In today’s market, especially the events which have occurred over the last few months, such as low oil prices and China’s currency devaluation, it seems as though these events should simply be classified as “noise” and should not deviate you from your initial financial plan. In essence, your financial plan should be geared towards long-term sustainability, not short-term fluctuations. The goal is to try your best to ignore the noise circulating the market news and stay true to your personalized financial plan. Here are 10 critical steps you can implement to help yourself keep your financial focus.

1. Take advantage of the TFSA: A TFSA can be a great strategy for saving towards any short-term or long-term goals. TFSA’s are completely tax free and there are no withdrawal restrictions. Since TFSA’s are free of tax, you could want to avoid being too conservative because you won’t end up saving a lot of tax. Try and put yourself in a position to earn a little extra income, tax free!
2. Consult regularly: Meet with your financial advisor at least once a year. If you’re a young adult, you might wish to have a more aggressive portfolio, but if you’ve recently reached 40 years of age or older, you might want to take a more conservative/fixed income approach especially if you do not have a defined benefit pension plan.
3. Maximize RESP grants: Contributing to an RESP can be a huge help to your child/grandchild. If you have children under the age of 17, as a parent or grandparent you can help soften the debt burden that many students face today coming out of college.
4. Look for opportunities to save income tax (RRSP’s): You can start by making contributions to your RRSP’s which will entitle you to a deduction on your personal income tax return. Talk with your accountant in order to ensure that you end up with more money in your pocket after tax season.
5. Take advantage of the TFSA: A TFSA can be a great strategy for saving towards any short-term or long-term goals. TFSA’s are completely tax free and there are no withdrawal restrictions. Since TFSA’s are free of tax, you could want to avoid being too conservative because you won’t end up saving a lot of tax. Try and put yourself in a position to earn a little extra income, tax free!
6. Review or obtain a will: So many people that we meet do not have a will.  It is a very difficult situation if you die without a will.  You need to determine beneficiaries of your assets, guardians for you children and determine if you need a power of attorney.
7. Revisit your risk management: Ensure that your life insurance, critical illness and disability coverage is adequate for your current situation. A plan that worked a few years ago may have become obsolete or does not work well with your recent life changes.
8. Ignore the next guy: Forget what your friends or colleagues have told you about investing or where you should be putting your money. Everyone has different goals and volatilely levels and your plan should not mimic someone else’s.
9. Ensure tax efficient investments: I don’t know how many tax returns we have done and the new clients’ investments are not tax efficient.  Certain investments should be held in the tax sheltered vehicles and non-registered investments should be held in tax efficient structures.  Your largest expense is tax – get some professional help.
10. Prepare your tax return each year: Everybody gets busy with work, your business, your kids etc.  However, if you don’t do your tax return each year, you don’t know how much tax you owe?  If this goes on for too many years, you could have a substantial balance owing; and this could be crippling to your financial position.

Successfully managing your financial portfolio in these volatile times is an extremely complex task fraught with risk. Tax accounting / tax planning, risk management, investments, retirement planning, estate planning etc; these are all facets of your tax and financial planning that have to be fully integrated globally to maximize your financial portfolio, enabling tax efficiency and reducing your risk.

At GTA Wealth Management Inc, our professional tax accountants, legal advisors and financial advisors work in close coordination to maximize your financial planning, provide proper risk management and increase your tax efficiencies in order to accomplish your financial goals and secure your financial future. No matter what stage of the wealth management process you are in, the financial and tax experts at GTA Wealth Management can help you achieve financial success and security. Our record of success is unmatched and we would welcome an opportunity to also help you accomplish your financial goals.

Get the most out of your investments and help secure your financial future. Contact or call GTA Wealth Management toll free 1 855 GTA WLTH (855 482 9584) to maximize your wealth potential and accelerate your ride to financial independence. A professional wealth management financial advisor is ready to serve your wealth management, income tax and planning needs. GTA Wealth Management Inc. has three convenient locations in Mississauga, Toronto and Markham to serve you.
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