The annual financial check-up is one of the highest-return activities a Canadian can do. Two to four hours once a year — reviewing accounts, insurance, estate documents, and goals — prevents small problems from becoming large ones and keeps your financial plan aligned with your life. Here's the complete checklist.
When to Do It
The best time for an annual Canadian financial check-up: January (new year, fresh TFSA room, RRSP deadline approaching) or October-November (before year-end tax planning). Pick one date, put it in your calendar as recurring annually, and protect it.
Section 1: Net Worth Snapshot
Calculate and Record Your Net Worth
- List all assets: TFSA balance, RRSP/RRIF balance, FHSA balance, non-registered investments, home value (estimated), other real estate, vehicles, business equity
- List all liabilities: mortgage balance, HELOC balance, car loans, student loans, credit card balances, any other debts
- Calculate: Total Assets − Total Liabilities = Net Worth
- Compare to last year's figure — is it growing?
- Compare to Canadian median for your age group (35-44: $348K; 45-54: $626K; 55-64: $884K)
Section 2: Registered Accounts Review
TFSA
- Log into CRA MyAccount — verify your available contribution room
- Check current TFSA balance and investment allocation
- Plan 2025 contribution ($7,000 new room) and timing
- Verify investments are appropriate for your timeline (not cash sitting earning 2% if you have 20+ year horizon)
- Check beneficiary designation is current
RRSP
- Verify available RRSP room (18% of prior year earned income, up to $31,560 for 2025)
- Determine optimal contribution amount for your marginal rate
- Plan contribution before March 3, 2025 deadline (for 2024 tax year)
- Review investment allocation — is equity percentage appropriate for your age?
- If over 55, consider RRSP meltdown strategy (especially if income drops in early retirement)
- Confirm beneficiary designation
FHSA (if applicable)
- Confirm $8,000 annual contribution made (or plan to make it)
- Verify investments inside FHSA (should be invested, not sitting as cash)
- Review home purchase timeline — does FHSA still make sense?
RESP (if applicable)
- Confirm $2,500 minimum contribution made to receive full $500 CESG
- Check for prior year unused CESG room (up to $5,000/year contribution eligible for grant)
- Adjust investment allocation as child approaches post-secondary (de-risk within 3 years of need)
Section 3: Insurance Review
All Insurance Types
- Life insurance: is coverage amount still appropriate? (rule of thumb: 10-12x income if dependents)
- Disability insurance: does employer coverage meet 60-70% of income replacement?
- Home/tenant insurance: is replacement value accurate? (construction costs have risen significantly)
- Auto insurance: get 2-3 competing quotes — rates change, loyalty is not rewarded
- Critical illness insurance: appropriate for your age and health situation?
- Update any beneficiary designations on insurance policies
Section 4: Estate Documents
Wills and Powers of Attorney
- Is your will up to date? (should be reviewed after marriage, divorce, children, major asset changes)
- Do you have a Power of Attorney for property (financial decisions)?
- Do you have a Power of Attorney for personal care / healthcare directive?
- Are beneficiary designations on RRSP, TFSA, insurance, and pension plans current?
- Does your executor know they're named and where to find your documents?
Section 5: Debt Review
All Debts
- List every debt with current balance, interest rate, and monthly payment
- Is payoff order still optimal? (highest interest first, with exceptions for small balances)
- Has mortgage come up for renewal? Have you shopped rates against 3+ lenders?
- Any opportunity to consolidate higher-interest debt at lower rate?
Section 6: Goals Review
Annual Goals Assessment
- Review goals set last year — which were achieved? Which weren't?
- Set 1-3 primary financial goals for the coming year with specific numbers and dates
- Update automated savings amounts to reflect income changes and new goals
- Calculate retirement projection: are you on track for your FI number?
How Long Does This Take?
A thorough annual check-up takes 2-4 hours. Spread it over a weekend if needed: 1 hour for net worth and accounts, 1 hour for insurance and estate review, 1 hour for goals and planning. The time investment is trivial compared to the financial problems it prevents and the opportunities it reveals.
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