Stay on Track This Tax Season - Key Dates & Tips

We appreciate your business and thank you for banking with us. Helping you achieve your financial goals is important to us, so we are reaching out with some helpful information we hope you find useful as we begin the new year.

Registered Retirement Savings Plan (RRSP)

The deadline for making contributions to your RRSP is Ma‍r‍ch 1, 20‍25. The 20‍25 RRSP dollar limit is $32,490*, while the limit for 2024 is $31,560. It is always a good practice to verify your exact contribution limit. You can do this by reviewing your 2024 Notice of Assessment.

Tax-Free Savings Account (TFSA)

The TFSA dollar limit for 2025 stays at $7,000. If you have yet to contribute to a TFSA, you will have $102,000 in contribution room assuming you have been a resident in Canada and over age 18 since 2009 (the year TFSAs came into effect).

Tax season key dates for this coming year:

Accessing Your Documents

• Online - Your tax slips and annual mortgage statement are ready to download from WealthONE Online Banking. If you are unsure how to download your documents and statements online, please click here.
• Mailed Copies - If you opted for a physical copy, your annual mortgage statement has been mailed, and your tax slips will be sent soon.
  

Tax season general tips:

• Maximize Your RRSP Contributions - Contribute by March 1, 2025, to reduce taxable income
• Claim Eligible Deductions & Credits - Review expenses like home office costs, tuition, and medical expenses
• Set Up Direct Deposit with the CRA - Get your refund faster by linking your bank account to the CRA
• Be sure to consult with your external tax and financial advisors regarding your personal situation

As always, we are here to answer your questions or to discuss your savings and investing needs. Please feel free to contact us.

Wishing you a happy, healthy and prosperous 2025.

*The RRSP deduction limit is 18% of "earned income in the previous year, up to a maximum of $32,490 (in 2025), minus any pension adjustment or past service pension adjustment, plus any pension adjustment reversal and unused contribution room from previous years.