As another year comes to a close, it’s time to turn our attention to preparing for the upcoming tax season. At Baun & Pate Investment Group, our goal is to help you navigate this process with ease and confidence. This provides reminders on contribution deadlines, contribution limits, as well as other key information to help you stay organized and informed. Next month we will focus on tax rates, tax savings opportunities and filing deadlines.
We have already heard from many of you regarding your registered 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.
With careful planning and preparation, we can work together to ensure a smooth and successful tax filing experience. If you have any questions or need assistance along the way, we’re here to help.
| 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. | |
| RRSP
(2025 Tax Year) |
Contribution Limit | 18% of 2024 earned income or $32,490, whichever is lower. Plus, any previous unused contribution room. |
| Deadline | March 2, 2026 | |
| Previous Unused Room | Can be found on your 2024 Notice of Assessment (NOA) or by accessing your CRA My Account. Please note: only available once 2024 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 2009 is $102,000. |
| Deadline | December 31, 2025 | |
| Previous Unused Room | As a reminder, amounts withdrawn from a TFSA get added back to your contribution room in the following year.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: 2025 TFSA limits are not updated until April. | |
| 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 $24,000. |
| Deadline | December 31, 2025 | |
| RESP | Contribution Limit | $2,500/beneficiary under the age of 17 up to a lifetime contribution of $50,000/beneficiary. |
| Deadline | December 31, 2025 | |
| Charitable Donations | Deadline | February 28, 2025
(Extended for 2024 only due to Canada Post Strike) |
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