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.
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