What To Be Considered In The Financial Plan? A financial plan will help you meet your needs today and in retirement, and help protect you from the unexpected along the way. You need to review your financial plan every year. Here are five key financial products that should be included of your plan: 1. Registered Retirement Savings Plan (RRSP) is one of the most tax-effective ways to save for retirement. 2. Tax-Free Savings Account (TFSA) is an ideal savings tool for both long-term and short-term goals such as a vacation or home renovation. 3. Life insurance needed to cover income replacement, final expenses and short term debts. 4. Critical illness and disability insurance needed to ensure you’ll be financially protected should you ever become unable to work due to illness or injury. Would your workplace benefits provide you with adequate coverage? If not, what would happen to you and your family? 5. Registered Education Savings Plan (RESP) is a special savings account that lets you save for your kids’ university education. The Government of Canada will match 20% of your annual contributions up to a maximum of $500 per year to a lifetime maximum of $7,200 per child