Spring often inspires us to start fresh. We clear winter gear out of closets, sweep out the garage, grease up bicycle chains and start planning our gardens. As you take on these tasks with a jump in your step, be sure to dust off your finances—they deserve a seasonal reset too.
Whether you are brand new to investing or have been building a portfolio for years, spring is the perfect time to review your savings and investments accounts. Life changes and market shifts happen at any time. A simple check‑in helps ensure your money is being managed in a way that continues to meet your financial goals.
Here are three simple ways to reconnect with your investments this season.
1. Review your investment strategy
Much like the seasons, life is always changing. You may have experienced a move, a job change, a new relationship, a growing family, a new level of care for aging parents, or you’re preparing to retire. All of this and more can shift your financial priorities and potentially influence your investment portfolio.
To keep your financial plan on track, ask yourself:
- How much can I invest?
Use a budget calculator to get a clear picture of your monthly income and expenses. This snapshot of money in and money out makes it easier to identify how much you can invest over the course of a year—an essential first step to financial planning. - If the market dipped tomorrow, how would I feel?
Markets can be volatile as they react to factors like global political instability. Likewise, individuals react to market fluctuations in different ways and due to different circumstances such as short- versus long-term goals. Take a risk tolerance quiz to see how you are currently feeling. - Do my investments still match my timeline and goals?
There are many different life goals to save for, but the most common reason many of us invest is for retirement. Whether this is in the near or far future for you, a retirement savings calculator helps you see the impact of potential contributions.
2. Revisit your registered accounts
Many Canadians make use of registered accounts like RRSPs, TFSAs, RRIFs or RESPs, as a way to save and invest with some tax relief. Whether you’re saving for a child’s education or for retirement, now is a perfect time to look over your account statements and make sure you’re maximizing their benefits.
What to check:
- Find out your annual contribution room, especially for RRSPs and TFSAs.
Once you know how much room you have, you can strategically plan for the rest of the year to maximize benefits and avoid penalties. Contribution limits can be found by logging into your CRA account, checking your latest notice of assessment (NOA), or by calling the CRA’s automated phone service at 1-800-959-8281. Contribution room information is updated each spring by the CRA, after you file your tax return. - Review the benefits plan offered by your employer.
You might find that your employer has a flexible spending program that offers a set amount of funds to be allocated to an RRSP, or maybe you’re eligible for an RRSP matching program. Consider opting in for benefits like these. Even a small contribution on your part to a matching program can result in an increase that can lead to meaningful long‑term growth. - Assess how you’ve invested your money within your registered accounts.
It’s important to understand yourself as an investor. Ask yourself if the current investments fit your short- and long-term goals and if they match your comfort level when it comes to risk.
3. Meet with your financial advisor
If you work with a financial advisor to choose investments and manage your portfolio—when is the last time you had a meaningful conversation with them? A spring check-in is a great way to see if your portfolio still aligns with your risk tolerance and your goals, which may have changed.
During your meeting:
- Look at your investments and discuss how they’ve performed.
- Ask questions about terminology, acronyms or concepts you don’t fully understand.
- Get clarity on any fees or penalties that may exist to buy or sell investments.
- Talk about your goals, risk tolerance and any big life changes so appropriate adjustments can be made to your financial plan.
A good advisor welcomes questions. They want you to be well informed and they value your input. If you don’t work with a financial advisor, a good place to develop your investor knowledge is through CheckFirst.ca.
And don’t forget to protect yourself. A spring refresh can help develop good habits and this includes taking steps to safeguard your investments from fraud and high‑risk offers. The Alberta Securities Commission (ASC) provides free tools and resources to help:
- Check registration to confirm whether an individual or firm is legally allowed to sell investments.
- Search the Investment Caution List to identify high‑risk or unregistered individuals or companies.
- Explore investor education resources to learn how to recognize red flags and make informed decisions.
This spring, before investing—or reinvesting—take a moment to use these tools. They’re quick, free, and designed to help you protect what you’ve worked hard to build.
