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Canadian Tax Facts and Reminders 2024

February 14, 2024

TFSA & RRSP REMINDER

TAX-FREE SAVINGS ACCOUNTS (TFSAs):

Annual contribution limit for 2024 is $7,000, and the cumulative total as of 2024 is $95,000.
Investment income generated within a TFSA is not taxable.
No deadline for contributions.

REGISTERED RETIREMENT SAVINGS PLANS (RRSPs):

Check your Notice of Assessment from CRA to find out your contribution limit.
Contribution limit is equal to 18% of earned income in the previous year minus an individual’s pension adjustment, up to an annual limit.
Maximum contribution for 2024 is $31,560, assuming no prior year carry-forward room exists.
Deadline for contributions is February 29, 2024.

Tax Package Reminder:

For those clients that have non-registered accounts with us, please remember that your tax package includes a cover page showing all slips that you are due to receive. Do not file your tax return until you have received all slips listed. Also note that some slips (such as T3s) are not generated until the end of March.

2024 Canadian Tax Calendar

Personal income tax deadlines:

2023 RRSP contribution: February 29, 2024 (note the date change due to the leap year).
Quarterly installments for 2024 income tax: March 15, June 15, September 15, December 15
Income Slip dates:
- T4 employment: end of February
- T5s: end of February
- T3s: end of March
Income tax return filing for individuals: April 30
Income tax return filing for self-employed individuals: June 17 (the normal deadline of June 15 falls on a Saturday this year).
Payment of taxes owed (including for self-employed): April 30
Deceased taxpayers: If a death occurred during 2023 between January and end of October, the deadline to file a return in respect of the year of death is April 30. For a death that occurred during November or December 2023, the deadline is six months following the date of death. Any outstanding amount of tax for the deceased are due on the above return-filing dates.
Collapse RRSP: If you turn 71 this year (i.e., during 2024) your RRSP must be converted to a registered retirement income fund or a life annuity by Dec. 31, 2024 (but realistically this should be arranged earlier in December).

More 2023/2024 Canadian tax facts can be found here.

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The information contained herein has been provided for information purposes only. The information has been drawn from sources believed to be reliable. Graphs, charts and other numbers are used for illustrative purposes only and do not reflect future values or future performance of any investment. 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. Market conditions may change which may impact the information contained in this document.  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.