I will be hosting a live webinar Monday April 7th 2025 to go over our strategy to discuss the current volatility in the markets and the precautions we are taking to ensure our clients are protected.
In the meantime, rest assured I have my eyes on the road and my hands on the steering wheel. We have a very well defined strategy which accounts for geopolitical tensions, recessions, different interest rate environments, wars, natural disasters and many unforeseen circumstances in perpetuity.
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Petrov Tax Guide 2025
To help make tax time easier for you, your 2024 tax slips are available through your online portal if you are set up to receive them electronically, including mutual fund tax slips (tax slips issued by other issuers outside of RBC will continue to be sent by regular mail).
If you aren’t set up to receive the tax slips electronically, you will or have already received them by mail.
The Petrov Wealth Management Group can also send the tax slips (personal and/or corporate) to your accountant directly with your permission.
Also, please note that we can assist you in making the payments to CRA directly as well.
Important dates
| April 30, 2025 | Last day to file your 2024 tax return without penalty. |
| June 15, 2025 | Last day to file your 2024 tax return without penalty if you are self-employed. |
Tax-Free Savings Account (TFSA)
You can now make your Tax-Free Savings Account (TFSA) contribution for 2025 (up to $7,000).
If you haven’t maximized your TFSA contributions in the past, you can also catch up on your 2009-2024 contributions.
| Years | Maximum contribution amount (per year) |
| 2009-2012 | $5,000 |
| 2013-2014 | $5,500 |
| 2015 | $10,000 |
| 2016-2018 | $5,500 |
| 2019-2022 | $6,000 |
| 2023 | $6,500 |
| 2024-2025 | $7,000 |
The total TFSA contribution limit from 2009 to 2025 is $102,000.
To make your TFSA contribution, or if you have any questions, please contact us. We would also be pleased to assist your family members with their TFSA contributions.
Registered Education Savings Plan (RESP)
- Contributions must be made between January 1 and December 31 of that year.
- Annual RESP contributions of up to $2,500 qualify for government assistance.
- Federal grants (CESG) are 20% and provincial grants (QESI) are 10% of the amount contributed per year.
- Lifetime cumulative grants per beneficiary cannot exceed $7,200.
- The grant is generally available for contributions for beneficiaries up to the end of the year the beneficiary turns 17.
First Home Savings Account (FHSA)
The First Home Savings Account (FHSA) can help you save for a first home, while enjoying important tax advantages. Even if you, personally, already have a home, the FHSA may still benefit your younger family members.
The annual contribution period for the FHSA is January 1 to December 31. This means you must contribute before December 31 to have your contribution amount deducted from your taxable income for 2025.
You can contribute a maximum of $8,000 to your FHSA a year, up to a lifetime limit of $40,000. If you’re not able to make contributions in a given year, you can carry forward any unused contribution room to the next year, up to a maximum of $8,000 for a total contribution of $16,000 for the year. Contribution room only starts to accumulate once you open your FHSA.
The Petrov Wealth Management Group accepts clients primarily by referral. If you think we can help a loved one or a colleague, please reach out and let us know.
Yours truly,
Alex & the Petrov Wealth Management Group