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Getting organized can make a world of a difference to anyone trying to get ahead financially. You can start by compiling a set of files consisting of all the important and relevant information you currently have about yourself and your personal and business finances.
You'll find that this truly is a key step in knowing where your money is at all times.
Begin by setting up 12 key folders:
- Tax Returns
File all your tax-relevant information, including receipts, tax forms and Notice of Assessment.
- Retirement Accounts
Keep your information in one place, including where your RSPs are, mutual fund statements, other investment account statements and most recent Social Insurance, Canada Pension Plan and company pension plan information.
- Employee Information
Include benefit plans at work, employment letters, contracts, etc.
- Investment Accounts
- Savings and Chequing Accounts
- Household Accounts
Include copies of mortgage information, deeds, ownership documents, the real estate agency involved in the purchase of your house, receipts for home improvement expenses, surveys, etc.
- Credit Card Debt
Keep all your monthly statements and credit card related information here.
- Other Liabilities
Debts other than your mortgage and credit cards go into this file (e.g. car loans or leases).
- Insurance
Include all your policies, including your property and liability insurance for your home and auto.
- Family Will or Trust
Include copies of your latest Will and/or records of Trust Agreements. Include a page listing the locations of your accounts, safe deposit box, and the names and contact information for your accountant and lawyer.
- Children's Account
Hold all statements and other records pertaining to RESPs or other investments you have made on behalf of your children.
- Your Financial Plan
Place your financial plan and all the associated documents in this file with a reminder to review it regularly.
Here's how to put your financial information to work:
- Come into your nearest Scotiabank branch and talk to an advisor about tailoring a plan that's right for you.
- OR call 1-800-4SCOTIA (1-800-472-6842).
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