Just before the end of winter and a few weeks before filing your tax return , get into the habit of dedicating a few hours of your time to reviewing your various investments, renewals and subscriptions . This is an excellent opportunity to contribute to the TFSA ( tax-free savings account), an effective way to save significantly, or to the TFSA App, which will facilitate the purchase of a first property.
Also take advantage of this time to review all your subscriptions, whether they are streaming video services, applications on your cell phone or insurance contracts. Make sure to unsubscribe from services you no longer need in order to make substantial savings on your monthly expenses.
Finally, also review all your renewals, whether it is your mortgage, your insurance or your financial investments , taking care to avoid autopilot when it comes time to make financial decisions; instead, take the time to shop around to get the best deals on the market.
The run-up to tax time is therefore the perfect opportunity to take stock of your finances and make informed decisions for the future. By tackling unnecessary subscriptions, planning your renewals and staying informed about different investment opportunities, you can improve your financial situation and thus ensure your long-term stability .
For more advice from Dominique Lépine, financial advisor, watch this video!
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