The summer season, my favorite, is too short. I begin it each year with an optimism that borders on utopianism, as the list of my projects calls for the “ultimate” summer. And then, as if by I don’t know what temporal magic, I find myself scraping the leaves that fall from the Laurentian forest, queen of my land.
On my list of vacation essentials are activities with family and friends, already on the calendar for weeks, which take place all over Quebec. I add different exhibitions, museums and seasonal activities as well as, duty obliges, all the work to be done at home. Finally, this list also includes tasks that you would probably never have thought of adding to your vacation agenda, these tools that allow you, in the middle of the year, to remain in control of your financial life.
It is true that the heat wave evokes festivities, a break from routine and the desire to travel! Instinctively, I would therefore want to let myself go and live as if there was no tomorrow. However, reason generally reminds me that it is also good to rest from time to time and that the best way to achieve this is to stay quietly at home, without a tight schedule, a rarity in itself.
With the cost of living and travel rising, planning your vacation period as resting at home can be a smart financial choice. Above all, this option is often synonymous with a real slowdown. By having less organized activities, you will have the opportunity, the time — and, who knows, even the motivation — to carry out certain tasks postponed until later in the hustle and bustle of the daily battles.
A new list will thus be added to those of your desires: the list of what you never thought of doing this summer!
Get organized, source of tranquility
It is not a question here of imposing tasks that repel you, but of making it easier and more natural to secure in passing, between two activities and the preparation of a barbecue, a few minutes or a few hours of motivation (or rain passenger) to get organized. After all, the Aperol spritz can wait a little longer…
Your tax file to be mastered. Envelopes from Revenu Québec or the CRA not opened? This is your first mission! First, you might find a check inside. But since the chances are higher that it is an unread notice of assessment instead, remember that the tax authorities do not skimp on penalties and interest. In addition, more and more citizens are registered for e-mail on the various government platforms. So, if you haven’t gone there to read your messages in the last few months, it is absolutely necessary to read them since it’s the equivalent of an untorn envelope… Lost password? Take a few minutes to correct everything.
Make it easier to track your investments. You can keep your statements in a good old binder. But it is also possible, with most providers, to sign up for electronic statements and receive an alert when documents are available. As an investor, you should consult the communications you receive and ask the questions of the experts who manage your portfolio afterwards. It is not necessary to keep transaction notices, for example. You can view, scan and destroy them to focus your attention on your quarterly and annual statements.
Mass destruction of documents! Sometimes filing cabinets overflow unnecessarily. For example, you don’t need to keep more than seven years of supporting documents for income tax returns. During the holidays, it is more than enjoyable to clean up all the paperwork that accumulates. Do not forget when creating this space: the confidentiality of your personal data. Preserve it by preferring shredding to recycling.
Keep only paper essentials. The important thing is not to collect the documents, but to understand them. Only the essentials are kept on paper, in a well-organized binder. Ask yourself each time before filing a document if you really need to consult it again. The original is rarely required. Non-essential documents should be scanned and filed virtually.
Set up a digital “bookkeeping” system. Are you in business? Forget the shoebox and digitize all the bills accumulated since January. You’ll then file them in a folder, by month, or use a new app to enter your expenses and proof of expenses as they arise, without getting bogged down.
Questions to ask
In addition to these organization essentials, here are a series of questions to ask yourself so that this list is personalized to your needs.
Is your address up to date in all your financial institutions and with the authorities?
Have you created online access to receive all your invoices and annual statements for your personal and damage insurance?
Have you communicated your change in marital status to the authorities for the calculation of your credits and allowances? It is your responsibility if you are newly separated or in a relationship to mention it to the Canada Revenue Agency (CRA) and Revenu Québec.
Do you have bank accounts in several institutions? It may be time to bundle them together and save on fees, in addition to simplifying your life.
Do you use an app to easily track your budget and improve your cash management? A budget is good, but a budget followed is essential!
Do you have sums accumulated in several liquid registered accounts? Maybe it’s time to consolidate them into one investment account (new or existing) and invest for the long term.
Do you have excess cash? If so, take the opportunity to contribute to your RRSP, RESP, CELIAPP and/or TFSA for 2023. No need to wait until the end of the year!
Are you up to date with your reimbursement requests submitted to your group insurance? Consider getting your money back.
I will take a break from chronicles in the next few weeks. Your questions or case studies are, in the meantime, very welcome, they will inspire the autumn writing. Write to me at [email protected]. See you soon !
Financial planner, Sandy Lachapelle is president of the independent firm Lachapelle intelligent finances.