Happy New Year! We hope you are having a wonderful start to the year. We would like to start the year off by highlighting some key resources and facts that may be useful to you.
2024 Handy Financial Planning Facts
We have updated the handy financial planning facts page on our website. It is a wonderful printable PDF that highlights all of they key information you may need in 2024 including maximum contribution limits, OAS & CPP benefits, tax deadlines & rates, and more. It is a great page to keep on hand and refer to throughout the year.
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 2024 is:
$7,000
RRSP Contributions
Because 2024 is a leap year, the deadline for 2023 RRSP contributions is February 29th. Please keep this in mind if you are hoping to contribute to your RRSP and receive the tax deduction for the 2023 tax year.
The 2023 RRSP contribution limit is:
18% of the prior year’s earned income to a maximum of
$30,780
$31,560 for 2024 – deadline March 3rd, 2025
FHSA Contributions
The First Home Savings Account is a new registered investment plan that was introduced in 2023. With the start of a new calendar year, FHSA holders are entitled to an $8,000 annual contribution for 2024.
$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 toward 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.
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.
Will & Estate Planning
Do you have an updated will? Do you feel it reflects your current estate wishes? Have you designated a Power of Attorney? It is really important to review your will and POA designations every 2-3 years. The questionnaire below will help determine next steps when it comes to estate planning:
We have lots of resources available to you that can help with your estate planning. Please do not hesitate to reach out to us if you are in the process of reviewing or creating your will.
"How will you replace your current income in retirement?"™ - Jim Seyers