A complete financial checklist to kick off the New Year

With files from Jordan Brown

This article was originally published on January 7, 2016 and was updated on January 7, 2026.

You’ve popped the champagne, counted to midnight and watched the new year arrive. Now it’s time to focus on making the next 12 months count. Whether that means starting a health journey, planning a trip abroad, or setting professional goals, it’s also a perfect time to review your finances and set your year up for success. 

To make the process as painless as possible, here’s a complete financial checklist to help you start the new year strong and keep more money in your pocket. 

Check your credit report

Your credit report (also called your credit history) is a summary of the credit you’re currently using or have used in the past. It includes information like:

• Name and address
• Employer
• Job title
• Length of employment
• Open credit, such as mortgages or lines of credit
• Closed credit accounts

You should review your credit report at least once a year to make sure the information is accurate. You can request a free copy of your credit report from the two major credit reporting agencies in Canada: Equifax and TransUnion. For a small fee, you can also see your credit rating. If you find a mistake on your credit report, make sure to report it to both companies immediately.

Set short-term goals to complement your long-term goals

Goal setting is essential to achieving financial success. Take some time to think about what you want to accomplish this year, then write down a list of short-term and long-term goals that complement each other. For example, if you plan to save $10,000 by the end of 2026, calculate how much you can afford to put aside each month, week and day to make your long-term goal a reality. To achieve success, set measurable goals with precise deadlines. Then conduct quarterly reviews of your progress to ensure you stay on track throughout the year.

Refine your budget

Once you have your goals in place, the next step is to review your spending habits and find ways to save a little extra. Go through every line of your budget to make sure you’re getting the most out of your money; no line item should be safe from scrutiny. 

A simple place to start is reviewing your subscriptions. Are you paying for Netflix, Disney+, Crave, Apple TV and Prime Video? Are they all necessary, or could you sacrifice one to save a few dollars each month? The same goes for “nice-to-haves” such as Uber Eats. 

Do a deep dive into your spending from the past three to six months to see where your money is going and identify areas you could cut back. The idea is to understand how you use your income and make small adjustments that will add up to meaningful savings over the year. 

Review your insurance policies

Insurance isn’t something to set and forget. To avoid overpaying, it’s essential to review your coverage at least once a year. You should also consider purchasing new insurance to reflect any changes in your life. For example, if you’ve recently gotten married or welcomed a baby, you may want to buy life insurance. You should also review your group life benefits and fill coverage gaps, such as critical illness or disability insurance.

When it comes to home and auto insurance, review your policies to ensure you still have enough coverage. Did you make any home renovations that are not included in your policy? Do you need flood insurance? Is it still worth it to pay for collision insurance now that your car is a year older? If you’re an avid traveller, consider whether an annual multi-trip insurance policy is worth it to help you save over the year. Asking yourself these questions can help you make the right coverage decisions. 

Insurance isn’t just about price; it’s protection. Unexpected out-of-pocket costs can do severe damage to your budget if you’re not financially prepared. With that in mind, there are still ways to save. Ask your broker or agent about discounts, bundle your home and auto policies, and take a few minutes to compare quotes online to secure the best price for the coverage you need. Shopping the market could save you a few hundred dollars this year.

Also read: 15 ways to get cheap car insurance in Canada

Leverage loyalty rewards points to save

A relatively simple way to save in 2026 is to earn rewards on your everyday spending. Rewards credit cards allow you to accumulate points or credits when you use the card, which you can redeem for something of value, such as a vacation or free merchandise.

Each card differs; however, the most common types of credit card rewards include travel-related rewards, store credit and cash back. Taking advantage of offers and loyalty programs will help you benefit from the money you’re already spending and put more back into your pocket. 

Also read: The best credit cards in Canada for 2026

Rebalance your portfolio

If you manage your investment portfolio yourself, ensure your asset allocation aligns with your long-term goals and rebalance as needed. The process usually only takes a few minutes. If you use a financial advisor, make an appointment in the new year to review your portfolio’s performance and outline any changes you’d like to make. Starting the year with a concrete plan lets you spend and save confidently, knowing your investments are on track.

Make retirement savings contributions

Even though 2026 has begun, you can still contribute to your Registered Retirement Savings Plan (RRSP) for the 2025 tax year until March 2, 2026. So if you didn’t get a chance to contribute as much as you’d hoped in 2025, there’s still time. Your RRSP contribution can be used to help reduce your taxes, which may be helpful if you have tax owing or if you’re in a higher tax bracket. 

Review your will

If you have a will in place, take a few moments to review your listed beneficiaries and ensure your assets are going to the right people. If you don’t have a will yet, consider making one. Having a financial plan in place is essential to provide for your loved ones after you pass. 

Also read: A 10-point will preparation checklist

Prepare for tax season

Tax season is coming up, and the last thing you want to do is scramble for receipts and account summaries. Instead, help your future self by starting now. Begin gathering your receipts for childcare, charitable donations, public transit, prescriptions, children’s fitness programs, and dental visits. If you have a non-registered investment account, you’ll also need brokerage statements. If you have federal student loans, you’ll need a statement from the National Student Loan Service Centre.

Also read: Filing Canadian taxes: Everything you need to know

The bottom line

The start of a new year is often the best time to reset your finances and make meaningful changes to position yourself for success. Setting goals, refining your budget, reviewing insurance policies and leveraging rewards credit cards are all ways to help you save, grow and protect your wealth. Follow this financial checklist to make small adjustments to your everyday habits that will lead to significant results. Happy savings! 

Also read:

• Five financial trend forecasts for 2026
• What can mortgage borrowers expect in 2026?
• Ratehubca's insurance predictions for 2026