RRSP, TFSA and Income Tax Forms

Kurt Rosentreter’s Wealth Management Team

Written by Monika Kucinskaite, M.Com
Financial Advisor Associate | Manulife Wealth Inc.
m.kucinskaite@manulifesecurities.ca

2023 RRSP Deadline

The last day to contribute to your RRSP for the 2023 tax year is February 29, 2024.

There are less than 30 days left to contribute to an RRSP account and lower your taxable income for the 2023 tax year. The amount you are allowed to contribute is stated on your Canada Revenue Agency (CRA) Notice of Assessment or you can find your contribution history online through the CRA My Account. If you are maximizing RRSP contributions, the limit is $30,780 for 2023 and $31,560 for 2024. Please contact us or your accountant to determine if you could benefit from RRSP contributions before the deadline.

TFSA Limit Increase

The TFSA contribution limit for 2024 is $7,000, up from $6,500 in 2023. This new limit means that Canadians who were born before 1991 and have never contributed to a TFSA will have a cumulative contribution room of $95,000.

2023 Income Tax Forms

Depending on the types of investment accounts you have, you may receive income tax slips this year either from Manulife Wealth Inc. or directly from other financial institutions. Most income tax slips will be issued by the end of March, so please do not file your tax return until mid-April.

To assist you with your income tax filing, we want to provide you with expected mailing dates for income tax slips and forms below:

Dates for 2023 tax receipts (Click Here)

When you are issued an income tax slip, or form, a copy is sent to CRA that you can access online through My Account. Copies of these documents are also stored in your ManulifeID profile with us.

It is important to note the following tax return filing deadlines this year: April 30, 2024, for individuals; March 31, 2024, for in-trust accounts and trust arrangements; and June 15, 2024, for self-employed individuals*.

* Sourced from the CRA website: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/important-dates-individuals.html

After filing, please forward to us an electronic copy of your income tax returns and notice of assessment. This will give our team insights on any necessary tax smart adjustments to investment portfolio design or portfolio withdrawals.

Disclosures

The opinions expressed are those of the author and may not necessarily reflect those of Manulife Wealth Inc.

Monika Kucinskaite and Manulife Wealth Inc. (“Manulife Wealth”) do not make any representation that the information in any linked site is accurate and will not accept any responsibility or liability for any inaccuracies in the information not maintained by them, such as linked sites. Any opinion or advice expressed in a linked site should not be construed as the opinion or advice of Monika Kucinskaite or Manulife Wealth. The information in this communication is subject to change without notice.

Manulife, Manulife & Stylized M Design, Stylized M Design and Manulife Wealth are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.

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