As 2024 comes to a close, consider reviewing your current financial situation with the help of your Edward Jones advisor and our 2024 year-end checklist. Some items to consider include:

Make your registered account contributions

Determine the appropriate contributions amounts for your Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA), Registered Education Savings Plan (RESP) or other investment accounts yet this year. Making your contributions before deadlines helps to maximize the period for tax-deferred growth to occur while your money is in the plan. It can also help you maximize government grants, in the case of RESPs. Better still, speak to your advisor about setting up a regular monthly investment contribution plan. This can help ensure you don’t miss any deadlines as your annual contribution is made throughout the year rather than scrambling to come up with the funds last minute.

Review your insurance and protection needs

Coverage such as life insurance, disability insurance and critical illness insurance can help protect you and your family against the unforeseen. The key is to ensure you have the appropriate amount and type of insurance to meet your needs. However, those needs can change often, due to changes in employment, having children, buying a house, death, marriage, or divorce. A regular review with your advisor can help ensure your coverage is up to date and meets your needs.

Perform a portfolio checkup

Given increased market volatility and declining interest rates this year, your portfolio may need some adjustments to ensure it is still aligned with your financial goals. Over time, various sectors of the market perform differently, which can skew your investments away from their original allocations. Rebalancing your investments can help ensure your portfolio is properly aligned with your goals, risk tolerance, and long-term investment strategy.

Talk taxes with your tax professional

While the deadline for filing your taxes is still months away, many tax strategies must be implemented before December 31 to be effective for the 2024 tax year. For example, depending on your tax situation, harvesting losses from your investments may help you save tax in the current year or create losses to carry forward to a future year. If you have eligible medical expenses, consider paying those expenses before December 31 so they can be claimed on your 2024 tax return. And if you plan to make any charitable donations before year-end, consider making your contribution with investments that have appreciated in value as there is a tax incentive for donating securities (including stocks, bonds, and funds) to charitable organizations.

What to do next

The end of the year can be busy – but an ideal time to review your financial situation, the alignment between your portfolio and your goals, and opportunities to adjust or capitalize on market fluctuations. Talk to a financial advisor to help you to identify actions you can take to help you prepare for the years ahead.

Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor, Nicolle Lalonde.