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Red ChecklistOnce again, it's time to flip the calendar to another year. With this New Year upon us, I'd like to share a quick list of reminders that you could address as you navigate through 2016.

RRSP Season. If you are looking to lower your 2015 tax bill and you have the room available, look at contributing to your RRSP. For 2015, you can contribute 18% of your income up to $24,930. Also remember the deadline this year for doing so is February 29, 2016. Yes, you read that right — it's a leap year this year.

TFSA Limits Have Changed. With the new Liberal Government announced, the new annual TFSA limit is now back to $5500 - down from $10,000 last year. Don't worry however if you haven't maxed yours out, as you do not lose the carry forward room going back from 2009. Therefore, if you are just opening an account for the first time as of 2016, you can contribute $46,500.

Current Volatile Markets. Lately, we have experienced some very volatile times in the market. Remember that if you are a long term investor, now is a great time to buy — as numerous quality funds are on sale giving you the potential to experience great returns over your savings period.

Retirement Looming? Is this the year you finally stop working? Are you able to do so? If you haven't done so, this would be a good time to explore all of your options to ensure this can be done. By completing a retirement budget along with a mini retirement plan, you can sleep better knowing you will have adequate funds to live on during your retirement years.

Current Life Insurance. Have you had any changes in your life since you last reviewed your Life Insurance? Have you taken on more debt? Have you purchased the insurance through the lender vs. through a life company? Do you want to leave behind a legacy? Do you have possible estate concerns that you want to ensure are addressed? This would be a great time to review coverage.

I am sure you remember how fast 2015 went by. With that said, I believe every year one should review some of these items listed above, along with many more I have not discussed. If you wish to discuss any of the above, or if you have any other questions or concerns regarding anything further, please feel free to contact me — I would be more than happy to assist you.

All the best in 2016!

-Russ MacDonald
Heritage Insurance LTD.
(306) 631-9738

< ***** Protect your family, and your future. Call Heritage Insurance LTD at (800) 667-7640 for more information on Moose Jaw SK life insurance.
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Heritage Insurance, Ltd.
100A Fairford Street West
Moose Jaw, SK S6H 1V3

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