Year-End Financial Checklist for Calgary Families: Tax, Investments, and Planning Essentials

Year-End Financial Checklist for Calgary Families: Tax, Investments, and Planning Essentials

As the year draws to a close, many Canadians miss valuable opportunities to reduce taxes, improve investment efficiency, and strengthen their wealth plan. Year-end financial planning doesn’t just help you finish the year strong — it sets the tone for the year ahead.

Working with a trusted Financial Planner in Calgary ensures that your investments, taxes, and long-term strategy stay aligned and optimized.

This year-end checklist highlights the key actions Calgary families, professionals, and business owners should consider before December 31.

Review Your Investment Portfolio

Rebalance Your Portfolio

Market returns throughout the year may have shifted your portfolio risk. Rebalancing helps maintain your intended asset allocation.

Consider Tax-Loss Harvesting

Selling investments at a loss to offset gains can reduce your tax bill — especially useful in volatile years.

Reinvest Dividends and Distributions

Ensure your investment strategy remains intentional and aligned with long-term goals.

Maximize Your Registered Account Contributions

TFSA

Confirm available room and consider contributing before the year ends to maximize tax-free compounding.

RRSP

RRSP contributions can be made up to the deadline in February, but planning now helps optimize tax deductions and cash flow.

RESP

If you have children, contribute before December 31 to receive the Canada Education Savings Grant for the year.

Tax Planning for High-Income Earners & Business Owners

Charitable Donations

Make donations before December 31 to claim credits on this year’s return. Consider securities-based donations for additional tax benefits.

Income Splitting Opportunities

Review whether pension income splitting, spousal RRSP contributions, or other strategies apply.

For Business Owners

• Declare dividends strategically
• Pay yourself appropriately (salary vs. dividends)
• Review corporate investments
• Maximize deductions before year-end

These decisions directly affect both corporate and personal tax outcomes.

Review Insurance, Estate Documents & Beneficiaries

Year-end is the ideal time to update:

• Wills
• Power of attorney
• Personal directive
• Beneficiary designations
• Insurance coverage

Life changes quickly — your documents should keep up.

Revisit Your Financial Goals

Reflect on:

• Did your financial situation change this year?
• Are you on track for retirement?
• Do you need to adjust spending, saving, or investing plans?
• Are new priorities emerging for 2025 and beyond?

Goal-setting is an essential component of effective wealth management in Calgary.

Final Thoughts

A well-executed year-end review gives you clarity, confidence, and momentum heading into the new year. If you want guidance with your year-end planning or want to ensure nothing is missed, I’m here to help.

👉 Schedule your introduction call today.‍