Personal Services Business (PSB): CRA Education Initiative

In general, a personal services business (PSB) exists where the individual performing the work would be considered to be an employee of the payer if it were not for the existence of the individual’s corporation. These workers are often referred to as incorporated employees. Where it is determined that the income is earned from a PSB, the corporate tax rate increases significantly (potentially as high as 39% over the small business rate, depending on the province). In addition, significantly fewer expenditures are deductible against the income.

Since 2022, CRA has been conducting an educational pilot project in respect of PSBs. They have recently published findings from the project and highlighted future planned phases.

Phase I – Identifying companies that hire PSBs

Phase I of the project was conducted from June to December 2022. The results were as follows:

  • approximately 10% of participating corporations were likely to be carrying on PSBs;
  • approximately 64% of potential PSBs were incorrectly claiming the small business deduction (an average of $16,711 of additional federal corporate tax would be payable if this were corrected);
  • nearly 74% of potential PSBs work in the following three industries:
    • transportation and warehousing (35%), with 95% of these working in freight trucking;
    • professional, scientific and technical services (26%); and
    • construction (13%).
Phase II – Identifying potential PSBs

CRA indicated that Phase II is planned for October 2023 to June 2024, and will examine approximately 2,100 randomly selected corporations identified as potential PSBs. The examination will include a voluntary interview and focus on the 2022 tax year. CRA indicated that they hope to gain greater insight into how and why PSBs operate the way they do.

Phase III – Assisted compliance for PSBs

CRA indicated that the timing of Phase III has not yet been determined. They expect to address the 2022 and subsequent tax years with continued education, review of PSBs and assisted compliance of non-compliant PSBs.

ACTION ITEM: Identification of PSBs has become a focal point for CRA. If there is a risk of your corporation carrying on a PSB, inquire as to the corporation’s exposure and potential mitigation strategies.

 

Wine Sector Support Program: Applications for 2024-2025 Intake Opens Today

The Canadian Wine Sector Support Program has extended funds by $177 million over the next three years to help improve the wine sectors competitiveness as announced by Agriculture and Agri-Food Canada. The Government of Canada’s total investment to the program is more than $343 million. 

The program was introduced on June 29, 2022, by the Minister of Agriculture and Agri-Food, the Honourable Marie-Claude Bibeau. 

All licensed wineries in Canada that produce or contract out the production of bulk wine from primary agricultural products, such as grapes, berries, other fruit, dandelions, rice, and sap, is eligible for support under this program.

Support is provided in the form of a grant, and is based on the production of bulk wine fermented in Canada from domestic and/or imported primary agricultural products from the previous year. Individual payments are dependent on the total litres of eligible wine submitted and the individual applicants’ total eligible wine production.

Applications for 2024-25 will be accepted from April 8, 2024, until May 24, 2024. The application form will be available on April 8, 2024.

The program ends on March 31, 2027.

For more detailed information on who is eligible and how to apply, please visit: https://agriculture.canada.ca./en/agricultural-programs-and-services/wine-sector-support-program.

If you need assistance with general business advisory and/or accounting matters, we invite you to contact one of our agribusiness specialists.

Helpful links:

HR Business Partner

As businesses navigate unprecedented challenges and opportunities, the role of a reliable HR partner has never been more crucial.

HR is not just about managing people: it is about driving business success through effective talent management, employee engagement, and strategic planning.

An HR business partner can provide the overarching vision and operation support needed to align HR initiatives with broader business goals.

 

Key Reasons

 

Learning & Development

Provide training programs that enhance employee skills and knowledge.

Culture & Diversity

Help you to develop culture of inclusivity and diversity, ensuring a positive workplace where every voice is valued.

Compliance & Risk Management

Ensure you are compliant with current legislation, mitigating risk and potential legal issues.

Talen Acquisition & Retention

Help you attract, recruit, and retain top talent.

Employee Engagement 

Help you develop programs that foster a positive work environment and enhance employee engagement.

Strategic Planning 

Collaborate with you to align HR initiatives with organizational goals, driving long-term success.

Performance Management

Assist in developing performance management systems that motivate employees and drive excellence.

Wondering where to start? Contact a DJB Human Resources Advisor today.

 

2024 Provincial Budget – Ontario

On March 26, 2024, the Minister of Finance Peter Bethlenfalvy released the 2024 Budget: Building a Better Ontario.  The budget focuses on limited tax relief due to the current budget deficit, municipal vacant homes tax, and extended relief for gas and fuel taxes.

Business tax measures:

The corporate tax rates remain unchanged at:

  • Small business tax rate: 12.2%
  • General corporate tax rate: 26.5%
  • Manufacturing and processing tax rate: 25.0

Modifications to the  (OCASE) Tax Credit:

The Ontario Computer Animation and Special Effects (OCASE tax credit), which applies to eligible labour expenditures related to computer animation and special effects activities, has been modified:

  • Qualifying corporations must now have a minimum eligible labor expenditure of $25,000 for each production claimed within a specific time limit.
  • This change eliminates the need for film or television productions to be certified for other tax credits to qualify for OCASE.
  • Effective for eligible productions where computer animation and special effects work begins on or after March 26, 2024.

Individual tax measures:

New provincial policy framework to assist housing affordability

In 2017, Ontario’s Fair Housing Plan was implemented empowering Toronto and other interested municipalities with an option to introduce a tax on vacant homes. Currently, Toronto, Ottawa, and Hamilton have the authority to impose such tax. To help address housing affordability issues in the province, the Ontario Budget 2024 proposes to extend authority to all municipalities to impose a tax on vacant homes. Municipalities will be supported through a new, forthcoming provincial policy framework that will set out best practices for implementing the tax, including encouraging a higher tax rate for vacant homes owned by foreigners. There is no date set for implementing this new policy framework.

Other tax measures:

Updates to senior citizen annual income payments

The Ontario Guaranteed Annual Income System (GAINS) provides monthly, non-taxable payments to qualifying low-income seniors. Starting July 2024, Ontario Budget 2024 proposes to increase the maximum monthly benefit from $83 to $87 for eligible single seniors and from $168 to $174 for couples. Additionally, going forward, the benefit will be indexed for inflation annually.

To expand the number of eligible recipients, the annual private income eligibility threshold is proposed to be increased from $1,992 to $4,176 for single seniors and from $3,984 to $8,352 for couples.

Ontario extends gasoline and fuel tax cuts

On July 1, 2022, the gasoline and fuel tax rates were cut by 5.7 and 5.3 cents per litre, respectively, reducing both rates to 9 cents per litre. Ontario Budget 2024 proposes to extend these rate cuts until Dec. 31, 2024.

Changes to alcohol taxation

The government plans to scrap the basic tax for Ontario wine and wine coolers in on-site winery retail stores starting April 1, 2024. A review of taxes and fees on other alcoholic beverages will also be conducted with the aim to boost competitiveness for Ontario producers and consumers.

Enhancements to the non-resident speculation tax

Ontario implemented a non‐resident speculation tax (NRST) in October 2022 on residential property purchased by a foreign entity. The government is aiming to strengthen the NRST with amendments to support compliance and improve fairness. In addition, Ontario is taking steps to increase information sharing between provincial, federal, and municipal governments to better understand vacancy and foreign‐purchasing patterns.

 

T-SLIPS: Filing and Distribution Issues

Various changes and issues have arisen in respect of T-slips to be filed and processed for the 2023 year.

Dental benefits

Beginning with the 2023 year, issuers of the T4 Statement of Remuneration Paid and T4A, Statement of Pension, Retirement, Annuity, and Other Income must report whether the recipient or any of their family members were eligible to access dental insurance or dental coverage of any kind (including health spending and wellness accounts) from their current or former employment.

The T4 will include new box 45, employer-offered dental benefits.

The T4A will include a new box 015, payer-offered dental benefits. This box must be completed if an amount is reported in box 016, pension or superannuation.

CRA indicated that it is mandatory to indicate whether the employee/former employee, or any of their family members were eligible, on December 31 of that year, to access any dental care insurance, or coverage of dental services of any kind, that the employer offered.

The employer/issuer must select which of the following scenarios apply.

  1. Not eligible to access any dental care insurance, or coverage of dental services of any kind
  2. Payee only
  3. Payee, spouse, and dependent children 4.Payee and their spouse 5.Payee and their dependent children
Electronic Distribution

In a December 13, 2023, update to CRA’s webpage, CRA discussed the ability to distribute T4, T4A, T5, and T4FHSA slips using the issuer’s secure electronic portal without obtaining written or electronic consent from the employees or recipients. However, using a secure electronic portal is not available where any of the following situations exist:

  • the employee or recipient requested that paper copies of the slips be provided;
  • the employee or recipient cannot reasonably be expected to have access to the slips in electronic format at the time the slips are issued; or
  • for T4s, if the issuer distributes the T4 when the employee is on extended leave or is a former employee at the time the slip is issued.

Employers/payers must also provide the option to receive these slips in paper form.

If distributing these slips by email, the employer/payer must receive consent in writing or electronic format before sending by email.

Electronic filing thresholds

Effective January 1, 2024, certain information returns must be filed electronically with CRA where more than 5 information returns (reduced from 50) of a particular type are required for a calendar year. The impacted information slips include forms NR4, T5007, T5018, T4ANR, T5, T5013, T4A, T4, and T3. A penalty of $125 will apply where between 6 and 50 slips are filed on paper.

Errors on T-slips

In a recent communication, CRA addressed the concern that auditors and appeals officers may base a decision on issued T-slips without considering the possibility that the issuer made an error in their preparation.

CRA stated that it is the taxpayer’s responsibility to verify the validity and accuracy of the information slip. If the taxpayer notices an error, the taxpayer should contact the issuer to attempt to discuss/resolve the issue. CRA noted that they cannot validate the accuracy of a slip as the relevant information to do so is retained by the issuer and the taxpayer. If the issuer refuses to correct the form, the taxpayer can inform CRA by filing an employee complaint with the employer accounts and services section.

When a taxpayer objects to CRA’s assessment/ reassessment, the taxpayer must provide the reason for the objection. The appeals officer should investigate the accuracy of the information slip when it is part of the disputed issue. The appeals officer may also ask the taxpayer to provide representations.

ACTION ITEM: Various changes to T-slip completion, filing, and distribution are effective for 2023 slips, filed in early 2024. Ensure that these changes are incorporated into your business processes.

CANADA DENTAL CARE PLAN (CDCP): New Income-tested Benefit

On December 11, 2023, Health Canada issued details on the Canada dental care plan that would cover a wide variety of dental services for certain Canadian residents. The plan will be rolled out from late 2023 to 2025.

To be eligible, the individual and their spouse or commonlaw partner (if applicable) must meet all of the following conditions:

  • have an adjusted family net income (AFNI) of less than $90,000;
  • be a Canadian resident for tax purposes;
  • have filed their tax return in the previous year; and
  • not have access to dental insurance, meaning that it is not available through the taxpayer’s or a family member’s employer or pension, or not purchased through a group plan.

Eligibility for children under 18 will be determined by their parents’/guardians’ eligibility.

Individuals will need to meet the eligibility requirements annually. More information on the annual reassessment process will be provided by the government at a later date.

The CDCP will pay for eligible services provided by an oral health provider (such as dentists, denturists, dental hygienists, and dental specialists), less a portion that is to be paid directly by the patient (the “co-payment”). No copayment is required if AFNI is under $70,000. The co-payment starts at 40% for AFNI between $70,000 and $79,999 and increases to 60% for AFNI between $80,000 and $89,999.

Oral health providers are encouraged to follow the CDCP fees, which are not the same as the provincial and territorial fee guides, so their patients do not face additional charges at the point of care. Oral health providers who have enrolled with CDCP will bill the plan directly. Health Canada noted that patients should ask if the provider has enrolled in the CDCP when booking their appointment to limit unexpected out-of-pocket payments.

The program will be first rolled out to seniors with application invitation letters starting in December 2023. Eligible seniors will be able to engage in covered services as early as May 2024. Those with a disability tax credit certificate (T2201) or under 18 years of age can begin to apply as of June 2024. The remaining eligible residents will be able to apply in 2025.

CRA noted that only those who are 70 years old or older by March 31, 2024, have AFNI of less than $90,000 for 2022, and were Canadian tax residents for 2022 will receive the initial application instruction letters.

Once an individual has applied and is determined to be eligible, Service Canada will share the individual’s information with Sun Life, the contracted service provider, for enrolment into the CDCP. Eligible individuals will receive a member card, and be notified of the start date of their coverage. The start date will vary based on when each group can apply, when the application is received and when enrollment is completed.

Oral health providers will be able to enroll voluntarily as a participating CDCP provider directly with Sun Life in early 2024. Details on this process will be available on Health Canada’s webpage when enrollment opens. Oral health providers enrolled in the CDCP will be required to submit the claims directly to Sun Life for payment rather than having patients seek reimbursement from Sun Life for services covered under the plan.

ACTION: If you are an eligible individual, apply for this new benefit when invited. If you are a oral health care provider, consider enrolling as a provider in the plan.

Working from Home Expenses: Employment Expenses

The $2/day flat rate method available to claim expenses for employees working from home was a temporary administrative measure only available from 2020 to 2022; it is no longer available in 2023. As such, employees working from home can only use the detailed calculation when claiming expenses.

For 2023 and subsequent years, a deduction can only be claimed where one of the following criteria is met:

  1. the work space was the place where the individual principally (more than 50% of the time) performed their duties of employment; or
  2. the individual used the space exclusively during the period to earn employment income and used it on a regular and continuous basis for meeting clients, customers, or other people with respect to employment.

CRA indicated that they would consider i) to be met by employees who were required to work from home more than 50% of the time for a period of at least four consecutive weeks in the year.

ACTION ITEM: The $2/day temporary flat rate method cannot be used by employees to claim home office expenses in 2023. Instead, receipts and records must be kept to make claims under the detailed method.

How to Make a Payment with Canada Revenue Agency for Your Business

Online Banking Payments

Make a payment to the CRA through online banking, the same way you pay your phone or hydro bill.

  • Sign in to your financial institution’s online business banking service.
  • Under “Add a payee,” look for an option such as:
    • Federal – Corporation Tax Payments – TXINS
    • Federal – GST/HST Payment – GST-P (GST-P)
    • Federal Payroll Deductions – Regular/Quarterly – EMPTX – (PD7A)
    • Federal Payroll Deductions – Threshold 1 – EMPTX – (PD7A)
    • Federal Payroll Deductions – Threshold 2 – EMPTX – (PD7A)
    • Federal – Canada emergency wage subsidy repayment
  • Enter your 15 digit business number as your CRA account number.

You are responsible for any fees that may be charged by your financial institution.


Debit Card Payments Via ‘My Payment’

Make a payment with your Visa® Debit, Debit MasterCard®, or Interac® Online debit card.

My Payment is an electronic payment service offered by the CRA that uses Visa® Debit, Debit MasterCard® or Interac® Online for businesses to make payments directly to the CRA using their bank access cards.  The CRA does not charge a fee for using the My Payment service. Credit Cards not accepted with this service.

To use My Payment you need a card with a Visa Debit logo, a Debit MasterCard logo, and/or an Interac Online logo from a participating Canadian financial institution.

If your bank access card has both a Visa Debit logo and an Interac logo, use the Visa Debit option to pay.

If your bank access card has both a Debit MasterCard logo and an Interac logo, use the Debit MasterCard option to pay.

Before you start ask your financial institution about your daily or weekly transaction limit and any fees for making online payments. The CRA does not charge a fee for using this service.

CRA’s My Payment Webpage


Pay Through a Canadian Financial Institution

To make a payment at your Canadian financial institution, you will need a personalized remittance voucher. Financial institutions will not accept photocopies of remittance vouchers or payment forms.

You can make a payment in foreign funds.  The exchange rate you receive for converting the payment to Canadian dollars is determined by the financial institution handling your transaction on that day. You are responsible for any fees that are incurred.

Arrangements will need to be made with your financial institution if you are making a payment of more than $25 million.

Be sure to provide accurate information to help the CRA apply your payment to the intended account.  A personalized remittance voucher will help CRA apply your payment properly.  You can request personalized remittance vouchers online or by phone.


Mailing Your Payment

The government released legislation, effective January 1, 2024, that any tax payment or remittance made by a corporation to the CRA exceeding $10,000 must be done through electronic means.

If your tax payments exceed $10,000, you should no longer make these payments using a cheque.

It is highly encouraged to remit payments to the CRA electronically even if the amount is less than $10,000 as electronic payments are processed quicker. This will also significantly reduce the risk of lost or misapplied payments. Furthermore, it is usually far easier and faster for the CRA to trace a lost or misapplied electronic payment than a cheque mailed to the CRA.

If you still wish to send a cheque or money order, make it payable to the Receiver General for Canada and include your remittance voucher. Note: Payment is considered received on the date CRA receives the cheque, not the postmark date.

Mailing address:
Canada Revenue Agency
PO Box 3800 STN A
Sudbury ON P3A 0C3


Payment by Pre-Authorized Debit (PAD)

Set up a pre-authorized debit agreement and eliminate the need for postdated cheques.

Pre-authorized debit (PAD) is a secure, online, self-service payment option for individuals and businesses. This option lets you set the payment amount that you authorize the CRA to withdraw from your Canadian chequing account to pay your taxes on a date, or dates, of your choosing.

Due to the processes that must take place between the CRA and the financial institution, the taxpayer’s selected payment date must be at least 5-business days from the date their PAD agreement is created or managed.

See Federal holidays for a list of non-business days.

There is a ‘pay by pre-authorized debit’ option through GST/HST netfile available for an amount owing.

A PAD agreement can only be set up online, not over the phone.

Steps to create a pre-authorized debit agreement for businesses

To create a PAD you have to be registered for My Business Account.  Click on ‘CRA register’ or ‘Continue to Sign-In Partner’ and complete the steps.  Once completed, your official access code will be sent to you by mail.  Once you enter the access code into My Business Account you will have full access, which allows you to view, create, modify, cancel, or skip a payment.

This option is not designed to be used frequently due to the limitations on payments and the fees involved.

Steps to create a pre-authorized debit agreement for individuals

To create a PAD, you must to be registered for My Account. Once signed in:

  • Select the ‘Proceed to pay’ button and select the ‘Pay later’ option to create a PAD agreement.
  • Access ‘Manage pre-authorized debit’ under the Related services within the Accounts and payments section to view, modify, cancel, or skip a payment.
  • A PAD agreement can also be created within MyCRA, for an amount owing, by selecting the ‘Proceed to pay’ button and the ‘Pay later’ option. Your credentials are the same as in My Account.

Cash or Debit Card Payments

Make a payment with cash or debit in person at any Canada Post outlet.

You can pay your individual tax, benefits, and credits repayments, Part XIII – non-resident withholding tax, source deductions, T2 corporation tax, or GST/HST payments to the Canada Revenue Agency (CRA) in person with cash or debit card at any Canada Post outlet across Canada for a fee.  To do so you will need a self-generated quick response (QR) code.  This QR code will be personalized by you and will contain information that will allow the CRA to credit your account.  Canada Post uses a third-party service provider to generate and process the QR code.  To create your QR code, see the link below*.  

*Generate your QR code here.

It is a simple two-step process.  On the site, you will be asked to select the tax type you want to pay, your social insurance number or account number, your name, and the amount you want to pay.  A service fee will be charged based on the amount of the payment and displays when creating the QR code.

When you have completed the required fields, press ‘Continue’ to select where you want your QR code to display.  The choices are:  Send to Email; Send to Mobile or Print at Home.  You can choose any or all of these options.  If you choose Send by Email, you will need to enter your email address.  If you choose Send to Mobile, you will need to enter your 10-digit Mobile Number.  If you choose to print at home, a print icon will display.

Be sure to bring your phone or printed QR code to any Canada Post outlet to make a payment.  The clerk will scan your QR code and ask you how much you want to pay.  The amount you initially entered is for your reference only and is not displayed to the clerk.  The clerk does not see any CRA account information. The clerk will key in the amount you want to pay, add the service fee and accept payment by cash or debit card.  The clerk will then give you a paper receipt with the amount paid and the reference number for your files.


Credit Card Payments via Third-Party Service Providers

You can make a payment with a credit card by using a third-party service provider.

The third-party service provider will send your business or individual payment and remittance details online to the CRA for you.  

Ensure that you set up your payment well in advance of your payment’s due date as payment delivery is not immediate, and is determined by the third-party service provider that is used.

Note: Third-party service providers charge a fee for their services. Click here for a full list of third-party service providers.  


Payments via Wire Transfer for Non-Residents

Non-residents who do not have a Canadian bank account can make payments to the CRA by wire transfer.

Wire transfers for submitting your non-resident GST/HST security deposit are not available at this time.

What you need to know

All wire transfers must be in Canadian dollars.

Your financial institution may have standard charges that apply to wire transfer payments.  Make sure that your financial institution does not deduct the wire transfer fee from the total payment amount due as this will result in an underpayment.

Wire details

You will need the following information to transfer funds to the CRA’s account:

Name of banking institution: The Fédération des Caisses Desjardins du Québec
100 rue de Commandeurs
Levis, Quebec
Canada G6V 7N5
SWIFT: CCDQCAMM
Bank number: 815
Transit number: 98000
Beneficiary name: Receiver General of Canada
Beneficiary account number: MFI09708060815CAD3
(if space limitations, use at least: 815980000970806)
Beneficiary address: 11 Laurier Street
Gatineau, Quebec K1A 0S5
Description field: Authorization number: 122-25678-CRA
ABA code, if required: 081598000
Charges field: “OUR”

To avoid processing delays include the following information with your wire transfer:

For Businesses:

  • non-resident account number or business number
  • business name
  • period end date
  • fiscal year
  • telephone number
  • return/remittance
    • Provide a copy of your tax remittance or GST/HST return/remittance by fax to the CRA:
    • Attention: Revenue Processing Section
    • Fax: 204-983-0924
    • Provide the amount paid, the date paid and the confirmation number if available

Avoid late fees

You are responsible for making sure the CRA receives your payment by the payment due date. If you are using a third-party service provider, please ensure that you clearly understand the terms and conditions of the services that you are using.

12 Tips to a Brighter Future

the word January with a pile of coins icon Create a budget and include lump sum items such as vacations and gifts. Ensure you allocate funds to savings because there is no such thing as “extra” money.

Helpful Tips to Create a Budget

 

the word January with a pile of coins icon Top up RRSP for the previous year. You can make a contribution for the previous year any time during the first 60 days of the next year. If you’re turning 71 this year you’ll need to make your RRSP contribution prior to converting your RRSP to a RRIF, December 31 at the latest.

Considerations for Using a Spousal RRSP

 

the word January with a pile of coins icon Collect information required for your accountant to file your tax returns on time. The tax filing deadline for individuals in Canada is April 30th each year. If you file a US tax return, the deadline is April 15 and if you administer a Trust, you have until March 31 to file its return.

 

the word January with a pile of coins icon If you haven’t already, start monthly contributions to match your budget goals. You can allocate monthly contributions to TFSA, RRSP, or non-registered investments based on your budget and goals.

TFSA or RRSP?

 

The word May with a blue circle around it. An icon of a family. Contribute to your child’s Registered Education Savings Plan. Ensure you are receiving the maximum matching grants and bonds from the government to help build the savings for your child’s post-secondary education. You can double up your contributions if you have previous year’s unused contribution room.

WITHDRAWING FROM FAMILY RESPs: Flexible Planning Possibilities

Registered Education Savings Plans (RESP) Benefit Information

 

The word June on a yellow ciircle Review your employee benefits and pension to ensure you are getting the most value for your money. Determine what benefits you are entitled to and ensure you are using them if needed. When it comes to matching pension or group RRSP contributions from your employer, ensure you are receiving the maximum from your employer.

EMPLOYEE GIFTS AND PARKING: Updated CRA Policies

Defined Benefit Pension Plans

 

July tip. Image of man in wheel chair with women holding his hand. Review your life and disability insurance to ensure adequate coverage to protect you, your loved ones, and your lifestyle.

Review your life and disability insurance to ensure adequate coverage to protect you, your loved ones, and your lifestyle.

Life Insurance: Do I Really Need it?

 

Wills and Power of Attorney Review your Wills and Powers of Attorney and update if necessary. This is also a good time to review the beneficiary designations in your TFSA, RRSP’s, employee benefits & pension and your life and disability insurance to ensure they are aligned with your estate planning.

 

September tip. Icon of hands holding a sign with a dollar sign. Review your non-registered investment portfolio and identify gains and losses generated in the current year. Strategize with your accountant and investment professional to put yourself in the best position come tax time.

 

 

The word October with a blue hand holding a heart Consider donating to your favourite church or charity. There are many worthwhile causes looking for your hard-earned savings. Have a plan for which organizations you would like to support. You can donate cash, investments, and perhaps even your time.

Charitable Gifting

 

The word November with a an icon of financial planning stuff Review your financial and estate planning and modify if necessary. This is your personal roadmap to reach the goals that you set for yourself. Hold yourself accountable to it, but also be flexible when necessary. Your financial planning should consolidate the planning you are doing in the other eleven months of the year into a single working document. Consider measuring your achievement towards your goals by updating your net worth each year.

The Importance of Having a Comprehensive Financial Plan

 

The word December with a business women cartoon image. Ensure you have a plan to repay your debts. Set a “Debt Free” date and works towards achieving it. Keep in mind that with inflation on the rise, interest rates will be soon to follow.

 

 

Click here for a printable version.