Your 2026 Financial Planning Checklist: How to Start the Year on Solid Financial Footing
Table of Contents
Your 2026 Financial Planning Checklist: How to Start the Year on Solid Financial Footing
Most Canadians will spend the next few weeks doing exactly what they did last January: moving money into the same accounts, holding the same assets, and hoping for different results. It feels responsible, but over time, this routine leads to stagnation, not meaningful wealth.
The difference between checking boxes and building real wealth is clear: one follows habits and deadlines, the other focuses on structure, diversification, and opportunities beyond the usual playbook.
This checklist helps you break autopilot, uncover hidden risks, and start 2026 with a portfolio built for growth, income, and resilience, not just this year’s resolutions.
Review and Maximize Tax-Advantaged Accounts (TFSA, RRSP, RESP)
With 2025 officially behind us, now is the time to confirm that contributions to accounts with a December 31 deadline, such as TFSAs, RESPs, and certain employer-sponsored savings plans, were completed. For 2026, the annual TFSA contribution limit is $7,000. Reviewing your activity ensures you’ve taken full advantage of available tax-efficient growth and government incentives.
For RRSPs, there’s still time. The contribution deadline for the 2025 tax year is March 2, 2026. Early in the year is an ideal moment to review your income, deductions, and available contribution room so you can plan strategically before the deadline, rather than rushing at the last minute.
However, maximizing contribution room is only part of the equation. What’s equally important, and often overlooked, is what you’re actually holding inside these registered accounts. A TFSA or RRSP can be fully funded and still fall short of its potential if it’s concentrated in a narrow set of assets or exposed to the same public market risks.
For example, a TFSA filled primarily with Canadian bank stocks or similar public equities may feel diversified, but in reality, it can be highly correlated. Asset class diversification matters just as much as contribution amounts, especially within tax-advantaged accounts designed for long-term growth.
Even modest contributions can compound over time and support long-term financial progress. That compounding effect can be further strengthened when your registered portfolio is thoughtfully diversified across different asset classes.
Your 2026 Financial Planning Checklist: How to Start the Year on Solid Financial Footing
Most Canadians will spend the next few weeks doing exactly what they did last January: moving money into the same accounts, holding the same assets, and hoping for different results. It feels responsible, but over time, this routine leads to stagnation, not meaningful wealth.
The difference between checking boxes and building real wealth is clear: one follows habits and deadlines, the other focuses on structure, diversification, and opportunities beyond the usual playbook.
This checklist helps you break autopilot, uncover hidden risks, and start 2026 with a portfolio built for growth, income, and resilience, not just this year’s resolutions.
Review and Maximize Tax-Advantaged Accounts (TFSA, RRSP, RESP)
With 2025 officially behind us, now is the time to confirm that contributions to accounts with a December 31 deadline, such as TFSAs, RESPs, and certain employer-sponsored savings plans, were completed. For 2026, the annual TFSA contribution limit is $7,000. Reviewing your activity ensures you’ve taken full advantage of available tax-efficient growth and government incentives.
For RRSPs, there’s still time. The contribution deadline for the 2025 tax year is March 2, 2026. Early in the year is an ideal moment to review your income, deductions, and available contribution room so you can plan strategically before the deadline, rather than rushing at the last minute.
However, maximizing contribution room is only part of the equation. What’s equally important, and often overlooked, is what you’re actually holding inside these registered accounts. A TFSA or RRSP can be fully funded and still fall short of its potential if it’s concentrated in a narrow set of assets or exposed to the same public market risks.
For example, a TFSA filled primarily with Canadian bank stocks or similar public equities may feel diversified, but in reality, it can be highly correlated. Asset class diversification matters just as much as contribution amounts, especially within tax-advantaged accounts designed for long-term growth.
Even modest contributions can compound over time and support long-term financial progress. That compounding effect can be further strengthened when your registered portfolio is thoughtfully diversified across different asset classes.
Questions to Consider:
- Am I on track to fully use my RRSP contribution room before the March deadline
Do I have unused contribution room that I should plan to use in 2026
What am I actually holding inside my registered accounts
Is my registered portfolio genuinely diversified, or simply spread across similar types of assets
Action Items:
Review balances and transaction history for TFSA, RRSP, and RESP accounts.
- Confirm available contribution room.
Review the asset mix within each account to identify concentration risks or overlap.
- Plan and schedule RRSP contributions before March 2, 2026.
- Set reminders for ongoing contributions throughout 2026.
Prepare for Tax Season in Canada
Tax season is approaching quickly, making now a smart time to gather receipts, investment statements, and supporting documents from 2025. Reviewing charitable donations, medical expenses, and other eligible deductions early can help reduce stress and uncover potential tax-saving opportunities.
Thoughtful preparation allows for better conversations with your tax professional and fewer surprises when filing.
If you invested in private real estate or other alternative assets in 2025, this step is especially important. These investments often come with different tax reporting requirements and documentation than traditional public market investments, making early organization key.
Questions to Consider:
- Have I captured all eligible deductions and credits from 2025
- Are there receipts or documents I still need to track down
- Do I feel prepared for upcoming tax deadlines
- Do I have all required tax documents related to any private or alternative investments
Action Items:
- Organize receipts, invoices, and investment statements from 2025.
- Create a list of potential deductions and credits.
- Confirm you’ve received the appropriate tax slips or statements for any private real estate or alternative investments.
- Book time with your tax advisor to review your situation.
- Ensure charitable contributions are properly documented.
Rethink What Diversification Really Means
Many investors believe they’re automatically diversified because they own multiple stocks, funds, or ETFs. On paper, it looks spread out. In reality, much of that capital could still be exposed to the same underlying market forces.
The events of 2022 were a wake-up call. Traditional portfolios built around the classic 60/40 mix of stocks and bonds struggled as both asset classes declined at the same time – something many investors were told diversification was meant to protect against. When markets moved together, so did portfolios.
Owning 20 or 30 different stocks doesn’t necessarily reduce market risk if they’re all influenced by the same drivers: interest rates, inflation, economic growth, and public market sentiment. Diversification across names isn’t the same as diversification across risk.
True diversification looks beyond how many investments you own and focuses on how those investments are likely to behave. The goal is to hold assets that respond differently to economic conditions – so when one area faces volatility, others may remain more resilient or move independently.
This is where diversification across asset classes may prove critical. Assets with different income drivers, valuation methods, and market dynamics can play a meaningful role in smoothing portfolio volatility and supporting long-term portfolio outcomes. Different asset types also come with their own risks and challenges, for example, public versus private investments, which should be an important consideration when deciding how to diversify a portfolio.
Revisiting what diversification actually means is an important step in moving from a portfolio that looks diversified on the surface to one that’s intentionally built to give you the best possible chance to weather different market environments.
Questions to Consider:
- Am I truly diversified across different types of risk, or just across a number of similar investments
- How did my portfolio respond to market stress in the past? Did all holdings move in the same direction
- Could including alternative investments, such as private real estate or other real assets, potentially improve portfolio resilience
Action Items:
- Review your portfolio to identify concentrations in assets that move similarly.
- Assess whether your current holdings provide exposure to a healthy mix of assets with different drivers of return and risk that matches your risk profile and your investment objectives.
- Explore other opportunities to diversify across asset classes
- Schedule a discussion with your advisor to evaluate potential gaps and build a more resilient allocation.
Questions to Consider:
- Am I on track to fully use my RRSP contribution room before the March deadline
Do I have unused contribution room that I should plan to use in 2026
What am I actually holding inside my registered accounts
Is my registered portfolio genuinely diversified, or simply spread across similar types of assets
Action Items:
Review balances and transaction history for TFSA, RRSP, and RESP accounts.
- Confirm available contribution room.
Review the asset mix within each account to identify concentration risks or overlap.
- Plan and schedule RRSP contributions before March 2, 2026.
- Set reminders for ongoing contributions throughout 2026.
Prepare for Tax Season in Canada
Tax season is approaching quickly, making now a smart time to gather receipts, investment statements, and supporting documents from 2025. Reviewing charitable donations, medical expenses, and other eligible deductions early can help reduce stress and uncover potential tax-saving opportunities.
Thoughtful preparation allows for better conversations with your tax professional and fewer surprises when filing.
If you invested in private real estate or other alternative assets in 2025, this step is especially important. These investments often come with different tax reporting requirements and documentation than traditional public market investments, making early organization key.
Questions to Consider:
- Have I captured all eligible deductions and credits from 2025
- Are there receipts or documents I still need to track down
- Do I feel prepared for upcoming tax deadlines
- Do I have all required tax documents related to any private or alternative investments
Action Items:
- Organize receipts, invoices, and investment statements from 2025.
- Create a list of potential deductions and credits.
- Confirm you’ve received the appropriate tax slips or statements for any private real estate or alternative investments.
- Book time with your tax advisor to review your situation.
- Ensure charitable contributions are properly documented.
Rethink What Diversification Really Means
Many investors believe they’re automatically diversified because they own multiple stocks, funds, or ETFs. On paper, it looks spread out. In reality, much of that capital could still be exposed to the same underlying market forces.
The events of 2022 were a wake-up call. Traditional portfolios built around the classic 60/40 mix of stocks and bonds struggled as both asset classes declined at the same time – something many investors were told diversification was meant to protect against. When markets moved together, so did portfolios.
Owning 20 or 30 different stocks doesn’t necessarily reduce market risk if they’re all influenced by the same drivers: interest rates, inflation, economic growth, and public market sentiment. Diversification across names isn’t the same as diversification across risk.
True diversification looks beyond how many investments you own and focuses on how those investments are likely to behave. The goal is to hold assets that respond differently to economic conditions – so when one area faces volatility, others may remain more resilient or move independently.
This is where diversification across asset classes may prove critical. Assets with different income drivers, valuation methods, and market dynamics can play a meaningful role in smoothing portfolio volatility and supporting long-term portfolio outcomes. Different asset types also come with their own risks and challenges, for example, public versus private investments, which should be an important consideration when deciding how to diversify a portfolio.
Revisiting what diversification actually means is an important step in moving from a portfolio that looks diversified on the surface to one that’s intentionally built to give you the best possible chance to weather different market environments.
Questions to Consider:
- Am I truly diversified across different types of risk, or just across a number of similar investments
- How did my portfolio respond to market stress in the past? Did all holdings move in the same direction
- Could including alternative investments, such as private real estate or other real assets, potentially improve portfolio resilience
Action Items:
- Review your portfolio to identify concentrations in assets that move similarly.
- Assess whether your current holdings provide exposure to a healthy mix of assets with different drivers of return and risk that matches your risk profile and your investment objectives.
- Explore other opportunities to diversify across asset classes
- Schedule a discussion with your advisor to evaluate potential gaps and build a more resilient allocation.
Retirement Planning Made Easy With Private
Real Estate Investments
Retirement Planning Made Easy With Private
Real Estate Investments
Review Your Debt Strategy to Create Financial Flexibility
For investors, debt management isn’t about eliminating every balance – it’s about using capital efficiently. The start of a new year is an opportunity to reassess outstanding obligations such as credit facilities, personal loans, and mortgages through a more strategic lens.
Prioritizing high-interest debt can reduce long-term costs, while refinancing or restructuring may improve cash flow. Every dollar saved on interest is a dollar that can be redeployed – whether toward portfolio diversification, long-term investments, or preserving liquidity.
In today’s rate environment, the question isn’t simply “Should I pay down debt?” but rather “Where does my capital work hardest?” A clear and intentional approach to debt can create flexibility and optionality throughout 2026.
Questions to Consider:
- Which obligations cost me the most in interest
Are better rates or terms available through refinancing or restructuring
- Given current interest rates, does accelerating debt repayment or deploying capital into investments make more sense for my overall strategy
- Does my debt structure support, or limit, my ability to invest and diversify
Action Items:
- List all debts with balances, interest rates, and payment terms.
- Prioritize repayment or restructuring of high-interest obligations.
Explore refinancing options to improve cash flow, if applicable.
- Evaluate how changes to your debt strategy could free up capital for long-term investing.
Check Your Estate and Beneficiary Plans
Major life events can change financial priorities and intentions. An annual review of your estate plan helps ensure your will, power of attorney, and beneficiary designations reflect your current wishes.
Keeping these documents up to date can provide peace of mind and reduce complexity for loved ones in the future.
If you’ve added new investment accounts, especially private real estate or alternative holdings, be sure to confirm that beneficiary designations are current. Different investment structures may have unique estate planning and transfer considerations, so reviewing these alongside your traditional accounts is essential.
Questions to Consider:
- Have there been life changes that impact my estate plan
- Are beneficiary designations accurate across all accounts
- Have I updated beneficiary designations for any new investment or alternative accounts
- Does my will still reflect my intentions
Action Items:
- Review your will and power of attorney documents.
- Confirm beneficiaries on registered accounts, insurance policies, and any private or alternative investment holdings.
- Make updates where necessary and notify relevant parties.
Review Your Debt Strategy to Create Financial Flexibility
For investors, debt management isn’t about eliminating every balance – it’s about using capital efficiently. The start of a new year is an opportunity to reassess outstanding obligations such as credit facilities, personal loans, and mortgages through a more strategic lens.
Prioritizing high-interest debt can reduce long-term costs, while refinancing or restructuring may improve cash flow. Every dollar saved on interest is a dollar that can be redeployed – whether toward portfolio diversification, long-term investments, or preserving liquidity.
In today’s rate environment, the question isn’t simply “Should I pay down debt?” but rather “Where does my capital work hardest?” A clear and intentional approach to debt can create flexibility and optionality throughout 2026.
Questions to Consider:
- Which obligations cost me the most in interest
Are better rates or terms available through refinancing or restructuring
- Given current interest rates, does accelerating debt repayment or deploying capital into investments make more sense for my overall strategy
- Does my debt structure support, or limit, my ability to invest and diversify
Action Items:
- List all debts with balances, interest rates, and payment terms.
- Prioritize repayment or restructuring of high-interest obligations.
Explore refinancing options to improve cash flow, if applicable.
- Evaluate how changes to your debt strategy could free up capital for long-term investing.
Check Your Estate and Beneficiary Plans
Major life events can change financial priorities and intentions. An annual review of your estate plan helps ensure your will, power of attorney, and beneficiary designations reflect your current wishes.
Keeping these documents up to date can provide peace of mind and reduce complexity for loved ones in the future.
If you’ve added new investment accounts, especially private real estate or alternative holdings, be sure to confirm that beneficiary designations are current. Different investment structures may have unique estate planning and transfer considerations, so reviewing these alongside your traditional accounts is essential.
Questions to Consider:
- Have there been life changes that impact my estate plan
- Are beneficiary designations accurate across all accounts
- Have I updated beneficiary designations for any new investment or alternative accounts
- Does my will still reflect my intentions
Action Items:
- Review your will and power of attorney documents.
- Confirm beneficiaries on registered accounts, insurance policies, and any private or alternative investment holdings.
- Make updates where necessary and notify relevant parties.
Budget Review and Saving Strategies
Reviewing last year’s income, expenses, and savings habits can reveal valuable insights. Understanding your cash flow helps you refine your budget, strengthen your emergency fund, and align savings with upcoming goals.
A strong foundation here supports flexibility and resilience throughout the year.
Questions to Consider:
- Am I saving consistently toward short- and long-term goals
- Is my budget realistic and sustainable
- Do I have three to six months of emergency savings
Action Items:
- Review 2025 income and expense summaries.
- Confirm your emergency fund balance.
- Adjust your budget where necessary.
- Set clear savings targets for 2026.
Set Financial Goals for 2026
With a fresh year ahead, take time to define clear financial priorities. Whether you’re focused on retirement, purchasing property, or building long-term wealth, intentional goal setting creates direction and accountability.
This is also the moment to think critically about how you’re building your portfolio. Are you generating income and diversifying across asset classes, or simply accumulating positions that may not work together in different market conditions?
Questions to Consider:
- What are my top financial priorities for 2026
- Which goals are short-term versus long-term
- Am I actively building assets that contribute to my goals
- What would financial success actually look like at year-end, specifically, in terms of cash flow, diversification, and portfolio resilience
- Are there strategies or investments I haven’t yet explored that have the potential to meaningfully impact these outcomes
Action Items:
- Write down specific financial goals for the year.
- Break goals into manageable steps with timelines.
- Identify advisors or tools that can support progress.
- Review your portfolio critically to ensure goals align with income generation, risk diversification, and long-term growth.
- Consider alternative investment options, if suitable, that provide exposure beyond traditional public markets.
Budget Review and Saving Strategies
Reviewing last year’s income, expenses, and savings habits can reveal valuable insights. Understanding your cash flow helps you refine your budget, strengthen your emergency fund, and align savings with upcoming goals.
A strong foundation here supports flexibility and resilience throughout the year.
Questions to Consider:
- Am I saving consistently toward short- and long-term goals
- Is my budget realistic and sustainable
- Do I have three to six months of emergency savings
Action Items:
- Review 2025 income and expense summaries.
- Confirm your emergency fund balance.
- Adjust your budget where necessary.
- Set clear savings targets for 2026.
Set Financial Goals for 2026
With a fresh year ahead, take time to define clear financial priorities. Whether you’re focused on retirement, purchasing property, or building long-term wealth, intentional goal setting creates direction and accountability.
This is also the moment to think critically about how you’re building your portfolio. Are you generating income and diversifying across asset classes, or simply accumulating positions that may not work together in different market conditions?
Questions to Consider:
- What are my top financial priorities for 2026
- Which goals are short-term versus long-term
- Am I actively building assets that contribute to my goals
- What would financial success actually look like at year-end, specifically, in terms of cash flow, diversification, and portfolio resilience
- Are there strategies or investments I haven’t yet explored that have the potential to meaningfully impact these outcomes
Action Items:
- Write down specific financial goals for the year.
- Break goals into manageable steps with timelines.
- Identify advisors or tools that can support progress.
- Review your portfolio critically to ensure goals align with income generation, risk diversification, and long-term growth.
- Consider alternative investment options, if suitable, that provide exposure beyond traditional public markets.
Retirement Planning Made Easy With Private
Real Estate Investments
Review Your Investment Portfolio and Diversification Strategy
Just as regular health check-ups are important, reviewing your financial health is essential. Take time early in the year to assess how your investments performed in 2025 and whether they remain aligned with your goals, time horizon, and risk tolerance.
If you’ve already explored what diversification truly means (see the previous section), the next step is evaluating whether your portfolio contains assets with genuinely different traits and risk characteristics.
For many long-term investors, alternative asset classes, including private real estate, offer diversification potential. Historically, institutional investors have allocated significant portions of their portfolios to real assets for precisely this reason.
The question isn’t whether these assets are “better”; it’s whether your portfolio includes elements that respond differently to economic conditions and market cycles. A portfolio designed with diversification across a mix of asset classes has the potential to be more resilient over time.
Questions to Consider:
- How did my investments perform relative to my goals and risk expectations in 2025
- Does my portfolio include assets with genuinely different risk and return behaviors, or am I exposed to similar market forces across holdings
- What is my time horizon for each financial goal, and does my asset mix reflect that
Could allocations to alternative assets, such as private real estate, benefit my portfolio from a diversification perspective
- How do my income and expenses influence my investment strategy
- What level of risk tolerance and risk capacity do I have
Action Items:
- Review your current financial position and priorities.
- Reassess your investment time horizon, investment objectives, and risk profile.
- Schedule a portfolio review with your advisor or representative.
- Analyze the behaviour and correlation of each asset class in your portfolio. Identify gaps where alternative investments may complement public holdings.
- Consider diversification or rebalancing where appropriate, ensuring that portfolio decisions are aligned with long-term goals and risk tolerance.
Review Your Investment Portfolio and Diversification Strategy
Just as regular health check-ups are important, reviewing your financial health is essential. Take time early in the year to assess how your investments performed in 2025 and whether they remain aligned with your goals, time horizon, and risk tolerance.
If you’ve already explored what diversification truly means (see the previous section), the next step is evaluating whether your portfolio contains assets with genuinely different traits and risk characteristics.
For many long-term investors, alternative asset classes, including private real estate, offer diversification potential. Historically, institutional investors have allocated significant portions of their portfolios to real assets for precisely this reason.
The question isn’t whether these assets are “better”; it’s whether your portfolio includes elements that respond differently to economic conditions and market cycles. A portfolio designed with diversification across a mix of asset classes has the potential to be more resilient over time.
Questions to Consider:
- How did my investments perform relative to my goals and risk expectations in 2025
- Does my portfolio include assets with genuinely different risk and return behaviors, or am I exposed to similar market forces across holdings
- What is my time horizon for each financial goal, and does my asset mix reflect that
Could allocations to alternative assets, such as private real estate, benefit my portfolio from a diversification perspective
- How do my income and expenses influence my investment strategy
- What level of risk tolerance and risk capacity do I have
Action Items:
- Review your current financial position and priorities.
- Reassess your investment time horizon, investment objectives, and risk profile.
- Schedule a portfolio review with your advisor or representative.
- Analyze the behaviour and correlation of each asset class in your portfolio. Identify gaps where alternative investments may complement public holdings.
- Consider diversification or rebalancing where appropriate, ensuring that portfolio decisions are aligned with long-term goals and risk tolerance.
Planning Ahead: More Than Just Numbers
The investors who build real wealth aren’t just disciplined about the basics, they’re thoughtful about opportunities others overlook. They understand that true diversification requires assets that behave differently, and that building a resilient portfolio means considering not just how much you invest, but where and how those assets respond to market cycles.
By reviewing your finances, organizing documents, and setting intentional goals, you can approach 2026 with purpose and direction. A thoughtful approach to diversification—across public and private markets – helps ensure your portfolio is positioned to weather uncertainty and capture opportunities others may miss.
Take control of your financial plan in 2026. Book a no-obligation meeting to review your portfolio, explore diversification strategies, and discuss how private real estate could complement your long-term goals.
Frequently Asked Questions
You can retire at any age if you have sufficient personal savings, but government pensions have specific ages: CPP can start at 60 (with a 36% reduction), and OAS begins at 65 with no early option. Many workplace pensions allow retirement at 55.
Starting CPP at age 60 results in a permanent 36% reduction. This is calculated as 0.6% per month for the 60 months before age 65. A $1,000 monthly benefit at 65 becomes $640 at age 60.
CPP is a pension you earn through working and contributing during your career – the amount depends on your contributions. OAS is a government benefit you qualify for by living in Canada for 10+ years after age 18, regardless of work history.
Early retirees typically use private health insurance ($200-500+/month), continue employer coverage through retirement benefits if available, rely on a spouse’s plan, or budget for out-of-pocket healthcare expenses until provincial senior benefits become available.
Planning Ahead: More Than Just Numbers
The investors who build real wealth aren’t just disciplined about the basics, they’re thoughtful about opportunities others overlook. They understand that true diversification requires assets that behave differently, and that building a resilient portfolio means considering not just how much you invest, but where and how those assets respond to market cycles.
By reviewing your finances, organizing documents, and setting intentional goals, you can approach 2026 with purpose and direction. A thoughtful approach to diversification—across public and private markets – helps ensure your portfolio is positioned to weather uncertainty and capture opportunities others may miss.
Take control of your financial plan in 2026. Book a no-obligation meeting to review your portfolio, explore diversification strategies, and discuss how private real estate could complement your long-term goals.
Frequently Asked Questions
You can retire at any age if you have sufficient personal savings, but government pensions have specific ages: CPP can start at 60 (with a 36% reduction), and OAS begins at 65 with no early option. Many workplace pensions allow retirement at 55.
Starting CPP at age 60 results in a permanent 36% reduction. This is calculated as 0.6% per month for the 60 months before age 65. A $1,000 monthly benefit at 65 becomes $640 at age 60.
CPP is a pension you earn through working and contributing during your career – the amount depends on your contributions. OAS is a government benefit you qualify for by living in Canada for 10+ years after age 18, regardless of work history.
Early retirees typically use private health insurance ($200-500+/month), continue employer coverage through retirement benefits if available, rely on a spouse’s plan, or budget for out-of-pocket healthcare expenses until provincial senior benefits become available.
