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With the start of summer comes many transitions. For children, most are beginning their vacation from school. Many families have planned trips ranging from visits to the beach to longer holidays abroad. Recent medical school graduates are also making the big transition into Residency!

Whatever your situation may be, our team at FLC has prepared a summer checklist to help you keep on top of your finances during these changes. As always, feel free to reach out to your advisor if you would like to discuss any of these items.

Investment Top-Ups and the new FHSA

  • 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 $6,500. Remember to check for any unused contribution room from past years too!
  • FHSA – The newly introduced First Home Savings Account provides first-time homebuyers the ability to save up to $40,000 on a tax-free basis. The contributions are tax deductible and the growth as well as withdrawals are also tax-free. Talk to your advisor to determine if an FHSA makes sense for you.

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.

Legal and Accounting

  • 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 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.
  • 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!


  • Insurance – Remember to buy travel insurance before leaving for your vacation to protect yourself and 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 – Estimating expenses will allow you to save ahead of time and smooth out your cash flows when the bills come due.

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.

Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.  Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

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