Year-End Reminders

• The RESP deadline for 2024 is quickly approaching. Contributions must be made between January 1 2024 - Dec 31 2024 to be eligible to receive the Canada Education Savings Grant for that calendar year. Contribution room can be carried forward to a maximum of $5,000 each for full grant eligibility. If the beneficiary is 17 years old this calendar year, this is the final year for eligibility. If you need assistance in transferring funds to your RESP, please click here.
• The TFSA contribution limit remains the same for 2025, $7,000. There is no limit to how many years you can carry forward unused contribution room. Any unused contribution room from previous years accumulates and can be carried forward indefinitely. 
• The RRSP deadline is March 3 2025 for the 2024 tax season, we will send another reminder closer to this date
• The annual contribution limit of $8,000 must be received by December 30th 2024 for the First Home Savings Account (FHSA)

Charitable Giving

Charitable giving is more than a financial decision it's a meaningful way to support causes close to your heart and make a lasting impact on your community. As the year comes to close, many individuals and families choose to reflect on their values and incorporate giving into their financial plans. Making donations before December 31st 2024, can also provide tax benefits. Donating appreciated securities for example allows you to avoid capital gains tax while maximizing your contribution to the charity. If you would like to proceed with donating securities from your account, please contact us by December 13th 2024. Charitable Donations offers an outline of how you can qualify for the donation tax credit and how the tax credit is calculated for personal donations. If you are looking to make a charitable donation from your corporation or have any questions on either methods, please do not hesitate to contact us.

 

Hayes Vickers Private Wealth