While there’s no denying to the appeal of the long and carefree days of summer, many Canadians feel a draw to the fall – when school is back in, schedules regain their structure and deferred to-dos rise back to the top of the list. After a season of summer spending, it’s also a natural moment to look at your finances. Your days may be busier, but it takes a few minutes to check in and set yourself up for the rest of this year. Here are four quick things to look at now.
Revisit your contribution rate after summer spending
Summer comes with its share of expenses, whether it’s vacations, camps, summer activities or tuition payments. With these expenses behind you, is there room in your budget to save more? It’s worth looking into your contribution rate to your workplace plan to see if you can bump it up without cutting into your other financial obligations. Even raising it by a couple of percentage points can boost your savings balance considerably – especially if you make it a habit every fall.
Here’s an example of how raising your contribution rate by 1 per cent or 2 per cent each year can grow your long-term savings over 20 years:
Check in on your contribution room
As an employed taxpayer, you can contribute to a Registered Retirement Savings Plan (RRSP) until the end of the year you turn 71. Your personal limit is generally 18 per cent of your previous year’s earned income, up to a maximum of $33,810 for 2026 – and any room you don’t use carries over year to year. You can also contribute up to $7,000 to your TFSA in 2026, on top of any unused room you’ve built up since you became eligible. Both limits are listed on your Notice of Assessment.
See if you’re on track to make the most of your contribution room – and if you’ve got space, where it makes sense to top up.
Take a look at where your group savings are invested
One of the great things about an employee savings program is how simple it makes saving for retirement. But that doesn’t mean a fully hands-off approach is best. Depending on when you started investing in your plan, your goals, risk tolerance, timeline to retirement and priorities may have changed. Reviewing where you’re invested can help keep your investments aligned to what’s most important to you.
Check in with MyAdvisor
As an RBC client, you get access to MyAdvisor – an easy-to-use digital advice platform that allows you to see all your savings and investments – even those outside RBC – in one place. With MyAdvisor, you can:
MyAdvisor combines the convenience of digital planning with the confidence of personalized advice. Whether you’re building your retirement strategy, adjusting your savings plan or preparing for a major life change, an RBC advisor can provide guidance tailored to your goals.
A few minutes is a small investment for the confidence of knowing where you stand. A quick check-in now – on your contribution rate, your contribution room and where your savings are invested – can carry you through a strong finish to the year and set the tone for the next one. Not sure where to begin? Start by connecting with an RBC advisor and take it one step at a time.
Disclaimer
- MyAdvisor is an online platform from RBC where you can view your financial information including visual representations (charts and graphs) of your retirement readiness, net worth, cash flow, and financial goal tracking. You can also see how varying your current approach can affect your savings and goals. The MyAdvisor platform also enables you to book an appointment with an RBC advisor and to meet with your advisor using video chat or phone to open new accounts, including investment accounts, and get advice on meeting your financial goals.
- Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). Investment advice provided by RMFI may be delivered through the MyAdvisor platform. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
