Happy New Year! We hope you’re having a wonderful start to 2025. With the new year comes updates to contribution limits, and we’d like to highlight some key resources and facts that may be useful to you as you plan for the year ahead.
2025 Handy Financial Planning Facts
The 2025 Handy Financial Planning Facts is a wonderful printable PDF that highlights key information you may need throughout the year including maximum contribution limits, tax deadlines & rates, and more.
TFSA Contributions
With the start of a new year comes new room to contribute to your Tax-Free Savings Account. The annual contribution limit for 2025 is:
$7,000
Webinar: Unlocking the Power of a Tax-Free Savings Account (TFSA)
Ellen will be hosting a webinar on Thursday, January 16th at 12pm about the power of a Tax-Free Savings Account. Some of the topics she will discuss include:
- Differences between a TFSA vs. other savings plans
- The power of tax-free compound growth & consistent savings
- Understanding contribution limits and penalties
- Investment options within a TFSA
- A tax-free source of retirement income
- TFSAs as part of your estate plan
If you would like to attend please register using the following link: Webinar: Unlocking the Power of a Tax-Free Savings Account (TFSA) registration
We also encourage you to share it with your friends and family if they are interested.
FHSA Contributions
With the start of a new calendar year, FHSA holders are entitled to an $8,000 annual contribution for 2025.
$8,000
If you are a Canadian resident, are age of majority, and are a first-time home buyer you may be eligible to open an FHSA account. It is a wonderful account that is a tax-efficient way to save towards the purchase of your first home and if you don’t end up buying or building a qualifying home, you can direct the funds toward your retirement.
RRSP Contributions
The deadline for 2024 RRSP contributions is March 3, 2025. The 2024 RRSP contribution limit is:
18% of the prior year’s earned income to a maximum of
$31,560
$32,490 for 2025 – deadline March 2nd, 2026
RRIF/LIF Details
We would like to highlight you can now view your RRIF/LIF information online through your RBC DS online access. You can find the following details:
- Your RRIF/LIF Plan Summary, including your market value, minimum annual payment required and requested annual payment amount
- Your RRIF/LIF Payment Information and Schedule, including your payment amounts, payment frequency and requested withholding tax amount
- Your RRIF/LIF Year to Date Summary, which provides your year-to-date payment amount and withholding taxes
Tax Reporting Guide
Tax season is approaching, and we are here to help ensure you have all the documents you need!
The tax reporting guide summarizes the important dates and required tax information to prepare your annual tax return. It includes a handy list of potential tax slips you may receive from RBC DS and the approximate mailing & online availability dates.
Please reach out to us if you would like to receive an electronic copy of your tax slips or have them uploaded to your DS Online access.
"How will you replace your current income in retirement?"™