New Year, New Finances: Smart Money Moves for 2026
By Trixie Rowein
As we step into 2026, it’s a wonderful time to reflect, reset, and realign your finances with the life you’ve worked so hard to build. Now is the time to make thoughtful money moves that support your goals—be it travel, family, or simply peace of mind. As a caring financial advisor for 25 years, I’m here to guide you through practical steps that blend heart and strategy, because I believe feelings matter just as much as finance.
Tax Tips
Let’s start with taxes, because a little planning now can lead to big savings later, and you'll keep more of your hard-earned money.
Split your pension income: If you’re receiving eligible pension income, including RRIF withdrawals, consider splitting up to 50% with your spouse or common-law partner. This can reduce your combined tax bill and keep both of you in lower tax brackets.
Claim the age amount and pension income credit: If you’re 65 or older, you may be eligible for these non-refundable tax credits. They can significantly reduce your tax payable.
RRIF minimum withdrawals: Once you convert your RRSP to a RRIF (by age 71), you must withdraw a minimum amount each year. Plan ahead to avoid surprises and consider withdrawing more strategically to smooth out your tax burden over time.
Tip: Keep a folder or digital file for medical expenses, charitable donations, and home accessibility upgrades because they may be deductible or credit-eligible.
Budgeting That Reflects Your Life
Budgeting isn’t about restriction; it’s about alignment. Let’s make your money reflect your values.
Start with a “values audit”: What matters most to you in 2026? Travel? Family? Use these priorities to guide your spending plan. Note - If you’re helping adult children or grandchildren financially, set clear boundaries and budget for it intentionally.
Create separate accounts: Many of our clients have created separate accounts for travel, retirement, charitable giving and future inheritances to make it easier to see where their money is going.
Build in a buffer: Life happens. A small contingency fund for unexpected home repairs or medical costs can bring peace of mind.
Planning for Travel or Retirement Projects
Whether you're planning a bucket-list trip or laying the groundwork for retirement, intentional planning turns dreams into reality.
Travel
Set a travel budget: Whether it’s a Caribbean cruise or a cross-Canada road trip, estimate costs and save monthly. Use your TFSA for tax-free withdrawals.
Look for senior discounts: Airlines, hotels, and tour companies often offer reduced rates for travellers 60+. Don’t be shy, ask!
Consider travel insurance: Especially important if you have pre-existing conditions. Shop around for coverage that fits your needs.
Retirement Projects
Home renovations: Thinking of aging-in-place upgrades? You may qualify for the Home Accessibility Tax Credit.
Think beyond finances: Retirement is also about purpose. What projects, hobbies, or volunteer work excite you? Budget for those experiences too.
Legacy planning: Review your will, powers of attorney, and beneficiary designations. It’s a loving gift to your family to have everything in order.
Tip: Create a “Retirement Bucket List” and assign a rough cost to each item. It turns dreams into actionable plans.
Financial planning isn’t just about numbers. It’s about nurturing your future with care and clarity. With a few smart moves this New Year, you can ensure your money continues to support the life you love. And remember that you’re not alone. My team and I are available to help you navigate every step with care, clarity, and compassion.
If you’d like help reviewing your RRIF strategy or estate plan, I’d be honoured to assist. Let’s make 2026 your most empowered year yet.
Information in this article is from sources believed to be reliable; however, we cannot represent that it is accurate or complete. It is provided as a general source of information and should not be considered personal investment advice or solicitation to buy or sell securities. Raymond James advisors are not tax advisors, and we recommend that clients seek independent advice from a professional advisor on tax-related matters. The views are Information in this article is from sources believed to be reliable; however, we cannot represent that it is accurate or complete. It is provided as a general source of information and should not be considered personal investment advice or solicitation to buy or sell securities. The views are those of the author, Trixie Rowein, and not necessarily those of Raymond James Ltd. Investors considering any investment should consult with their Investment Advisor to ensure that it is suitable for the investor’s circumstances and risk tolerance before making any investment decision. Raymond James Ltd. is a Member of the Canadian Investor Protection Fund. Raymond James Ltd. is a Member of the Canadian Investor Protection Fund.
About the Author
Trixie Rowein
Trixie Rowein is known for her work ethic and commitment to the community and clients. She started her career at Raymond James in 2000 as a financial advisor and has been empowering and guiding clients to make smart decisions for 25 years. She and her team specialize in advising clients going through a transition, including retirement, loss of a spouse through death or divorce and transitioning wealth to the next generation. Growing up in Edmonton in an immigrant family, she saw firsthand how smart financial planning could transform lives.
As a lifelong learner, she has earned several designations, including the Certified Professional Consultant on Aging (CPCA) designation, as serving our aging population matters to her. She values education - writing a weekly e-newsletter, in addition to hosting regular seminars and speaking to high school and UofA students. Trixie is on the Board of Directors of Little Warriors charitable organization, and part of the Raymond James Canada Foundation (RJCF) Advisory Committee. She and her husband Ian enjoy travelling, gardening and spending time out at their acreage. Trixie has two daughters and is fluent in Spanish.
