2024 Year-end Tax Planning Opportunities
Introduction
With a plethora of recent tax changes, from Alternative Minimum Tax (AMT), to changes to the taxation of capital gains, 2024 has been a year where tax planning is on the forefront of the minds of many. Maximizing tax savings is only one part of an overall financial strategy, but can significantly impact wealth building in the current tax year and the years to follow.
With deadlines fast approaching, now is the time to take advantage of tax-deferred growth opportunities, tax-advantaged investment strategies, and charitable-giving opportunities, among others, to maximize deductions and credits for your tax situation. Reviewing your investments in light of your goals, the tax policy environment, and the economic landscape can help you and your advisor see where adjustments need to be made to position yourself for 2025 and beyond.
Important Dates to Remember
| June 2024 | 21 | Last day to sell securities to realize a gain or loss ahead of the June 25 effective date for capital gains changes.* |
| 25 | Capital gains and losses settled from this day onward are subject to new rules with respect to capital gains inclusion rate. See https://www.raymondjames.ca/commentary-and-insights/taxplanning/2024/06/13/update-to-capital-gains-inclusion-rates for more details.* | |
| December 2024 | 16 | Fourth quarter tax instalment payment for 2024 due. |
| 30 | Last day to sell securities on U.S. markets to realize a gain or loss. Settlement is T+1 days. | |
| 30 | Last day to sell securities on Canadian markets to realize a gain or loss. Settlement is T+1 days. |
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| 31 | Last day to pay deductible loan interest to deduct in 2024. | |
| 31 | Last day to complete charitable contributions for 2024, keeping in mind that some donations, such as securities donations, may require additional lead time to complete. | |
| 31 | Last day to pay childcare, medical, and tuition expenses to claim deduction or credit on the 2024 T1. | |
| 31 | Annual tax instalment payment for 2024 due for farming and fishing income. | |
| 31 | Last day to open FHSA account to receive $8,000 of contribution room, which can be carried forward to 2025. | |
| January 2025 | 30 | Must pay prescribed rate loan interest by this date to preserve integrity of prescribed rate loan for prior year. |
| February 2025 | 28 | Deadline for employers to report T4/T5 to CRA. |
| 29 | Deadline for employers to send T4 receipts to individuals. | |
| March 2025 | 03 | Deadline to contribute to a Registered Retirement Savings Plan to claim as a 2024 deduction. |
| 15 | First quarter tax instalment payment for 2025 due. | |
| 31 | T3 trust tax return deadline for trusts with a December 31 year-end. | |
| 31 | Deadline for paying balance owing for Form T1-OVP if you made excess RRSP contributions in 2024. | |
| April 2025 | 30 | Deadline to pay your 2024 taxes and file your 2024 Individual T1 tax return. |
| June 2025 | 16 | Deadline to file your 2024 Individual T1 tax return if you or your spouse earned self- employment income. Tax payment deadline remains April 30, 2025. |
| 16 | Second quarter tax instalment payment for 2025 due. | |
| 30 | Deadline to file your TFSA return RC243 and pay taxes if you made excess contributions in 2024. | |
| September 2025 | 15 | Third quarter tax instalment payment for 2025 due. |
| October 2025 | 1 | Last day to buy or build your qualifying home if you made a Home Buyers’ Plan withdrawal from your RRSPP, or FHSA qualifying withdrawal in 2024. |
Please note, as of November 21, 2024, the date that this document was published, that the federal tax legislation proposed regarding the capital gains inclusion rate and the lifetime capital gains exemption has not passed.