I hope you had some time to reflect, recharge and refocus. Now that winter is here, maybe you will find some time for some outdoor activities or just enjoy the warmth of the fireplace with friends and family! Because now, it’s that time of year again … back to our routines, smart planning and making good things happen!
New TFSA room is available, and the RRSP deadline is just around the corner. As usual, if you have been contributing regularly to your RRSP and/or TFSA throughout 2023, you may not need to act on the below. Similarly, if RRSPs are no longer a part of your financial plan, then the RRSP details that follow are not applicable to you. We would, however, encourage you to Pay It Forward by passing this email on to someone you know who could benefit from this advice!
RRSPs
- The deadline for 2023 contributions is Thursday, February 29, 2024.
- The amount you can deposit into your RRSP for 2023 is 18% of your 2022 earned income, to a maximum of $30,780.
- If you did not use all your RRSP contribution limit for the years 1991-2022, you can carry forward the unused amount to 2023. If so, your RRSP contribution limit for 2023 may be higher.
TFSAs
- The TFSA contribution limit for 2024 is INCREASING from $6,500 to $7,000. There is no deadline to make a TFSA contribution.
- If you did not use all your TFSA contribution room for the years 2009-2023, you can carry forward the unused amount to 2024. Or, if you made a withdrawal from your TFSA in 2023, this amount is added to your 2024 contribution room. If either of these situations apply to you, your TFSA contribution limit for 2024 may be more than $7,000. If you have never contributed to a TFSA before, the maximum carry-forward room to date is $95,000 (if you were 18 years old as of 2009).
Accepted Payment
- Online banking. Simply do a bill payment, setting the payee as “Assante Capital Management Ltd.” and the account number as your Assante account number. If you send a payment this way, please email us notice that you have sent money, so we can watch for the deposit.
- Personal cheque drawn from a Canadian bank or Canadian financial institution that is payable to Assante Capital Management Ltd. Your personal information on the cheque must be pre-printed electronically by the bank. Hand-written personal information will not work, sorry!
- Bank drafts from a Canadian bank or Canadian financial institution that are purchased by the client and made payable to Assante Capital Management Ltd. The bank draft must have the draft purchaser’s name pre-printed by the bank. If it is not pre-printed, then a teller receipt with the draft purchaser’s name is required. The name that appears on the bank draft needs to match the name of the account holder of the RRSP/TFSA.
If you wish to make arrangements to contribute to your RRSP and/or TFSA, please contact us at (306) 934-5540 or reply to this email.
Tax Slips
You will likely be wondering soon when to expect your tax slips for 2023. Please see below expected mailing date for different slips. If you need to confirm if you have all your slips, please reach out to us.
* Please note: Clients invested in Assante Private Portfolios will receive T-slips as well as a gain/loss report. We caution you to only claim the capital gains once.
Each type of slip has a different mailing schedule, so please reference the following:
- RSP Contribution Receipts – estimated from mid-January until mid-March 2024.
- T3 & T5013 – estimated to be mailed at the end of March 2024.
- All other tax slips – estimated to be mailed at the beginning of March 2024.
Investment Fee Summary
You are able to deduct investment fees in non-registered accounts on your tax return. You will not receive a separate document outlining the fees paid. Instead, please refer to your year-end December 31st, 2023, statement you receive from Assante. You will find your total fees paid through the calendar year in the section relating to your non-registered account. If you need help confirming this amount, please reach out to us.
