Spring Cleaning Tips – For Your Finances

Spring is often when we think about cleaning up our homes and our yards, getting prepared for summer.  It’s also a good time to think about organizing our finances as we file our tax returns and receive our Notices of Assessment.  Here are a few tips for sprucing up your finances this spring:

• For those who don’t own a home, review your First Home Savings Account (FHSA) limit for 2026.  If you already have an FHSA and maximize your contributions monthly, give yourself a pat on the back!  If you save annually, make your contribution as soon as possible to put those funds to work.

• Review your RRSP contribution limit for 2026 – if you save on a monthly basis, now is a good time to adjust your monthly contributions to ensure you take full advantage of your contribution limit.  If you save annually, making your contribution now will put the funds to work for you immediately and take pressure off your cash flow next January/February.

• Review your TFSA contribution limit for 2026 – have you made your contribution yet? If not, decide when this will work best for your cash flow, and mark it in your calendar.  If you have funds available, consider making your contribution now.

• If you have a mortgage or other debts, consider whether making a prepayment would be to your benefit.  Start by paying off your debt with the highest rate first.

• Consider your upcoming plans – have you set aside the funds you’ll want for summer vacation yet?  What about funds for any large purchases you expect to make this year? Saving or setting the funds aside in advance will make the final bills feel much less onerous.

• Review and fine-tune your regular expenses – regular expenses such as streaming and cable services, cell phone bills, etc. can creep up with inflation or the expiration of a contract. Our habits also change over time.  This is a good time to review those bills to see if or how you use those services and if there are any opportunities to lower your costs.     

Happy spring cleaning!

Business Owners

The most overlooked area of financial planning for business owners and incorporated professionals is the lack of integration between corporate and personal assets. When the majority of your assets are in your corporation you need very specific, specialized and personalized financial advice.

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