Even if you've reached an income ceiling, you can still improve your financial well-being and build wealth.

Statistics Canada recently identified the richest of the rich -- the top one-hundredth of a percent -- as those reporting incomes over C$2.8 million on their 2004 tax return, while the richest 5 percent of the national tax-filing population -- 1.2 million -- earned at least C$89,000 that year.

From 1992 to 2004, incomes have been on the rise, but not across the board. Baby Boomers and those living in Alberta, reportedly experienced gains of about 60 percent over that period, but many groups, including those under 45 and over 65, as well as tax payers living in smaller provinces, saw little income improvement.

As the remaining 95 percent of Canadians attempt to increase their incomes, they may benefit in the short haul from professional advice on keeping as much of their earnings as possible, rather than losing out unnecessarily to taxes, borrowing charges, interest rates and other financial sink-holes.

Too often when income is static or money tight, consumers see little point in learning more about money management. In reality, this is the time when financial education may be most useful.

The recent Financial Consumer Agency of Canada study, "Financial Literacy: Lessons from International Experience," conducted by the Canadian Policy Research Networks, reports that shortcomings in financial literacy -- "the ability to understand, analyze, and use information about financial decisions in day-to-day life" -- leave consumers increasingly at risk as finances become more and more complex: "the penalty for financial illiteracy can be severe, especially for low-income families that stand to lose the most, proportionally, from poor financial decisions."

Where did you learn your financial literacy skills? How did you accumulate the financial knowledge to consistently act in your own best interest? Do you wait for a crisis, an error or tax-time before contacting professional advisors for ideas on how to make the most of what you have?

• As year-end approaches, there may still be time for your tax advisor to help you take advantage of a tax-saving opportunity. For instance, should you sell your income property now or in the new year? That's a question for your tax expert and one to consider annually in the context of your entire financial portfolio.

• When did you last talk to your investment advisor? Do you know which strategies are enabling you to benefit from strong real estate markets and low interest rates?

• When was the last time you calculated exactly what it costs to use the money you earn. Add up bank, debit and credit card charges to find out how much of each loonie is really yours to spend. Investigate lenders beyond traditional banks to discover cost-effective bank accounts, debit cards, credit cards and saving options.

• Real estate brokers and salespeople frequently offer free market evaluations. Have you taken your local professional up on their offer to provide you with facts regarding the micro-market on your street and the current value of your real estate? The analysis of sold properties should reveal ways to increase the value of your property.

• Have you discussed strategies with your mortgage lender which will reduce total interest costs on your existing mortgage? If you're renewing, have you inquired into possible advantages of moving your mortgage to another lender? The Canadian Association of Accredited Mortgage Professionals (CAAMP), which supports the Accredited Mortgage Professional (AMP) designation, reports that "of the 4.9 million home owners in this country, almost 300,000 will not renew their mortgages (mortgages will have been paid off)." The sooner you join this group, the more interest (and, therefore, income) you may save.

• Home buyers in need of a new mortgage may benefit from the professional services of a mortgage broker with the expertise to shop the market and arrange financing that provides more advantages than merely a slightly-lower interest rate. Professional guidance on mortgage terms and repayment options is just as important when rates are static or on the decline. CAAMP keeps its 10,000 members, and interested consumers, abreast of mortgage issues and trends. Education tools include a range of mortgage calculators to experiment with.

Do you consciously work to improve your money management skills and knowledge? The Internet is an inseparable element in our daily lives, but how are you using online access to further your personal goals and financial security?

Governments, community groups and professional associations generate a wealth of independent consumer-protection content. Do you take advantage of it? For instance, the Financial Consumer Agency of Canada (FCAC) main site and its consumer portal www.moneytools.ca carry Tip Sheets, Quizzes and more, all designed to provide vital details concerning financial products, services, consumer rights and related issues relevant to personal investigations of insurance, credit, low-cost bank accounts, mortgages and the dizzying array of financial options. If you have questions, visit www.fcac.gc.ca or call the toll-free Consumer Contact Centre at 1-866-461-3222 (TTY number is 613-947-7771 or, toll-free, 1-866-914-6097).

Since December debt can linger many months into the next year, the approaching holiday season could prove to be a useful starting point for new money habits. "Green" philosophies promote reduction of material accumulation, so your version of a "green" Christmas could include celebrating the season and creatively keeping more of what you earn.