Financial Goal Setting for 2025

Prior to our illustrious and exciting careers as mortgage brokers, Chris and Dave spent a long time working for big banks. In fact, we met each other while working for RBC – it was the financial equivalent of love at first sight! 🫠 Banks love goal setting meetings for their employees and we certainly rolled our eyes when it came to these dreaded sessions. However, we do see great value in doing an annual review of your financial plan and reevaluating goals you have set. And for this month’s newsletter, we will put mortgage updates on the sidelines and just highlight a few things that we think are important to review each year.

RRSP, FHSA, TFSA

If you are planning on buying a home 🏠 this year, you should consider maximizing your contributions to these programs in order to maximize your downpayment options.  Many of these programs allow you to accumulate contribution room if you don’t max out each year.  RRSP season is the more time sensitive of these, as you must have your contributions done by March 3rd.  The FHSA / TFSA has no deadline and your allowance builds every year.  But, significantly better to start early and often on these programs versus trying to play catch up. 

Insurance

It’s always a good idea ✅ to review your home insurance to ensure you have adequate coverage especially if you have renovated your home or have tenants.  If you live in a Strata unit, making sure your policy lines up with the Strata’s Policy (deductibles, etc.) is a great idea.  We are also happy to advise that we have a home insurance partnership and if you need home insurance – we can help you with a seamless introduction!

For life and living benefits insurance, getting a mortgage is a significant milestone where we encourage you to review what coverage you have.  Many life events should trigger a review — but life gets busy and this often does not happen.  We recommend reviewing this yearly as part of your annual financial review.  General speaking, insurance is cheaper the younger you are, so we encourage everyone not to delay in having discussion on whether you need it.  Having coverage outside of insurance on your mortgage or employer paid plan is something we encourage to ensure you are protected for the long term.  And many sound financial concepts you can leverage through insurance, especially for those business owners or those with young kids.  Not every solution is right for every individual, that’s why we encourage working with a professional.

Dave Goodison, one of our 4Front Mortgages Brokers, is also licensed in the insurance space and happy to have a high level discussion with you if you don’t have a financial planner.  Ultimately, we do refer out to our network of specialists to formalize the plan for you, your family or your business.  

Financial Plan / Review

Most people might wonder what they need to have to retire. If you are looking for guidance or just a starting point – we work with a select group of Independent Financial Planners who would be pleased to have an initial consultation with you. Best of all, these are generally free!

Mortgage Review

Anytime is a good time to figure out how to get your mortgage paid off faster or consolidate higher interest debt.  If you plan on moving, selling or need to know what you need to do to buy that next property please reach out to us and book a time for a chat.  

Get In Touch

Have questions? Our trusted team is here to guide you—connect with a 4Front broker today.