Important dates for RRSPs, HBP, LLP, FHSAs and more (2024)

FAQs

Important dates for RRSPs, HBP, LLP, FHSAs and more? ›

Registered Retirement Savings Plans (RRSPs)

Spousal RRSPs come with a three-year attribution rule, which only permits withdrawals three years after the deposit date. So, for example, if you deposit funds into a spousal RRSP on January 1, 2024, your spouse or common-law partner won't be able to withdraw the funds until January 1, 2027.

When is the best time to start? The earlier you start contributing to an RRSP the better, thanks to compound interest and upward market trends over time. If you invest money at age 26, for example, your sum has the potential to grow much larger than the same amount invested at age 36.

You have up to 15 years to repay to your registered retirement savings plan (RRSP), pooled registered pension plan (PRPP) or specified pension plan (SPP) the amounts you withdrew from your RRSP under the Home Buyers' Plan (HBP).

The RRSP contribution deadline for the 2023 tax year is February 29, 2024. Any contributions made after this date will count towards the 2024 tax year.

The 4% rule says people should withdraw 4% of their retirement funds in the first year after retiring and take that dollar amount, adjusted for inflation, every year after. The rule seeks to establish a steady and safe income stream that will meet a retiree's current and future financial needs.

What is the deadline for RRSP contributions? The deadline for contributing to your or your spouse's RRSP is 60 days after December 31 . In other words, the last day to make an RRSP contribution to deduct on your 2023 return is February 29, 2024. Whereas the deadline for the 2022 tax year was March 1st, 2023.

By the end of the year you turn age 71, you must convert your RRSP to income options or withdraw all your RRSP funds.

As per the CRA – “The four-year period means the four years prior to a home purchase. The period begins on January 1 of the fourth year before the year you withdraw funds from your RRSP, and ends 31 days before the date you withdraw the funds.” Please review this link for further details on HBP.

When should I take HBP? ›

We know that taking blood pressure tablets in the morning is beneficial in controlling high blood pressure, but more recent findings (enabled by the use of 24-hour blood pressure monitoring) suggest that night-time dosing may have an even better effect.

Known causes of high blood pressure

kidney disease. diabetes. long-term kidney infections. sleep apnoea – where the walls of the throat relax and narrow during sleep, interrupting normal breathing.

Even though you can no longer contribute to your RRSPs after the year you turn 71 years old, you can deduct unused RRSP contributions up to the amount of your RRSP deduction limit.

In the year you turn 71 years old, you have to choose one of the following options for your RRSPs: withdraw them. transfer them to a RRIF. use them to purchase an annuity.

Who can contribute to an RRSP, PRPP, or SPP. Generally, you can contribute to your RRSP, PRPP, or SPP: until December 31st of the year you turn 71 years of age. when you have an available RRSP deduction limit.

Your RRSP reaches maturity on the last day of the calendar year you turn 71. At this point, you can access your RRSP assets through 3 maturity options. The tax implications of your decision depend on the option that you choose.

An RRSP must mature by December 31 of the year in which you turn 71. On maturity, the funds must be withdrawn, transferred to a RRIF or used to purchase an annuity. You will not be able to make any further contributions to your individual RRSP after this date.

Although you cannot contribute to your RRSP after December of the year you turn 71 years old, you can still contribute to your spouse's or common-law partner's RRSP until the December of the year that they turn 71. For more information, see RRSP options when you turn 71.

Even though you can no longer contribute to your RRSPs after the year you turn 71 years old, you can deduct unused RRSP contributions up to the amount of your RRSP deduction limit. You do not have to claim the undeducted contributions in a single year.