Clients, Families, Financial Planning, Taxes

2025 Summer Financial Checklist

by FLC

Fri, 4-July-2025

The sun is out, and for many, summer brings a shift in pace with some time to rest, reflect, and reprioritize. Whether you’re spending time with friends and family, traveling, or navigating the school break, we often forget to take time to review our financial plan.

Now is an ideal time to do a mid-year review of your finances and reassess your priorities. Intentional planning goes a long way in preparing for the unpredictable. We’ve updated our summer checklist to help you stay organized and keep your financial goals on track.

Investment Contributions

RESP – While there is no annual RESP contribution limit, we recommend that you contribute up to $2,500 per beneficiary per year to maximize the grant. Be mindful that the lifetime contribution limit per beneficiary is $50,000.
RDSP – You may be eligible for up to $3,500 in matching grants depending on your income and contributions.
TFSA – This year’s additional contribution room is $7,000. Remember to check for any unused contribution room from past years.
FHSA – The additional contribution room this year is $8,000. Remember that you will only start accumulating room in the year that you open the account. Unused contribution room can be carried forward, but the maximum carry forward amount is $8,000.

Cybersecurity Tip: Take a moment to review the passwords on your investment and insurance accounts. Many companies now use multi-factor authentication to add an extra layer of protection for your information.

Legal and Accounting

*Updated* Capital Gains Tax – On March 21, 2025, the Government of Canada cancelled the planned capital gains increase. Capital gains up to $250,000 will remain taxed at 50% for individuals.
Corporate Taxes – Many corporations have a fiscal year-end in the summer. Now is a good time to prepare your tax documents and get them ready for your accountant.
Wills – Make sure your will is up to date. If you do not have one yet, we recommend consulting a lawyer to create one. Alternatively, you can use online services like willful.co to set one up.
Bookkeeping – Get your bookkeeping up to date now to avoid the rush later in the year.

Travel

Insurance – Remember to have travel insurance before your vacation to protect your family from unexpected and costly medical expenses. Be sure to review your coverage details before your trip so you are well prepared in case of an emergency.
Spending Plan – Create a spending plan ahead of time to avoid overspending while on vacation.
Foreign Fees – Consider using a credit card without foreign fee transactions to save up to 2.5% per transaction.

With your finances in order, you can enjoy summer with confidence. Remember, while we may not be able to predict what lies ahead this season and beyond, we can prepare for it.

If you have any questions or would like to review your financial plan, we encourage you to check in with your financial advisor.

Clients, Families, Financial Planning, Taxes

2024 Summer Financial Checklist

by FLC

Wed, 5-June-2024

Photo by Natalya Zaritskaya on Unsplash

With the school year wrapping up, many transitions are underway. Children are starting their summer break, and families are planning trips, from beach visits to longer holidays abroad. Recent medical school graduates are also stepping into their new roles as residents.

No matter your situation, our team at FLC has updated our summer checklist to help you manage your finances during these changes. As always, feel free to reach out to your advisor if you have any questions or want to discuss any of these items further.

Investment Top-Ups

RESP – You can contribute up to $2,500 per child this year to maximize the grant. If you have missed contributions in past years, you can contribute up to an additional $2,500 as a catch-up.
RDSP – Depending on your family’s income, you can contribute $1,000-$1,500 to maximize the grant. For more information, click here.
TFSA – This year’s additional contribution room is $7,000. Remember to check for any unused contribution room from past years too!
FHSA – This is a helpful way to save for your first home and reduce your taxes for the year. You have $8,000 of additional room this year. Remember that you will only start accumulating room in the year that you open the account.

Cybersecurity Tip: review your existing passwords for your investment and insurance accounts. Many companies are moving towards multi-factor authentication to help keep your information secure.

Photo by Sandy Ravaloniaina on Unsplash

Legal and Accounting

*New* Capital Gains Tax – On June 25th, this capital gains inclusion rate will increase to 66.7%. This will apply to amounts exceeding $250,000 for individuals and on the first dollar for corporations. Be sure to review your investments with your advisor to determine if any actions should be taken ahead of the change.
Corporate Taxes – Many corporations have a year-end during the summer. Start preparing your tax package to submit to your accountant and check this off your to-do list!
Wills – Ensure your will is up to date. If you do not have one, we recommend working with a lawyer to create one. At the very least, you can easily create one online at willful.co so that you have something in place. Talk to us to find out if you qualify for a discount.
Bookkeeping – get your bookkeeping back on track and avoid having to do it during the busier holiday season.

Photo by Khachik Simonian on Unsplash

Travel

Insurance – Remember to ensure you have travel insurance before leaving for your vacation to protect your family from unexpected and costly medical expenses.
Inspect what you Expect – Review your travel insurance coverage details before your trip so that you are better prepared in the event of an emergency. Knowing the number to call and the nearest approved hospital is especially helpful when time is of the essence.
Spending Plan – Consider using a credit card without foreign fee transactions to save up to 2.5% per transaction.

Photo by Andrew Ruiz on Unsplash

Last, but not least…

Remember to schedule a check-in with your financial advisor. Enjoy the summer and we will meet-up with you in the fall!

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This article was written, designed and produced by Financial Literacy Counsel, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities.

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