The RRSP contribution deadline of February 29th, 2024, is fast approaching us for the 2023 tax year!

If you plan on making an online contribution, February 26th is the last day the request can be submitted for the funds to be processed in time for the deadline. Unfortunately, we are unable to backdate the contributions to the date it was sent. If you need help setting up an online contribution, we would be glad to help.

If you are wondering how much you can contribute to your RRSP, the maximum contribution is 18% of your 2022 earned income, or $30,780 (whichever is less). However, there may be other factors that affect your contribution room, such as unused contribution room from prior years.

You can determine your personal contribution room by checking your latest Notice of Assessment or logging on to your Canada Revenue Agency MyAccount at www.cra-arc.gc.ca/myaccount.

Contributing early can give your RRSP a boost by giving your assets more time to benefit from tax-deferred compound growth. You can start making 2024 contributions at any time starting January 1st, and furthermore, the contribution limit for 2024 has increased to $31,560.

The mailing process for tax documents has just begun and will continue through to March 31, 2024. As always, we encourage you not to file too early as some slips will only start mailing mid-March.

On our WM Online platform, you can now choose to receive your tax documents electronically as soon as they become available instead of waiting for paper copies to arrive. They will also be archived for 7 years provided the account remains open.

A few key benefits of receiving your documents electronically are:

Secure document storage

Faster delivery time than with mail delivery

Reduction in the use of paper

To enroll for eTax:

Log in to WM Online

Go to the “View and Manage Documents” link under the “My Account” tab

Change your view to the “Manage Documents” tab and change your preference to “Electronic” for your account(s)

Click “Continue” to review and agree to the consent agreement

Click “Submit” to save changes

You can also choose to have a notification by email when your electronic tax document(s) is ready. To opt in for eNotifications:

Go to “Edit Profile” located under the “My Home” tab

Select “Email Address and Preferences”

Enter your email address and ensure the boxes beneath it are unticked

Click “Update Info” to save changes

As always, we are here to help so please don’t hesitate to reach out if you have any questions.

All the best,

Livingston Wealth Management Group