The number of statements and tax-related documents received this time of year can be overwhelming. To help you with this process we have prepared this Tax Bulletin to clarify specific information and highlight certain documents that you will require when filing your 2024 tax return.
RRSP Accounts
- The RRSP deadline for the 2024 tax year is March 1, 2025.
- For contributions made in the 2024 calendar year, your tax receipts will be mailed by January 13, 2025. For contributions made between January 1st – 22nd of 2025, receipts will be mailed by January 27, 2025. For contributions made after January 22nd, receipts will be mailed weekly.
RRIF Accounts
- T4RIFs will be mailed by February 28, 2025.
Non-Registered Accounts
- Year-end Assante statements (including your Charges and Compensation Report) will be mailed by February 1, 2025. The Charges and Compensation Report will include all fees paid for the year and this will assist your tax preparer in deducting the applicable fees on your tax return.
- Capital gains/losses will be located on your T5008 and mailed by February 28, 2025.
- T3’s will be mailed by March 31, 2025 (note, these will come directly from the fund company).
- T5’s will be mailed by February 28, 2025 (note, these will come directly from the fund company).
- Please note, the above slips may look slightly different than in previous years due to the different reporting periods for Capital Gains in 2024. While CRA ultimately decided to delay the implementation of the higher Capital Gains Inclusion rate, many firms (including Assante) had already issued slips with two separate periods (the one before the changes were supposed to come into effect and the one afterwards). When filing your returns, please ensure both periods are added or use the combined box (if applicable).
Annual Fee Summary Report
The annual fee summary report will show a summary of any fee-based costs paid during the calendar year on non-registered accounts only. This report will provide an account-level breakdown and will be available online only. This can be used as an alternative to the Charges and Compensation report (see above) by your tax preparer to determine which costs are potentially deductible when filing your tax return. Please note, there will be some overlap between this report and the Charges and Compensation Report.
In-Trust For Accounts
- Please note, all tax slips will come with the trustees (parents) SIN on them although the capital gains may be able to be reported by the beneficiary (child).
Tax-Free Savings Account
- The 2025 contribution limit is $7,000 plus any carry forward from previous years.
First Home Savings Account
- The 2025 contribution limit is $8,000 plus an additional $8,000 carry forward if the account was opened in 2023 or 2024 with no contributions at that time.
- If you contributed to a FHSA in 2024, you will receive a T4FHSA, which will be mailed by February 28, 2025.
Corporate Accounts
- If you have a corporate investment account, your tax professional will require the Assante statements for the entire year (all four quarters).
