Important Dates for RRSPs, HBP, LLP, FHSAs and More
Registered Retirement Savings Plans (RRSPs)
The deadline for contributing to an RRSP for the 2024 tax year is March 3, 2025. Contributing before this date allows you to benefit from tax deductions for the 2024 tax year.
If you are turning 71, you must make your final RRSP contribution by December 31 of that year. After this, your RRSP must be converted to a Registered Retirement Income Fund (RRIF) or an annuity. Learn more about your options at SkyCap Financial.
Home Buyers’ Plan (HBP)
To qualify for the Home Buyers’ Plan, you must buy or build a qualifying home before October 1 of the year after the year of withdrawal. This allows you to use your RRSP savings to help with your home purchase.
If you need to cancel your participation in the HBP, cancellation payments are due by December 31 of the year after you withdrew the funds. More details are available through SkyCap Financial’s resources.
Lifelong Learning Plan (LLP)
Under the LLP, the student must have received a written offer to enroll before March of the year after you withdraw funds from your RRSP.
If you need to cancel your LLP participation, repayment is due by December 31 of the year after you received the funds.
First Home Savings Accounts (FHSAs)
You can open an FHSA starting from April 1, 2023. This account helps first-time home buyers save with tax advantages.
Your maximum participation period ends on December 31 of the year in which one of the following occurs:
- The 15th anniversary of opening your first FHSA
- You turn 71 years old
- The year following your first qualifying withdrawal
If you opened an FHSA in 2024, you can claim up to $8,000 in FHSA contributions made by December 31, 2024, as a deduction on your tax return.
Advanced Life Deferred Annuities (ALDAs)
Annuity payments from an ALDA must begin before the end of the year in which you turn 85 years old. These annuities offer a way to defer retirement income for later years.
Registered Disability Savings Plans (RDSPs)
The deadline for opening an RDSP, making contributions, and applying for government grants and bonds for the 2024 contribution year is December 31, 2024.
Additional Resources
For more details on registered savings plans and financial planning, visit SkyCap Financial to explore investment options, tax-saving strategies, and loan services.
Frequently Asked Questions
What is the RRSP contribution deadline for 2024?
The deadline to contribute to an RRSP for the 2024 tax year is March 3, 2025.
When do I have to stop contributing to my RRSP?
You must stop contributing to your RRSP by December 31 of the year you turn 71.
What is the deadline for Home Buyers’ Plan repayments?
If you need to repay funds withdrawn under the HBP, you must do so by December 31 of the second year after your withdrawal.
How long can I keep an FHSA open?
Your FHSA participation ends on December 31 of the year you turn 71, the 15th year after you open it, or the year after your first qualifying withdrawal.
When do ALDA payments need to start?
You must begin annuity payments from an ALDA before the end of the year you turn 85.
What is the last day to contribute to an RDSP for 2024?
The deadline to contribute to an RDSP and apply for government grants for 2024 is December 31, 2024.