6 smart year-end money moves

The end of every year is a good time to see where you stand financially, and get organized for the coming year. December is busy with holiday parties and family, but doing a few small things before Jan. 1 could significantly increase your financial success in new year.



Here are six things to do before the end of the month:

  • Roll over your vacation days If you didn’t use all of your vacation days, check with your HR department to see how many days you can roll over into new year. Some companies don’t allow employees to roll over vacation days – so be sure to inquire about cashing out your vacation days instead.


  • Maximize your extended benefits
    • Insurance deductibles on extended health care plans usually reset on January 1st, so if you haven’t already reached your plan’s annual limit, you might want to renew prescriptions, and schedule any doctor, dentist, optometrist, or supplementary healthcare appointments before the end of the year.

  • Check your credit score
    • Once a year, Canadians you can get a free credit report from both of the two main credit bureaus in Canada, Equifax and TransUnion. Checking your credit score on an annual basis will help you monitor your financial health, and make sure there aren’t any mistakes on your report that could negatively impact your score. Since Equifax and TransUnion are separate companies, they collect financial information from different sources. That’s why it’s important to receive credit reports from both companies on an annual basis.

  • Make charitable donations
    • If you haven’t already done so, consider contributing to your favourite charity. Donations must be made by the end of the tax year in which you want to claim the deduction. Anything you donate after December 31 will count toward next year’s deductions.

  • Make RRSP and TFSA contributions
    • The money you invest in an RRSP is tax deductible, which means you can claim them as a deduction when you file your tax return. Contributions made to your RRSP on or before March 1, 2013 can be deducted from the previous year’s income tax return. Use your refund for next year's contribution or to pay down debt.

  • Re-balance your investment portfolio
    • Part of any investment plan should be to re-balance your portfolio on a regular basis. Look at re-balancing your portfolio to keep it in inline with your plan.
This will also give you a chance to re-evaluate your priorities. If you plan on getting married, having a child, or buying a home – your investment portfolio might need to change to reflect your new goals.