Smart Money Moves to End the Year Strong

Want to end the year financially stronger than ever? The last two months of the year are packed with potential to maximize your financial success—but only if you know where to focus.??

Whether it's reducing tax liability, adjusting your investments, or tackling high-interest debt, these smart year-end money moves can set you up for a solid financial foundation in the new year. Here’s how you can make the most of the next few weeks and stay on track toward your long-term goals.?

1. Optimize Your Tax Position?

With the year winding down, take advantage of tax-saving strategies. Consider making additional contributions to tax-deferred accounts like your RRSP, or contributing to your TFSA if you have remaining room. This can reduce your taxable income and position you for maximum tax benefits. At CBIG, our advisors can provide tailored advice on optimizing tax strategies, so you’re fully prepared for tax season.?

2. Review and Rebalance Your Investment Portfolio?

The end of the year is an ideal time to review your investment portfolio. Look at how your assets are allocated and consider whether adjustments are needed to align with your long-term financial goals. Market fluctuations throughout the year may have shifted your original allocations, so consider rebalancing if necessary. Our experienced team can guide you through this process, ensuring that your investments reflect your risk tolerance and goals.?

3. Maximize Year-End Charitable Contributions?

Charitable giving can be a powerful way to reduce your taxable income while making a positive impact in your community. In Canada, charitable donations over $200 are eligible for a 29% federal tax credit, and some provinces offer additional credits. If charitable giving aligns with your values, now is the time to maximize those contributions. CBIG’s financial advisors can help you incorporate charitable donations into your overall tax strategy.?

4. Accelerate Debt Repayment?

Consider paying down balances on credit cards or lines of credit with higher interest rates. Paying off debt not only strengthens your financial position but can also reduce stress and free up resources for future savings and investments.?

5. Plan Ahead for the New Year?

Taking time to assess your financial plan for the upcoming year can help ensure you’re set up for success. Consider setting up automatic contributions to investment accounts like your RRSP or TFSA, so you’re consistently building wealth without having to think about it each month. Our team at CBIG specializes in crafting personalized financial strategies that keep your goals front and center.?

Partnering with CBIG for Your Financial Success?

CBIG has been helping Canadians navigate complex financial landscapes for over three decades. Our personalized approach ensures that your financial strategy is fully aligned with your life goals, whether that means preparing for retirement, managing your investments, or optimizing your tax position.?

Now is a great time to make these smart moves and set yourself up for continued success. Visit our website to learn more about how we can help you make the most of your financial opportunities—not just at the end of the year, but every step of the way.?