Year End Financial Checklist - Kerr Financial
Accounting & Tax
Year End Financial Checklist
Category: Accounting & Tax, Estate & Trust, Family Office, Financial Planning Tags: budgeting, Estate Planning, Financial Forecasting, Financial Planning, Investment Planning, RRSP, tax planning, Wills

The end of the year is almost here and many of us are looking forward to 2023. High inflation and rising interest rates have made managing our finances more challenging in 2022. Before we flip the page to the new year, we have prepared for you a simple checklist to ensure that you have a head start for next year. The checklist below is not an exhaustive list but is a good start to help you prepare for the year ahead.


Ensure you have up to date Wills and Powers of Attorney, and that your dependants are provided for.  To optimize your assets/estate, do this through an Estate Planning analysis with your advisor.

December 15, 2022

Federal and Provincial tax instalments are due. Test if necessary, by doing a tax estimate.  Don’t pay more than you have to.  Know instalment rules if not paying as CRA/Revenue Quebec requests, to ensure interest charges are limited.

December 28 (or earlier if a pooled fund), 2022

Last trading day for 2022.  Important to keep in mind for personal tax filing (which has December 31 year end) if you are planning on capital loss harvesting for 2022 tax year.  Reach out to your investment advisor now to action before the end of the year, if advantageous.

December 31, 2022

Deadline for 2022 tax deductible contributions: charitable donations, business and investment expenses; conversion of RRSP’s for anyone who turned 71 during the year, and setting up RESP accounts with SIN numbers in order to access annual CESG grants through contributions made on calendar basis.

Deadline for RESP withdrawals to be included in beneficiaries’ 2022 tax year.  Put through the request with enough time for it to be processed by the institution by this deadline.

January 1, 2023

New TFSA room opens up for the 2023 year – ensure this is optimized.  Make recontributions into the plan if withdrawals were made in the prior year.

January 15, 2023

Prepare cash flow forecast for 2023 and review your priorities for the year.  Commit to your financial goals for the year.  Refresh financial strategies given current market conditions if needed.

January 30, 2023

Pay interest on prescribed rate loans such as spousal loans, or loans to a family trust, no later than 30 days after the end of the calendar year.

February/March, 2023

Assemble receipts for tax deductions in the prior year.  See your Kerr Financial tax advisor to work on minimizing your income taxes for 2022 and 2023.

Open a new First Home Savers Account if you qualify (see related article).

March 01, 2023

Last day to make RRSP contributions for the 2022 tax year.

March 15, 2023

First tax instalment due for 2023 tax year.

Kerr Financial

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Kerr Financial Group was formed in 1979 for the purpose of assisting individuals to maximize their personal financial resources, alleviate their financial and retirement concerns and simplify the administration of their affairs.

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