Key 2025 Deadlines and Updates for Your Registered Accounts

21.01.25

As we dive into 2025, it’s the perfect time to review the key dates and contribution limits for registered accounts. Staying on top of these important deadlines will help ensure your financial plans stay on track throughout the year. Below, we’ve laid out the key deadlines and contribution limits for 2025 to keep you informed and ready.

Capital Gains Tax Update

In 2024, the Canadian government proposed raising the capital gains inclusion rate from 50% to 66.67% for corporations, trusts, and individuals with annual capital gains exceeding $250,000, effective for gains earned after June 25, 2024.

As of January 2025, this legislation has not been passed by Parliament. However, the Canada Revenue Agency (CRA) announced it will begin collecting the higher capital gains tax under the proposed two-tier system. This is possible because the change was introduced through a Notice of Ways and Means Motion, allowing measures to be applied retroactively from the date the motion was tabled, even without formal legislation.

Following Justin Trudeau’s resignation as Liberal Party leader, Parliament is currently suspended, making it unlikely that the legislation will be enacted soon. The future of the bill will depend on the outcome of the next federal election. If the new government decides to scrap the proposal, the CRA will have to refund the excess tax collected.

For now, the CRA will continue enforcing the increased capital gains tax until a final decision is made about the bill.

RRSP

March 3, 2025 is the deadline for contributing to an RRSP for the 2024 tax year.

The RRSP contribution limit for the 2024 taxation year is 18% of the earned income reported on your previous year’s tax return, up to a maximum of $31,560.

TFSA

The annual TFSA dollar limit for 2024 is $7,000.

If you are contributing in 2024 for the first time, you are eligible to deposit $95,000 in total contributions, provided you have been over 18 years of age since 2009 and have a valid social insurance number.

RESP

RESP Contribution: There is no annual RESP contribution limit. However, to maximize your potential annual CESG grant of $500, it is recommended that you contribute up to $2,500 to your RESP per beneficiary per year. Keep in mind that the lifetime contribution limit for any one beneficiary is $50,000.