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Financial planning tips

February 12, 2015

When did you last review your finances? (Infographic)

It’s time to sort through the clutter! Here are some of the top documents you should review to ensure your finances are on track.

Are your finances in order? (Infographic) Text alternative to follow

Are your finances in order?

It's time to sort through the clutter! Here are some of the top documents you should review to ensure your finances are on track:

  1. Investments
    It's important to review your investments to ensure you maintain an asset allocation that suits your financial goals and personal risk tolerance.
    • You can save up to $5,500 a year in a Tax-Free Savings Account (TFSA) in 2013.
  2. Retirement savings
    Don't wait to the last minute to make your RRSP contribution. Sign up for an automatic contribution plan through your employer or financial institution.
    • Nearly 6 million Canadian tax filers contributed to an RRSP in 2011.
  3. Education savings plans
    Saving for your child's education? Investing in an RESP provides tax benefits and government grants based on a percentage of your contributions.
    • Average undergraduate university tuition fees were $5,581 in 2012/2013.
  4. Life insurance
    Has your family situation changed? Review your life insurance to make sure it will still protect your family's needs.
    • A general rule is that life insurance should cover you for at least 10 times your annual income.
  5. Health insurance
    Consider your needs and life-stage to ensure you choose the combination of disability, long-term care and critical illness insurance protection that's right for you.

  6. Debt
    Do you have a financial plan that will enable you to pay off your debts and save for retirement?
    • The average Canadian's consumer debt load hit $27,485 at the end of 2012.
  7. Will
    Is your will up to date? It's important to ensure your assets will be divided according to your wishes.
    • Only 56% of Canadians have a will.
  8. Income tax
    File your notices of assessment with your tax returns. You can refer to them for each year's RRSP contribution limit.
    • It's best to keep 6 years of records.

For more tips and tools to help you reach your financial goals, visit sunlife.ca

Date for this infographic was obtained from BMO Harris Private Banking (Estate Planning Study, 2012), TransUnion Canada (Personal Debt Levels Continue to Soar to Record High Livels, 2013), and the following Statistics Canada publications: February 2013, The Daily: Registered retirement savings plan contributions, 2011

© Sun Life Financial, 2013.

Sun Life Financial

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