Owning a home comes with financial tasks spread throughout the year. This month-by-month calendar keeps you organized and helps you make the most of your mortgage — from maximizing prepayments to preparing for renewal to managing property taxes.
Customize this calendar based on your mortgage anniversary date (when your term started) and your municipality’s property tax schedule.
January
Mortgage Tasks
- Review your annual mortgage plan — Set goals for the year: target prepayment amount, savings goals, planned improvements
- Check your prepayment privilege reset date — If your anniversary is in January, your annual lump sum allowance has just renewed
- Make a lump sum payment (if your prepayment privilege just reset) — Early-year lump sums save the most interest
Tax and Finance Tasks
- Organize tax documents — Start collecting T4s, RRSP contribution receipts, and home-related deductions
- Review last year’s property tax bill — Plan for any expected increases
- Check your FHSA / RRSP contribution room — New contribution room available as of January 1
Rate Watch
- Check the Bank of Canada rate decision schedule — The BoC makes 8 rate announcements per year. Know the dates.
- Review the mortgage rate forecast — Understand where rates may be heading for the year
February
Mortgage Tasks
- RRSP contribution deadline (March 1) — Last chance to contribute for the previous tax year
- If using the Home Buyers’ Plan: Ensure RRSP repayment is on track (annual minimum repayment is 1/15 of the total withdrawal)
Homeowner Tasks
- Review home insurance — Is your coverage adequate? Have you made improvements that require additional coverage?
- Late-winter home check — Inspect for ice dams, frozen pipes, and snow load on the roof
March
Mortgage Tasks
- Spring market preparation — If you are planning to buy, sell, or refinance this year, now is the time to get pre-approved or start gathering refinance documents
- Review your interest rate — If you are on a variable rate, check where prime rate stands and how your payments have changed
Tax Tasks
- Property tax bills — Many municipalities issue annual or first-instalment property tax bills around this time
- File your tax return — File early to get your Notice of Assessment, which you may need for mortgage applications or renewals
- Claim the first-time home buyer tax credit if applicable (on your personal return)
- Report any rental income from a secondary suite or investment property
April
Mortgage Tasks
- Tax return deadline (April 30) — Ensure your return is filed. Self-employed filers have until June 15 but owe any balance by April 30.
- Review your mortgage statement — Check your principal balance, payments made, and interest paid year-to-date
Homeowner Tasks
- Spring home maintenance — Inspect roof, gutters, foundation, windows, and exterior
- Plan any summer renovation projects — If you need financing, explore home renovation loans, HELOC, or the CSSLP
- Get a property assessment — If your municipality has reassessed, review the new value for accuracy
May
Mortgage Tasks
- Mid-year prepayment check — Are you on track to use your full prepayment privilege this year?
- Rate shopping (if renewal is in fall) — Start researching rates and gathering quotes 120+ days before maturity
Homeowner Tasks
- Property tax payment — First or second instalment may be due (check your municipality)
- Home improvement projects — Start renovation work while weather is good
June
Mortgage Tasks
- Mid-year mortgage review — Pull up your amortization schedule. Check: How much principal have you paid? How much faster would you pay off the mortgage with increased payments?
- Self-employed tax deadline (June 15) — Filing deadline for self-employed individuals (balance was due April 30)
Rate Watch
- Bank of Canada rate decision — Mid-year decisions often set the tone for the second half
- Review bond yields — If the 5-year Government of Canada bond yield has moved significantly, fixed rates may change
July
Mortgage Tasks
- Prepayment opportunity — If you receive a bonus, tax refund, or windfall, apply it as a lump sum
- Consider payment increase — Many lenders allow 10–20% payment increases per year. Even a small increase saves thousands. See strategies to pay off faster.
Homeowner Tasks
- Property tax — Mid-year instalment may be due
- Review your home value — Check recent sales in your neighbourhood. Your equity may have changed, affecting refinancing or HELOC options. See how much is my house worth.
August
Mortgage Tasks
- Fall renewal preparation — If your mortgage renews in December–February, start shopping now (120 days out)
- Back-to-school budget adjustment — If expenses increase significantly in the fall, consider whether your payment strategy needs adjusting
Rate Watch
- Watch for rate trend changes — Fall rate movements often reflect expectations for the following year
September
Mortgage Tasks
- Final quarter planning — Determine how much of your annual prepayment privilege remains. Plan to use it before your anniversary date.
- FHSA/RRSP deadline planning — If saving for a home purchase, plan contributions before December 31
Homeowner Tasks
- Fall home maintenance — Clean gutters, inspect heating system, seal windows and doors, check insulation
- Review home insurance — Make any changes before renewal (most policies renew annually)
October
Mortgage Tasks
- Year-end prepayment push — If your prepayment privilege resets in November–January, make any remaining lump sum payments before it resets (unused prepayment room does not carry over)
- Evaluate your mortgage strategy — Is your current term and rate type still right for you? Have your circumstances changed?
Tax Tasks
- Property tax — Final instalment may be due
- CRA correspondence — Review any reassessments or correspondence before year-end
November
Mortgage Tasks
- Renewal shopping (for spring renewals) — If your mortgage renews in March–May, start getting quotes
- Review your total housing costs — Mortgage payment + property tax + insurance + utilities + maintenance. Is this still within your comfortable budget?
Rate Watch
- Rate forecast for next year — Start reading expert analysis on where rates may go. See rate forecast methodology.
December
Mortgage Tasks
- Year-end lump sum payment — Use any remaining prepayment room before your anniversary date if it falls in December–January
- End-of-year mortgage position — Note your total principal paid, interest paid, and remaining balance for personal records
- Next year’s mortgage plan — Set prepayment targets, review whether you should change from fixed to variable (or vice versa) at next renewal
Tax and Finance Tasks
- RRSP and FHSA contributions — Maximize contributions before December 31 for FHSA; RRSP deadline is March 1 for previous tax year deduction
- Year-end financial review — Net worth update, review all insurance, update your budget for next year
- Review your estate plan — Ensure beneficiary designations and life insurance are up to date
Key Annual Dates to Track
| Date | Event | Action |
|---|---|---|
| Your mortgage anniversary | Prepayment privilege resets | Make lump sum payment as early as possible |
| 120 days before maturity | Renewal shopping begins | Start getting quotes from brokers and lenders |
| 8 BoC announcement dates | Rate decisions | Variable-rate borrowers: check for payment changes |
| March 1 | RRSP contribution deadline | Maximize contributions for previous tax year |
| April 30 | Tax filing deadline | File return, claim home buyer credits |
| Municipal tax due dates | 2–4 instalments per year | Pay on time to avoid penalties |
| Home insurance renewal | Annual | Review coverage and shop for better rates |
Related Resources
- Pay Off Your Mortgage Faster — Prepayment strategies that save thousands
- Prepayment Privilege Rules — What you can prepay without penalty
- Mortgage Renewal Guide — Complete renewal walkthrough
- Mortgage Renewal Checklist — Step-by-step renewal checklist
- Bank of Canada Rate Explained — How BoC decisions affect your mortgage
- Mortgage Budget Template — Plan your monthly homeowner budget