As we approach the end of the year, it’s crucial to stay on top of key deadlines for various savings and financial plans. Missing these dates can impact your ability to maximize contributions, access tax benefits, or meet program requirements. Here’s a breakdown of the most important deadlines and what they mean for you:
Registered Retirement Savings Plans (RRSPs)
- Contribution Deadline: March 3, 2025, for the 2024 tax year.
- Age Limit: You can contribute to your RRSP until December 31 of the year you turn 71.
Staying ahead of these deadlines ensures you optimize your retirement savings and reduce taxable income.
Home Buyers’ Plan (HBP)
- Qualifying Home Purchase: You must buy or build your qualifying home by October 1 of the year after the withdrawal.
- Cancellation Payments: If you cancel participation, payments must be made by December 31 of the year after receiving the funds.
The HBP offers a great way to use your RRSP savings toward homeownership, but timely compliance is essential.
Lifelong Learning Plan (LLP)
- Enrollment Deadline: The student must receive an enrollment offer by March of the year following the withdrawal.
- Cancellation Payments: Due by December 31 of the year after receiving funds if participation is canceled.
The LLP allows you to fund education using RRSP savings, making it vital to meet these deadlines for smooth participation.
First Home Savings Accounts (FHSAs)
- Start Date: Available from April 1, 2023.
- Participation Limits: Ends on December 31 of the earliest event:
- 15 years after opening the account.
- Turning 71 years of age.
- The year after the first qualifying withdrawal.
- Claim Contributions: If you opened an FHSA in 2024, claim up to $8,000 in contributions on your 2024 tax return.
The FHSA combines the benefits of RRSPs and TFSAs, making it a powerful tool for first-time homebuyers.
Advanced Life Deferred Annuities (ALDAs)
- Payment Start: Payments must begin by December 31 of the year you turn 85.
ALDAs offer deferred income for later years, giving you financial flexibility in retirement.
Registered Disability Savings Plans (RDSPs)
- Deadline: Open accounts, make contributions, and apply for grants and bonds by December 31, 2024, for the 2024 contribution year.
RDSPs provide financial security for individuals with disabilities, so don’t miss this opportunity to maximize contributions and government matching.
Final Thoughts
Keeping track of these deadlines is essential for maximizing your savings, reducing your taxable income, and ensuring you’re making the most of available financial programs. Whether you’re planning for retirement, buying your first home, funding your education, or securing your financial future with disability savings, each program offers unique benefits that require timely action.
If you have any questions or need assistance with these programs, don’t hesitate to contact us today! Contact us
Source: Important dates for RRSPs, HBP, LLP, FHSAs and more – Canada.ca