Year End Financial Planning

1. Review of Current Year Performance

• Income & Expenses: Evaluated total earnings, spending patterns, and savings achieved.
• Investments: Assessed portfolio performance against benchmarks and risk tolerance.
• Debt Management: Reviewed outstanding loans, credit balances, and repayment progress.
• Tax Position: Checked tax liabilities, deductions, and credits utilized during the year.

2. Tax Planning & Optimization

• Identified opportunities for last-minute deductions (charitable contributions, retirement account contributions).
• Discussed strategies to defer or accelerate income depending on tax bracket.
• Reviewed potential capital gains/loss harvesting to minimize tax impact.

3. Retirement & Savings Goals

• Confirmed contributions to RRSPs/401(k)s, TFSAs, or IRAs.
• Evaluated progress toward long-term retirement savings targets.
• Adjusted contribution levels for next year based on income projections.

4. Investment Strategy Adjustments

• Rebalanced portfolio to maintain desired asset allocation.
• Considered diversification opportunities in equities, bonds, and alternative assets.
• Discussed market outlook and potential adjustments for 2026.

5. Risk Management & Insurance

• Reviewed life, health, disability, and property insurance coverage.
• Ensured policies align with current family and financial circumstances.
• Identified gaps or overlaps in coverage.

6. Estate & Legacy Planning

• Updated wills, powers of attorney, and beneficiary designations.
• Considered tax-efficient strategies for wealth transfer.
• Discussed charitable giving or legacy goals.

7. Action Items for Next Year

• Set budgeting priorities for 2026.
• Schedule quarterly reviews to track progress.
• Implement recommended tax and investment strategies before year-end deadlines.