You lead a busy life – as the year draws to a close, the deadlines for your savings plan contributions are probably not top of mind.
However, it’s important to be aware of these dates. By making sure you contribute to your RRSP, FHSA, or other registered plan on time, you can get the most out of the tax benefits these accounts offer!
We’re making it easy by listing all the registered plan contribution deadlines in one place.
“Registered plans offer unique tax incentives, and that helps your savings grow,” says Megan Bednar, Senior Financial Advisor at Cambrian and Aviso Wealth.
Here are all the upcoming deadlines for registered plan contributions (and why they’re important):
The RRSP deadline for 2024 is March 3, 2025.
“You can claim your RRSP deductions in the first 60 days of the following year,” says Megan.
“March 1 falls on a Saturday in 2025, which makes the deadline for 2024 RRSP contributions March 3, 2025.”
“RRSPs have a later contribution deadline than other registered plans. That’s because employers may take longer to send out your T4 slip, which could help you determine if you want to contribute for the previous tax year.”
By contributing to your RRSP, you can:
“The funds you set aside in your RRSP can grow tax-deferred until you withdraw them, so that overall, you may pay lower taxes,” says Megan.
Learn more about how RRSPs work.
The FHSA contribution deadline is December 31 of each calendar year.
The FHSA has a unique feature: before you can start accruing contribution room, you must first open the account. After that, you can contribute $8,000 each year, up to a lifetime maximum of $40,000.
“With an FHSA, you’ll receive a tax deduction for your contributions, and the money will not be taxed upon withdrawal. Funds within the account grow tax-free (as long as they’re used to buy a home), which helps your money grow faster,” says Megan.
“Once the plan is opened, you’ll accrue more contribution room each year. The sooner you open your FHSA, the sooner your down payment can begin to grow.”
Learn how an FHSA can help you save for your first home.
Wondering what the TFSA contribution deadline is for 2024?
Unlike the other plans we’ve listed here, there are no contribution deadlines for TFSAs.
When you turn 18, you start accruing more contribution room each year, and any unused amount carries forward to the next year.
“With TFSAs, the key benefit is that you’re not taxed on the growth of your investments,” says Megan. “You can withdraw your money at any point without tax implications.”
However, there are contribution limits to your TFSA – and you could be penalized for overcontributing. Learn more about how TFSA contribution room works.
The RESP deadline is December 31 of each calendar year.
One of the greatest benefits of the RESP is that when you add funds to the account, the government matches contributions through the Canada Education Savings Grant (CESG). To get the full match, it’s important to make consistent contributions.
If you miss the RESP contribution deadline one year, you can catch up the following year. However, there’s a limit to how much you can catch up. It’s best to make contributions regularly to get the full government match from the CESG.
“It’s best to have the money deposited into an RESP as soon as possible, so the government grants and your contributions can start growing for your children’s education,” says Megan.
“With compounding growth, you can make your money work for you!”
“With RESPs, the investment growth and government grants are tax-sheltered until the money is withdrawn. When the money is withdrawn, the growth and government portions are taxed at the child’s income tax rate, so they pay a minimal amount of tax.”
Check out these 7 reasons why you should open an RESP!
The RDSP contribution deadline is December 31 of each calendar year.
If you miss the date, don’t worry! With the RDSP, you can catch up on previous years of missed contributions.
“The RDSP helps Canadians who are eligible for the disability tax credit and their families save for long term financial needs,” says Megan.
“RDSPs provide long term financial security for those individuals. Like RESPs, the account offers government grant and bond incentives for those who qualify.”
Find out more about the unique benefits of RDSPs.
Trying to decide which registered plan is right for you? It’s a lot to take in! Luckily, a Cambrian Advisor can help you with that.
“The right plan for you depends on your overall financial situation, including your income and current goals,” says Megan. “Depending on your strategy, it may be beneficial to have multiple plans in place.”
You can meet virtually or in-person with one of our advisors to talk about your financial goals. We’re here to help you choose investments that fit your lifestyle. Book a meeting today!
Disclaimer
Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
We would be happy to discuss your unique situation with you.
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