February 2025

Each new tax year brings with it a schedule Due Dates and limits for the 2025 . Some of the more significant dates and changes for individual taxpayers for 2025 are listed below:

Registered retirement savings plan (RRSP) deduction limit and contribution deadline

The RRSP current year contribution limit for the 2024 tax year is $31,560. In order to make the maximum current year contribution for 2024 (for which the contribution deadline will be Monday March 3, 2025).

Tax-free savings account (TFSA) contribution limit

The TFSA current year contribution limit for 2025 remains at $7,000. The actual amount which can be contributed by a particular individual in 2025 includes both the current year contribution limit and any carryover of uncontributed or re-contribution amounts from previous taxation years.

Taxpayers can find out their individual 2025 TFSA contribution limit by calling the Canada Revenue Agency’s automated Tax Information Phone Service (TIPS) at 1-800-267-6999, where that information will be available from mid-February to the end of December. Taxpayers who have registered for the CRA’s online tax service My Account can obtain that information by logging into My Account.

A TFSA contribution can be made at any time during the taxation year.

Lifelong Learning Plan (LLP)

The student must have received a written offer to enroll before March of the year after you withdraw funds from your RRSPs.

Generally, your cancellation payments for the LLP are due by December 31 of the year after the year you received the funds. For more information, refer to Cancelling a Lifelong Learning Plan withdrawal.

First home savings account (FHSA) contribution limit for 2024

You can open an FHSA starting April 1st, 2023.

Your maximum participation period begins when you open your first FHSA and ends on December 31 of the year in which the earliest of the following events occur:

The 15th anniversary of opening your first FHSA
You turn 71 years of age
The year following your first qualifying withdrawal from your FHSA

If you opened an FHSA in 2024, you can claim up to $8,000 in FHSA contributions you made by December 31, 2024, as an FHSA deduction on your 2024 income tax and benefit return.

For more information on FHSAs, refer to First Home Savings Account (FHSA).

Registered Disability Savings Plans (RDSPs)

The deadline for opening an RDSP, making contributions and applying for the matching Grant and the income-tested Bond for the 2024 contribution year is December 31, 2024.

For more information, refer to Opening an RDSP.

Advanced Life Deferred Annuities (ALDAs)

An annuity payment from an ALDA must be started before the end of the year in which you turn 85 years of age.

For more information on ALDAs, refer to How to purchase an advanced life deferred annuity (ALDA).

Individual Tax Due dates for tax instalment deadlines for 2025

Individual taxpayers may be requested to pay income tax by quarterly instalments, which are due on the 15^th days of March, June, September, and December 2025. Where the 15^th of the month falls on a weekend or a statutory holiday, the instalment payment deadline is extended to the next business day.

The actual tax instalment due dates for 2025 are as follows:

Monday March 17, 2025
Monday June 16, 2025
Monday September 15, 2025
Monday December 15, 2025

Old Age Security income clawback threshold

For 2025, the income level above which Old Age Security (OAS) benefits are clawed back is $93,454.

Individual tax payment and filing deadlines in 2025

For all individual taxpayers, including those who are self-employed, and Non-residents the deadline for final payment of any balance of 2024 taxes owed is Wednesday April 30, 2025. Payments made after this date will be subject to interest and penalties. Generally, the CRA does not charge a difference of $2 or less. Do not mail cash or include cash with your return.

Self-employed taxpayers, their spouses, and non-residents must file an income tax return for 2024 on or before Monday June 16, 2025

About Expert Fiscaliste

Tax Due Dates and limits for the 2025 tax year. Expert Fiscaliste provides income tax preparation and consulting services to individuals and businesses.

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