Financial planning is time sensitive. While the following list is not exhaustive, here are some items that must be considered, incurred or paid in order to be included in your 2014 tax return.

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A new bank forecast argues the financial blows of low oil prices on the Canadian economy could be more than cancelled out by the weaker loonie and additional consumer spending on both sides of the Canada-U.S. border. The bank analysis pointed to a combined effect of three "offsetting positive outcomes" from low-priced crude: a boost for the U.S. economy; the lower Canadian dollar's benefit to exporters selling to the stronger U.S. market, and more spending by Canadians thanks to cheaper fuel.

Plunging oil prices, temperamental Russia and less accommodative U.S. monetary conditions will drive volatility into the New Year. "Indeed, since the summer, equity market gains have been accompanied by greater gyrations. Looking forward to 2015, investors should be focusing on assets where value offers some downside protection. U.S. economy momentum should help company earnings growth and thus allow stocks to move higher next year.