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:

➡️ February 24th, 2025 - NETFILE (an electronic tax-filing service) opens for electronic filing of your 2024 tax and benefit submissions.
➡️ March 3rd, 2025 - Deadline for RRSP contributions to count toward your 2024 tax year.
➡️ April 30th, 2025 - Deadline to file your personal income tax return and pay any balance owing to the CRA.
➡️ June 15th, 2025 - Deadline for self-employed individuals to file your tax return (any balance owing is still due by April 30).

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 in the first week of February.

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.

Protect Yourself from Scams and Fraud Attempts

The security of your personal and financial information is always a top priority and as tax season approaches, it's crucial to be vigilant against scams targeting taxpayers. Fraudsters often impersonate Canada Revenue Agency (CRA) to steal personal and financial information. Here's how to recognize, avoid, and report these scams.​

Common Tax Season Scams

• Phishing Emails and Texts: Scammers send messages claiming you're eligible for a tax refund or owe taxes, prompting you to click on malicious links or provide personal details. ​
• Threatening Phone Calls: Impersonators call demanding immediate payment, threatening arrest or legal action if you don't comply. ​
• Refund Scams: Fraudsters inform you of a fake refund to trick you into sharing personal information. ​

Recognizing Legitimate CRA Communications

The CRA will never:

• Send emails or texts with links requesting personal or financial information.​
• Demand payment via Interac e-transfer, cryptocurrency, prepaid credit cards, or gift cards.​
• Use aggressive language or threaten arrest or deportation.​
• Request personal information in voicemails.​

Protective Measures

• Verify Communications: If contacted by someone claiming to be from the CRA, don't provide information immediately. Instead, contact the CRA directly using official channels to verify the legitimacy of the communication.​
• Monitor Your Accounts: Regularly check your CRA My Account and bank statements for unauthorized activities.​
• Use Multi-Factor Authentication (MFA or 2-step Verification): Enable MFA on your online accounts for added security. The CRA uses MFA as a mandatory security measure. ​

Reporting Suspected Scams

If you suspect you've encountered a scam or have been a victim:

• Contact the CRA: Report the incident to the CRA to secure your tax account.​
• Notify Authorities: Inform your local police and financial institutions about the potential fraud.​
• Canadian Anti-Fraud Centre: Report the scam to the Canadian Anti-Fraud Centre to assist in broader investigations. ​

 

Additional Resources

• CRA Scam Alerts: Stay updated on the latest scam alerts from the CRA. ​
• Canadian Bankers Association (CBA): Access resources on fraud prevention and common scams. ​
  
  

By staying informed and cautious, you can protect yourself from tax-related scams and ensure your personal information remains secure.