If you’re a busy Canadian family, it’s easy to feel like money is “fine” but not truly organized. A simple financial planning checklist for Canadian families helps you see what’s done and what still needs attention.
Here are 12 essentials to review each year - and how Mode Money Managers™ can guide you through them.
Quick answer: A complete financial checklist for Canadian families covers 12 areas each year: cash flow, an emergency fund, debt, insurance coverage, investments, retirement savings, education savings, your estate plan, beneficiary designations, tax planning, clear goals, and a scheduled annual review with your advisor.
1. Track your cash flow
Know what comes in and where it goes. Create a simple monthly summary of income, fixed bills, variable spending, and savings. Mode Money Managers™ can turn this into a sustainable spending and saving plan.
2. Build and maintain an emergency fund
Aim for three to six months of core expenses in a high-interest savings account. This protects you from job loss, car repairs, and surprise bills.
3. Review your debt
List all debts, interest rates, and minimum payments. Consider consolidating high-interest balances and create a plan to pay them down strategically.
4. Check your insurance coverage
Review life, disability, critical illness, home, and auto insurance. Ensure coverage is sufficient for your current mortgage, income, and dependants. Mode Money Managers™ can compare policies across providers.
5. Evaluate your investments
Check your investment accounts - TFSA, RRSP, RESP, and non-registered. Review risk level, fees, and diversification. A Mode Money Managers™ advisor can align investments with your goals and time horizons.
6. Plan for retirement
Estimate how much you might need in retirement and review your current savings rate. Mode Money Managers™ can run retirement projections and suggest adjustments.
7. Save for children’s education
Use RESPs to access government grants and grow education savings tax-efficiently. Coordinate RESP contributions with other priorities.
8. Review your estate plan
Ensure wills and powers of attorney are up to date and reflect your wishes. Confirm guardianship plans for minor children.
9. Update beneficiaries
Check beneficiary designations on life insurance, RRSPs, TFSAs, and group plans. Keep them consistent with your estate plan.
10. Assess your tax situation
Look for opportunities to reduce taxes through RRSP contributions, income splitting where possible, and smart use of credits. Mode Money Managers™ can work with your tax professional to integrate planning.
11. Clarify your short- and long-term goals
List near-term goals (vacations, home upgrades) and long-term goals (mortgage freedom, early retirement, helping parents). Attach timelines and dollar amounts to each.
12. Schedule a yearly review
Block one meeting per year with a financial advisor to review this checklist. Mode Money Managers™ turns this into an ongoing process so your family’s plan evolves as life changes.
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