Your 2026 Financial Checklist: Key Items to Review

As we turn the calendar to 2026, there’s a natural pause when the pace slows and the year ahead comes into focus. Before routines fully settle in, it’s a good time to step back and ensure your financial picture aligns with where you are today, and where you want to go.

A natural starting point is to reassess cash flow, particularly how it’s generated and more importantly, taxed. Beyond covering spending needs, effective cash-flow planning considers where income comes from and how it appears on your tax return. Reviewing the mix of low-yield securities, return-of-capital strategies, capital gains, and dividend-producing investments can improve after-tax outcomes without increasing overall portfolio risk.

RRSP season will arrive quickly. For 2026, the RRSP contribution limit has increased to $33,810, while the TFSA limit remains $7,000. For many, the key is understanding available contribution room and how these accounts fit within broader financial and tax planning.

Tax season can creep up too. T-slips and other tax documents will begin arriving in February through the end of March. While Canadians prefer to file promptly, keep in mind the CRA deadline for mailed slips is the end of March.

Now is also a good time to review how you’re protecting your loved ones. Disability, life, and critical illness insurance are often overlooked, yet they play a crucial role in preserving capital and financial security. Coverage that made sense years ago may no longer reflect current assets, responsibilities, or lifestyle. A careful review of your coverage ensures it continues to meet your family’s needs.

Beneficiary designations, wills, and powers of attorney should also evolve alongside life circumstances and financial complexity. While 97% of parents agree a will is important, only roughly half actually have one. Many adults also have outdated or incomplete powers of attorney or beneficiary designations, which can create complications during difficult times. Keeping these documents current reduces friction, protects intent, and provides clarity for those you care about most. Our Legacy Estate Guide, available on the Oakwater website, is a helpful reference. (Oakwater Wealth Counsel)

The takeaway is clear: strong, lasting results come from thoughtful coordination, not by chance. A careful review at the start of the year sets the stage for confidence, clarity, and momentum throughout 2026.