Tax season isn't just about filing returns—it’s an opportunity to optimize your wealth strategy. With new tax rules in 2024, we’re here to help you navigate these changes and make informed financial decisions. Your 2024 guide to tax reporting, summarizes the important dates and required tax information to prepare your annual tax return.

Key Tax Deadlines

• Mach 3, 2025 - Last day for 2024 RRSP contributions
• April 30. 2025 - Filing deadline for 2024 tax returns
• June 15, 2025 - Filing deadline for self-employed individuals

As the first month of 2025 nears the end, Early 2025 for Tax Tips offers a focus on tax planning in efforts to minimize tax income.

Accessing Your Tax Documents

RBC Wealth Management Online provides easy access to 2024 slips, including mutual fund tax slips from RBC. Non-RBC issuers will continue to send slips by mail. Please contact us for assistance with accessing your tax information via RBC Wealth Management Online. 

• A couple of recent changes to look for: 
  • 1099 tax packages for U.S. residents will no longer include Canadian or other non-U.S. source income. If this change affects you, please contact us for support.
  • First Home Savings Account (FHSA) Tax Documents: If you have an FHSA, you'll receive a T4FHSA detailing your account transactions. Documents will be available via RBC Wealth Management Online in February 2025.

Update for 2024 Tax Filing

• The Government of Canada defers implementation of change to capital gains inclusion rate:  On January 31st, 2025, the Minister of Finance announced that the Federal Government is deferring the date on which the capital gains inclusion rate would increase from 1/2 to 2/3 on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and trusts from June 25th 2024 to January 1st, 2026. Government of Canada announces deferral in implementation of change to capital gains inclusion rate. 
• Alternative Minimum Tax (AMT): As of January 1, 2024, the AMT rate has increased to 20.5% from the previous 15%.
• Charitable Donations Extension: The deadline for 2024 charitable donations has been extended to February 28, 2025, as recently announced by the Federal Government. This extension allows additional time to make contributions that can be claimed on your 2024 tax return.  

Please refer back to our April blog, where we discussed the proposed changes to the Federal budget, along with related articles on this topic. 

Hayes Vickers Private Wealth Tax Planning Support

• Review your portfolio for tax-efficient opportunities.
• Develop a plan to manage capital gains in line with your long-term goals.
• Work with your tax advisors to implement wealth preservation strategies.

As we enter 2025, proactive tax planning can help minimize your tax burden. If you have any questions or would like to review your portfolio, contact us to schedule a meeting 

Hayes Vickers Private Wealth