Hi everyone! Our teams Service Hubs are dedicated to informing you of significant deadlines, general investment information, and highlight the services provided by our RBC professional partners. We send out Service Hubs Bi-monthly.
As we approach year-end, our November service hub focuses on end of the year important date reminders. These deadlines include; RESP contribution, Charitable contribution, Tax-loss selling, and RIFF/LIF payments. Additionally there is a reminder of early 2024 contributions to your TFSA and RRSP. Please get in touch with our team if you are in need of assistance to make these contributions.
Our team places a strong emphasis in Estate Planning, and being properly prepared for the inevitable. You will find helpful articles on creating a will.
Please visit our website at the link below to take you directly to articles pertaining information on: Estate planning for you & your family.
Deadline of Dec 29th, 2023
The federal donation credit is 15% for donations up to $200 a year. Donations exceeding $200 a year the federal donation credit is 29% - 33%. Provincial donation credits are also available and can be up to 55% if the total annual donations exceed $200.
Please click the link for our article on the 5 T’s of Charitable Giving
Tax Loss Selling
Deadline of December 27th, 2023
For your loss to be immediately available for 2023, the settlement must take place in 2023. The last trading date of 2023 for Canadian and U.S publicly trades stocks will be on December 27th, 2023 to record the gain or loss in the 2023 taxation year.
Please click below additional important Articles pertaining to end of year planning:
Deadline of December 31st, 2023
The Government will match 20% of the first $2,500 in annual contributions to get a maximum grant of $500 per beneficiary, per year. If you haven’t contributed annually to your RESP Account, beneficiaries can have up to $1000 CESG of unused carry-forward room paid into their RESP Account per year.
For any beneficiary who has turned 17 in 2022, this will be the last year that a contribution can be made with eligibility to receive the Canada Education Savings Grant (CESG)
EAP Payments this year have increased from $5000-$8000 for withdrawals in a RESP.
Please click the link on our Withdrawals from our RESP Article
RRIF/LLIF PAYMENTS 2023
Deadline for withdrawal of December 31st, 2023
RRIF/LLIF information available on WM ONLINE
Log in Online
New section on the LEFT side of the navigation bar - RRIF/LLIF Details
Click on the link : to view all your payment information
Payment Info & Schedule
All minimum RRIF payments must be withdrawn by the end of this year. You have the option to withhold Tax on your 2024 RRIF Withdrawals, please call us to discuss. Amanda will reach out to anyone who has not fully withdrawn their payments by the end of November.
January 2024 – you will receive an email on your new minimum amount for 2023 withdrawal.
Please click on the link to find our article on RRIF Payment Minimums
You have until Feb 29th, 2024 to make a contribution in order to be able to deduct the amount on your 2023 tax return. If you have contribution room, it may help to maximize the tax deferred growth in your plan.
A TFSA account enables you to make tax-free investment income. This includes dividends, interest, and capital gains. If you have not yet done so, you can make your TFSA Contribution for 2023 ($6,500) and catch up on any unused contribution room from previous years.
As of January 2nd, 2024 you will be able to contribute $6,500 for your 2024 contribution.
Please find below some helpful links from our Webinar we had last week:
Where there’s a Will, there’s a way: Canadian Perspectives on Estate Planning
Estate Planning Checklist
Please click on the link below to access the checklist to see if you have any questions on Estate Planning
Articles on Canadian Estate Planning:
Please reach out to us if you have any questions or need assistance on Estate Planning
RBC Dominion Securities – GIC Rates
With the recent interest rate increase, we have had many inquiries on our GIC Rates. If you have funds sitting in cash this might be a beneficial option.
We offer locked in GIC’s from 1-5 Years.
RBC Bank 1yr GIC’s 5.45%
RBC Bank 1yr Cashable GIC’s 4.30%
Cashable GIC’s can be redeemed after 30 days. This rate locked in for one year from the date of purchase
Please see below our current GIC Rates