Following are the contribution limits and dates for the various registered plans as well as the planned mailing dates for the 2024 income tax slips.

If you have any questions, please contact your portfolio manager.

 

Important note regarding Canada Post: In light of the 2024 Canada Post strike combined with normally high mail volumes at the beginning of the year, we strongly encourage you to set up NBIN as a payee in your online banking so that any contributions can be made electronically and thereby avoiding any delays with mailing cheques. We have included instructions below to do this but, if you need assistance, please contact us. When making an online payment, we suggest you email us to let us know when the payment is made and we can confirm receipt. If you plan to mail a cheque, please allow at least 2 weeks for regular mail.

 

Registered Retirement Savings Plans (RRSPs)

The contribution limit for the 2024 tax year is a maximum of $31,560 or 18% of your earned income in 2024 (the limit for 2025 is $32,490). You can find your own personal limit, which includes unused contribution room from prior years, on your CRA Notice of Assessment.

The deadline for a 2024 RRSP contribution is February 28, 2025. If you are making a contribution electronically, we suggest completing this by February 25 and if you are mailing a cheque, then by February 12.

For all RRSPs, the last year in which you may contribute to your own plan is the year in which you turn 71 years old. However, if you have a younger spouse, you may contribute to their plan until they turn 71. Your portfolio manager would be happy to discuss this with you.

 

Registered Retirement Income Funds (RRIFs)

The minimum withdrawal amounts for 2025 are now available. If you would like to know your amount, please contact your portfolio manager. As well, you may opt for monthly, quarterly or one-time payments, and you may also specify if you wish to have income tax withheld prior to payment.

 

Tax Free Savings Accounts (TFSAs)

The limit for contributions to TFSAs for 2025 is $7,000, unchanged from 2024. The cumulative limit for all years including 2025 is now $102,000.  Please consider opening TFSAs for any member of your household who will turn 18 in 2025; the effects of compounded tax-free growth are wonderful for those who start young. Please note that TFSA contributions must be made by the actual plan holder – that is, a husband may not write a cheque for his wife (unless on a joint account) or a mother for a child. If you wish to transfer funds from your cash account into a TFSA, please contact your portfolio manager.

Before making a contribution to any TFSA, we suggest you check your available contribution room with CRA or your tax advisor to avoid overcontributing and the resulting CRA penalties. Records on the CRA website are updated to include contributions or withdrawals made in 2024 around early March. If we make an automatic “top-up” contribution on your behalf annually, we will assume you have enough available room to do so.

 

Registered Education Savings Plans (RESPs)

Limits and grants are unchanged in 2025. A contribution of $2,500 per child will capture the maximum government grant of no less than $500 per child.  In any year, you may make a contribution for that year, plus one missed year, and receive grants for both years. Contributions may be made up to and including the year in which a child turns 17. There is a maximum lifetime contribution of $50,000 per child.

For children who are beginning post-secondary study in 2025, your portfolio manager will be happy to discuss the mechanism for paying funds out of the RESP account.

 

First Home Savings Accounts (FHSAs)

FHSAs are available to be opened for Canadian residents who will turn 18 or older during 2025 and who don’t own a home (or haven’t owned one in the last four years). Once an FHSA is opened, the investor accumulates $8,000 of contribution room per calendar year, up to a lifetime maximum of $40,000 contribution room. The FHSA must be open before the room begins to accumulate. The contributions are tax-deductible, like RRSP contributions, and there is no tax on withdrawing the funds if used to buy a home. If 15 years elapses and the investor has not yet purchased a home, they can move the funds into their RRSP with no tax consequences. If you would like to open an FHSA for yourself or a child or grandchild, please contact your portfolio manager.

 

2024 Income Tax Information

We are preparing a summary of income tax information for 2024 for all clients who have taxable (that is, non-registered) accounts. The package will contain the following information:

  • Summary of capital gains and losses.
  • Information for completion of CRA non-Canadian holdings disclosure.
  • Summary of management fees paid by account.

We will forward your personalized income tax package to you in the last week of February.

Tax information slips are prepared by our custodian, National Bank Independent Network, and are expected to be mailed or posted online on or around the following dates:

  • T5s: February 27 – 28
  • T3s: March 17 – 31
  • T5013s: March 17 – 31

If you have registered for online access to your accounts through NBIN, you can choose to receive your tax slips electronically and you will be notified by e-mail when they are available.

 

If you owned units of the Baskin Fixed Income Pool or the Baskin Growth Equity Pool in a non-registered account in 2024, you will receive a separate mailing with your T3 slip. At this time, these are only available by regular mail. If you require an additional copy or an electronic copy, please contact us.

  • Baskin Fixed Income Pool T3 and Baskin Growth Equity Pool T3: February 22-26

 

Finally, if you file a US tax return, we are able to provide information for completing FBAR reporting upon request.

 

Setting up NBIN as a Payee in Online Banking

The following instructions may vary slightly depending on your bank.

To deposit funds into your account at NBIN through your online banking system, set up NBIN as a payee and for each individual account (RRSP, TFSA, etc.) and reference that account’s 7-character NBIN account number that looks like this: 6CXXXXX or 6DXXXXX.

 

Click on: Pay Bills

Click on: Add Payee

Click on: Enter Payee Name: NBIN – NATL BK INDEPENDENT NTWK

Click on: Payee Account: Enter 6CXXXXX

 

It is important to note that payments must come from the annuitant’s personal or joint bank account, 3rd party RRSP contributions are not allowed. If funds are remitted to a spousal RRSP they are automatically coded as spousal.