(This article was provided by Darryl Metzger, Financial Advisor at Edward Jones, Stittsville. Get in touch with Darryl to learn more of how he can help with your financial planning – 1300 Stittsville Main Street, Suite 200, Stittsville, Ontario. Telephone: 613-831-8028. Visit the Edward Jones website at: https://www.edwardjones.ca/ca-en/financial-advisor/darryl-metzger.)
The RRSP contribution deadline has passed, and you’ve either maximized your contributions or made the decision to wait until next year. Either way, March is an excellent time to shift your focus to other important financial priorities that deserve your attention.
First, consider your Tax-Free Savings Account. While RRSPs get most of the attention in the first quarter, TFSAs are equally powerful savings vehicles. For 2026, you have $7,000 in new contribution room, and if you haven’t maximized your TFSA in previous years, you may have significantly more room available. Unlike RRSP contributions, TFSA contributions don’t provide an immediate tax deduction, but the trade-off is compelling: all growth within the account is completely tax-free, and you can withdraw funds at any time without triggering a tax bill.
The First Home Savings Account is another option worth exploring, especially if you’re a first-time homebuyer. This relatively new account type combines the best features of both RRSPs and TFSAs: you get a tax deduction on contributions (like an RRSP) and tax-free withdrawals for a qualifying first home purchase (like a TFSA). You can contribute up to $8,000 annually with a lifetime limit of $40,000, making it a powerful tool for building your down payment.
If you have children or grandchildren, now is also an excellent time to review your Registered Education Savings Plan contributions. RESPs offer unique advantages through the Canada Education Savings Grant, which provides a 20% match on the first $2,500 contributed annually per child. That’s free money of up to $500 per year per child. The lifetime CESG limit is $7,200 per child, and unused grant room can be carried forward, so even if you’re starting late, you can catch up on previous years.
Beyond registered accounts, March is an ideal time to review your overall investment portfolio. Take a close look at your asset allocation: does it still align with your risk tolerance and time horizon? Market movements over the past year may have shifted your portfolio away from your target allocation. If your stocks have performed well, you might find yourself overweighted in equities and underweighted in fixed income. Rebalancing back to your target allocation helps manage risk and can improve long-term returns.
Finally, consider reviewing your beneficiary designations on all registered accounts. Life changes such as marriages, divorces, births, or deaths in the family should prompt a beneficiary review. Ensuring your beneficiaries are up to date can help your loved ones avoid unnecessary complications and delays when accessing these funds.
The RRSP deadline may have passed, but your financial planning opportunities haven’t. Use this time to address these other important areas and keep your overall financial plan on track.