The RRSP contribution deadline of March 3rd, 2025 is fast approaching us for the 2024 tax year!
If you plan on making a contribution, February 27th is the last day the request can be submitted for the funds to be processed in time for the deadline. Contributing early can give your RRSP a boost by giving your assets more time to benefit from tax-deferred compound growth. We encourage you to consider an online contribution, as we have been experiencing significant delays with the postal system. Please reach out if you need assistance with the process, we are happy to help.
Your 2024 RRSP contribution is 18% of your 2023 earned income, or $31,560 (whichever is less). However, there may be other factors that affect your contribution room, such as unused contribution room from prior years.
To determine your personal contribution room, check your latest Notice of Assessment or log on to your Canada Revenue Agency MyAccount at www.cra-arc.gc.ca/myaccount.
The mailing process for tax documents will begin on February 21st and continue through to the end of March. As always, we encourage you not to file too early.
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 “Settings” link under the “My Account” tab
- Select the “Document Delivery” tab. There, you’ll see a list of your accounts and the delivery type for each document type. Click on the “Delivery Type” dropdown beside any of the document types individually and select “Electronic Delivery”
- Click “Save Changes”
- Read the Terms and Conditions. If you agree, tick the checkbox by “I have read and agree to be bound by the Terms and Conditions presented above”
- 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