splurge.

      I went with Questrade to buy ETFs under his RESP.

      If you’re interested in opening an account with Questrade, let me know, you could use my referral ID and get $50 in free trades:

      o0soehds

      Reply
  2. dojo

    Nice and sweet. In my case the things are a bit different, but I love the idea of being so well prepared for the next year.

    Reply
    1. save. spend. splurge.

      Best to be prepared!

      Reply

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