4 Financial Planning Tips to Keep Your Goals on Track

1. Review and update your will, power of attorney, and representation agreement

Life changes, and so should your estate documents. Whether you’ve experienced a major life event or simply haven’t revisited these critical documents in a while, the end of the year is a great time to ensure your wishes are current and clearly documented.

“As life evolves, it’s crucial to make sure your estate plan reflects your current situation and priorities,” Fetter says. “An up-to-date will and supporting documents not only provide clarity but also reduce stress for your loved ones.” 

2. Double-check your beneficiaries

Beneficiary designations on accounts like RRSPs, TFSAs, and life insurance policies override what’s stated in your will, so it’s vital to ensure these align with your current intentions. Take the opportunity to review your designations to ensure they reflect any recent changes in your family or financial situation.

3. Maximize your annual contributions

If you haven’t already, make your annual contributions to tax-advantaged accounts like TFSAs or First Home Savings Accounts (FHSA). These accounts offer excellent opportunities to grow your savings tax-free and take meaningful steps toward your long-term financial goals.

“For 2025, the contribution limit for a TFSA is $7,000, and the FHSA has an annual contribution limit of $8,000, with a lifetime contribution limit of $40,000,” Fetter explains. “Contributing early in the year gives your investments more time to grow, and with these accounts, the sooner you start, the greater the potential benefits over time.” 

4. Review your financial goals

Take a moment to revisit your long-term financial objectives. Are you on track to meet key milestones, such as retirement or buying a home? Adjusting your financial plan to reflect any changes in your circumstances or priorities can help ensure 2025 is a year of progress and achievement.