As the months change, so too may one’s focus. While some may be watching the snow forecast and hoping for epic ski days, some may have one foot in the pool as they prepare for a warm get away. For us at Baun & Pate, it is the upcoming tax season (fun stuff, we know!). With that said, we want to ensure you are well-informed about important contribution limits and deadlines to facilitate a smooth and compliant tax filing season.
This email will be the first in a two-part series. Today we will focus on registered accounts, their contribution or withdrawal limits, and deadlines that may apply. Next month we will focus on tax rates, tax savings opportunities and filing deadlines.
We have already heard from many of you regarding your TFSA and RRSP contributions for this year, please keep in mind that the information provided in these emails is all encompassing and some of the items mentioned may not apply or have already been addressed. We would encourage you to reach out to anyone on the team if you would like to have a more detailed discussion.
| RRSP
(2023 Tax Year) |
Contribution Limit | 18% of 2022 earned income or $30,780, whichever is lower. Plus, any previous unused contribution room. |
| Deadline | February 29, 2024 | |
| Previous Unused Room | Can be found on your 2022 Notice of Assessment (NOA) or by accessing your CRA My Account. | |
| RRSP
(2024 Tax Year) |
Contribution Limit | 18% of 2023 earned income or $31,560, whichever is lower. Plus, any previous unused contribution room. |
| Deadline | March 3, 2025 | |
| Previous Unused Room | Can be found on your 2023 Notice of Assessment (NOA) or by accessing your CRA My Account. Please note: only available once 2023 taxes have been submitted. | |
| TFSA | Contribution Limit | $7,000 plus any previous unused contribution room. The current lifetime contribution for someone who was at least 18 years old in 2011 is $95,000. |
| Deadline | December 31, 2024 | |
| Previous Unused Room | As a reminder, amounts withdrawn from a TFSA get added back to your contribution room in the following year. You can access your contribution room by accessing your CRA My Account. Please note: 2024 TFSA limits are not updated until March. | |
| FHSA | Contribution Limit | $8,000 plus any previous unused contribution room. The current lifetime contribution for someone who was at least 18 years old and had opened a FHSA in 2023 is $16,000. |
| Deadline | December 31, 2024 | |
| RESP | Contribution Limit | $2,500/beneficiary under the age of 17 up to a lifetime contribution of $50,000/beneficiary. |
| Deadline | December 31, 2024 |
The information contained herein has been provided for information purposes only. The information has been drawn from sources believed to be reliable. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Wellington-Altus Private Wealth Inc. (WAPW) does not guarantee the accuracy or completeness of the information contained herein, nor does WAPW assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Before acting on any of the above, please contact your financial advisor.
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