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As parents, many of the most important financial conversations don’t stop with your own plan. Whether your children are launching their careers, paying off student debt, or thinking about buying their first home, the financial decisions they make early on can have a lasting impact.

While young adulthood often comes with competing priorities and limited experience, it’s also a critical time to establish strong financial habits. This article outlines the foundational planning concepts young adults should understand, and highlights where guidance, structure, and early support can help set them on a more confident financial path.

Why start financial planning early?

Time is one of your greatest financial advantages a young person has. Starting early allows savings and investments to benefit from compounding, where money earns returns, and those returns generate returns of their own. Even modest contributions made consistently can grow meaningfully over time.

Beyond growth, early financial planning helps young adults:

• Reduce financial stress
• Avoid costly mistakes
• Make intentional choices about spending and saving
• Feel more prepared for major life milestones

A solid plan provides clarity, not restriction, and helps ensure money supports the life they want to build.

Build a strong foundation

Before investing, it’s important to establish a stable financial base.

Create an emergency fund

An emergency fund acts as a safety net for unexpected expenses such as car repairs, medical costs, or job changes. A common guideline is to aim for three to six months of essential living expenses in a high‑interest savings account.

Manage debt strategically

Many young adults carry student loans, credit cards, or car loans. Not all debt is bad, but high‑interest debt can significantly slow progress. Prioritizing repayment, especially for high‑interest balances, can free up cash flow and reduce financial pressure over time.

Understand your Canadian tax-advantaged savings options

Canada offers several powerful registered accounts designed to help you minimize taxes and save more efficiently.

Tax‑Free Savings Account (TFSA)

Despite its name, the TFSA isn’t just for cash savings. It’s a flexible account that allows different types of investments to grow tax‑free, with withdrawals also tax‑free. TFSAs are ideal for shorter‑ or medium‑term goals, or as a complement to long‑term investing.

Registered Retirement Savings Plan (RRSP)

RRSP contributions are tax‑deductible, which can be especially valuable as income increases. While retirement may feel far away, starting early, even with small amounts, can significantly reduce the effort required later.

First Home Savings Account (FHSA)

For young adults planning to buy their first home, the FHSA combines features of both a TFSA and an RRSP. Contributions are tax‑deductible, and qualifying withdrawals for a first home are tax‑free, making it a powerful tool for future homeowners.

Investing with purpose

Investing doesn’t require perfect timing or expert predictions. What matters most is having a clear strategy aligned with goals, time horizon, and comfort with risk.

Young adults typically have longer time horizons, which can allow for greater exposure to growth‑oriented investments. That said, diversification and discipline remain essential. A well‑constructed portfolio helps balance risk while keeping you invested through market ups and downs.

Avoiding emotional reactions to chase trends or react emotionally to short‑term market movements. Consistency and patience are often the most effective investment strategies.

Protect what you’re building

As a young adults life grows, so does the need for protection.

Insurance, such as disability or life insurance, can help safeguard income and loved ones if the unexpected occurs. While it’s not always top of mind early on, having appropriate coverage in place can prevent financial setbacks later.

Financial planning is not one‑size‑fits‑all

Everyone’s financial journey looks different. Career paths, family plans, lifestyle goals, and values all play a role in shaping the right strategy. That’s why financial planning is most effective when it’s personalized and reviewed regularly as circumstances evolve.

Working with a trusted wealth management professional can help you:

• Clarify goals and priorities
• Build a realistic, adaptable plan
• Navigate complex decisions with confidence
• Stay accountable over time

How parents can help

Supporting adult children financially doesn’t always mean providing capital. In many cases, the most valuable support is helping them establish good habits, understand their options, and put a thoughtful plan in place early.

Encouraging conversations around saving, investing, debt management, and long‑term goals can help young adults avoid common pitfalls and gain confidence in their financial decisions.

If your children or grandchildren are at this stage of life, we’re happy to be a resource, whether that means answering questions, providing guidance, or helping them build a plan that complements your broader family goals.

Feel free to share this article with them, or contact us to discuss how thoughtful planning today can support your family across generations.

Recent developments in the Middle East have introduced renewed geopolitical uncertainty into global markets. As expected, the initial reaction included market volatility, rising oil prices, and increased demand for traditional safe‑haven assets such as gold and the U.S. dollar. These moves reflect short‑term caution rather than a fundamental shift in the long‑term economic outlook.

The primary area of focus has been energy markets. A significant portion of the world’s oil flows through the Strait of Hormuz, and concerns about potential disruption have pushed oil prices higher. That said, global oil markets entered this period relatively well supplied, and OPEC+ has already taken steps to increase production—factors that may help limit longer‑term impacts if the conflict remains contained.

Higher energy prices can contribute to inflation pressures, which is why bond markets have been sensitive to these developments. For now, markets appear to be pricing in uncertainty rather than a lasting economic shock. History shows that geopolitical events often create short‑term volatility, while long‑term market performance continues to be driven by fundamentals such as earnings, growth, and valuation.

Our perspective at Rothenberg Wealth Management

Periods of uncertainty reinforce the importance of staying focused on fundamentals rather than reacting to headlines. At Rothenberg, we have access to Harbourfront institutional quality investment solutions that are actively managed to take advantage of long-term opportunities in the markets. Speak with a Rothenberg Wealth advisor to find out more about how these investment solutions can help you achieve your financial goals.

Read the full, in‑depth article here. 

Tax season is here, yet again. If you’re a tax filing veteran, you’re likely comfortable filing your tax return yourself, without any help. There’s satisfaction in doing it yourself and as it turns out, you might even enjoy it.

Canadians still love their tax refunds, but with an increasing number of people missing refunds due to costly mistakes, you might be torn over whether you should go the do-it-yourself route or if now is the time to employ the services of a tax expert.

An error on your tax return can lead to a penalty, interest charges or even an audit by the CRA. Perhaps most importantly, however, you may miss out on valuable tax deductions or credits.

When To Do Your Taxes Yourself

Preparing your own tax return should be easy if your financial situation is simple. We’ll call these people Tax DIYers, where DIY stands for “Do-It-Yourself!”

TurboTax and other off-the-shelf tax preparation software options will walk you through a series of questions about your finances and alert you to any credits and deductions you may qualify for. They don’t require any math calculations or in-depth knowledge of the tax code.

But how do you determine if your position is simple?

1. If preparing your taxes just requires you to pull information from a handful of documents prepared by others, such as the T4, you’ll find basic tax software suitable.
2. If your tax situation hasn’t changed over the last year, you work for an employer, are single with no kids, etc., your tax return would be very straightforward.
3. If nothing is going on in your life that can complicate your tax situation, it might not be worth paying a professional.

When to Hire a Professional

You might be better off hiring an accountant than trying to do your tax return yourself in some situations.

Tax preparers stay up to date on tax codes as well as provincial and federal tax laws.

An accountant can recommend what deductions and exemptions you qualify for and help you plan for future growth by informing you about any tax requirements changes.

Hire a tax expert in case of:

1. Major Life Changes

If you recently got married (congratulations), you might need a professional to guide you on the tax filing status to use. While most couples prefer filing jointly, there are some situations where it makes more sense to file separately.

It’s not just marriage. Other life milestones like expanding your family and having a child, losing or getting a new job, graduating from college and relocating could all impact your tax return and your potential total refund.

An accountant can help you learn about any new benefits or tactics to minimize your tax liability. This way, you will be able to take advantage of every tax break available to you.

A tax professional can also help you learn to navigate your tax return this year, so you feel confident doing it yourself in the future. You can always revert to doing your own taxes if you don’t experience any other major life changes the next year.

2. Failing to Pay in the Past

If you failed to file necessary tax returns in the past years, reach out to a tax expert.

They know about the programs offered by the CRA for individuals in this situation. A tax accountant can help you file years’ worth of returns, something that might take you a long time to master, especially as the April 30 tax filing deadline approaches.

This gives you confidence that your tax return is filed correctly and the peace of mind that you’re in good standing with the CRA.

3. Owning a Business

If you are a business owner, you should probably consider hiring an accountant to prepare your tax return.

Almost every financial transaction comes with some kind of tax consequence. Your accountant will prevent you from making any costly mistakes, help you report tax items accurately, and maximize deductions.

You should also use a tax preparer if you purchased rental property during the year.

4. Simply Not Having the Time

Tax preparation involves gathering documents, reviewing the procedures, and filling out tax forms. It is a notoriously slow and boring process, which is why so many of us dread it and postpone it until the last minute.

While doing this might seem like a simple weekend project for some Canadians, for others, not so much. Maybe you feel that the time you’d spend doing your taxes would be better spent elsewhere.

Consider hiring a tax expert if you lack the time or patience to prepare your own return.

In Conclusion

There is no universally correct answer when it comes to filing your taxes with software versus hiring an accountant or tax professional. Ultimately, the choice comes down to the complexity of your tax situation.

If your tax situation is fairly straightforward and you have some confidence in your ability to work step-by-step through tax software, it’s relatively cheaper to do your own taxes this way.

If your tax situation is more complicated, hiring a tax preparer can be worth the expense. Just ensure the preparer has the right credentials and stellar testimonials to avoid being a victim of tax scams.

Over to You…

The official deadline to file your Canadian personal income tax return for 2025 and pay any taxes owed to the Canada Revenue Agency (CRA) is April 30, 2026. 

As we welcome a new year, it’s the perfect time to revisit your financial goals, take advantage of updated contribution limits, and ensure your long‑term strategy still aligns with life’s evolving priorities. With new TFSA and RRSP limits in effect for 2026, it’s an ideal moment to reflect, reset, and reconnect with your Rothenberg wealth advisor.

1. 2026 contribution limits

TFSA Limit: $7,000 for 2026

The Tax‑Free Savings Account (TFSA) contribution limit for 2026 remains $7,000, matching 2024 and 2025. For Canadians who have been eligible since TFSAs were introduced in 2009, this brings the total cumulative room to $109,000.

RRSP Limit: $33,810 for 2026

The Registered Retirement Savings Plan (RRSP) 2026 contribution limit has increased to $33,810, up from $32,490 in 2025.

These limits give you the flexibility to grow wealth, either tax‑free (TFSA) or tax‑deferred (RRSP), as part of a thoughtfully structured financial plan.

2. A new year is the perfect time to reassess your goals

Financial planning isn’t static. As life evolves, so should your financial and investment strategy. Early in the year is an excellent opportunity to check whether your goals and contribution plans still make sense.

Here are some life changes that may prompt a review:

Career changes or promotions: Higher income may increase your RRSP contribution room and alter your tax planning needs.

Buying a home: You may need to reprioritize savings between RRSPs, TFSAs, and other accounts.

Growing your family: New dependants often mean updated insurance needs, RESP planning, and adjustments to cash flow.

Retirement planning updates: As you get closer to retirement, your investment strategy and RRSP withdrawal plan may shift.

Changes in financial priorities: New goals, such as starting a business, planning a major purchase, or taking a sabbatical, may require a refreshed approach.

Significant family events: a change in family circumstances or receiving an inheritance may alter financial priorities and require revisions to savings strategies and estate planning.

With contribution limits resetting and life changes potentially altering your financial picture, early-year planning helps you stay ahead rather than reacting later.

3. Why meeting with your wealth advisor matters now

Understanding contribution limits is important, but integrating them into a long‑term plan is where the real value lies. A Rothenberg wealth advisor can help you:

• Maximize both TFSA and RRSP opportunities
• Align savings strategies with life changes
• Avoid over-contribution penalties
• Build a personalized investment plan that supports your evolving goals

As contribution room for both accounts resets each January, now is the ideal moment to set up a review and ensure you’re making the most of the year ahead.

Start the Year Strong

2026 brings fresh opportunities, expanded contribution limits, and a natural moment for reflection. Whether you’re adjusting to new life circumstances or simply fine-tuning your long‑term goals, revisiting your financial plan now can set you up for a more confident and successful year.

If you’re ready to make the most of the new year, book a time with your Rothenberg wealth advisor to review your goals and set yourself up for a successful year ahead.