TAX TIME! LET’S GO!

It’s that time of year again!
You got it… tax time!

First things first…

The RSP deadline is March 3, 2025 – that is the last day to make eligible contributions for the 2024 tax year. If you constantly struggle to get your RSP maxed out each year… consider moving contributions to a monthly contribution amount (we can set this up for you no problem!). The RSP contribution limit for 2024 is $31,560.

Tax slips are starting to show up in mailboxes and inboxes relating to 2024. Although not all slips have been sent out as of yet… rest assured that they will show up soon. Thank goodness the Canadian postal strike is behind us and Canada Post is mostly back up to normal schedules (aside from recent weather related delays in many parts of the country).

Just a reminder that the 2024 tax filing deadline for most people is April 30, 2025. Any amounts owing to Canada Revenue are also due on that date. The self-employed filing deadline for yourself or your spouse is June 15, 2025. If you have a balance for self-employed the payment deadline remains April 30, 2025.

If your children are looking for ways to further help for future home considerations now is a great time to get a First Home Savings Account (FHSA) set up. Please let us know if you have any questions!

TFSA limits for 2025

As with last year, the Tax Free Savings Account Limit (TFSA) is $7,000. The limit was increased last year for 2024, so if you have not maxed out yet make sure to take advantage of those opportunities.

If you have any tax related questions or are unsure of what information you may still need to file your return, please reach out to us and we will try and help however we can. Once you have filed your tax return, please send us copies of your notices of assessments. These measures can add tremendous opportunity from a planning perspective.

By Andrew Hawryluk
Wealth Advisor
Assante Financial Management Ltd.

The opinions expressed are those of the author and not necessarily those of Assante Financial Management Ltd. This material is provided for general information and the opinions expressed and information provided herein are subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on the information presented, please seek professional financial advice based on your personal circumstances.