Happy New Year my fellow readers. As we step into the new year, some of us will try to set up some goals and affirmations.

Let us hope you do reach them as the year passes by.

COVID-19 is still here and by the time the vaccine reaches many Canadians it will more likely be by late spring. Do not give up hope, but look forward to a more normal life.

In this column, I will try to recap all the articles I have written about in the previous year.

Debt was the first issue and it is the most difficult financial problem.
Reflect upon how you got into debt and what lifestyle changes one must make to get out of the situation. Focus on the most expensive debt (more likely credit card debt.)

Build up your credit score: It will save you a lot of money in interest in the future. The only debt one should have is mortgage or if this debt is used to earn an income.

Don’t forget 2020 Tax Returns and to get all your paperwork in order, T4s etc. medical expenses, charitable donations, student loan interest, tuition credit, RRSPs and any other relevant documentations that one is aware of.

If you are working from home because of COVID-19, you will not need the Condition of Employment Form.

Remember the CERB is a taxable income. Keep your tax filings current so that you do not miss out on any future benefits that may result from this pandemic.

Investment trends for 2021.This year has seen some households build up a significant bank balance. If you are going to invest in the stock market, experts forecast that 2021 will not be a banner year like 2020 and there might be some adjustments along the way.

If you are looking at the long-term horizon, then the stock market has always seen an upward trend.

My personal preference for an investment vehicle would be under a TFSA umbrella instead of an RRSP.

Planning to buy a home in the coming year: Contribute aggressively into your RRSP and use the funds for the down payment.

Is this a good move. Again the long-term trend is an upswing in the home prices. With low interest rate the prediction is a 5% to 6% increase in prices for the GTA.

Research the market, talk to real estate agents, banks and other individuals within your social realm.

As for interest rates, there are indications they will go up because inflation will creep in as the economy gathers steam.

For the business owner, evaluate the past year and plan for the coming year, given the current situation and the changing environment as it applies to your business.

“Plan your Business and work your Plan” should be your motto. Make sure that you take full advantage of the various rebates offered by the federal, provincial and city officials.

Pay attention to the markets and real estate prices, study the business pages and educate yourself by reading all the materials you can.

Rattan Gandhi is owner of Quick Refund Tax, 133 Sixth St. His opinions stem from 15 years of experience in helping clients in the tax area. He can be reached at 905-616-5253 or rattangandhi@gmail.com.