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Important Dates for RRSPs, HBP, LLP, FHSAs, and More

Financial planning is a crucial aspect of securing a stable future. This article will delve into the essential dates associated with various financial instruments, including Registered Retirement Savings Plans (RRSPs), to help you make informed decisions for your economic well-being.

1. Registered Retirement Savings Plans (RRSPs)

The clock is ticking! The deadline for contributing to your RRSP for the 2023 tax year is fast approaching—February 29, 2024. Additionally, individuals turning 71 have until December 31 to make contributions. Explore the available RRSP options when reaching this milestone.

2. Home Buyers’ Plan (HBP)

If you’re considering the Home Buyers’ Plan (HBP), remember that you must buy or build your qualifying home before October 1 of the year following the withdrawal. Be aware of the December 31 deadline for cancellation payments if your plans change. Learn how to cancel your participation in the HBP without complications.

3. Lifelong Learning Plan (LLP)

For those utilizing the Lifelong Learning Plan (LLP), ensure the student has a written offer to enroll before March of the year after fund withdrawal. Mark December 31 on your calendar, as it’s the deadline for LLP cancellation payments.

4. First Home Savings Accounts (FHSAs)

Exciting news! You can open a First Home Savings Account (FHSA) starting April 1, 2023. Understand the maximum participation period and how to claim deductions on your 2023 income tax return for contributions made by December 31, 2023.

5. Advanced Life Deferred Annuities (ALDAs)

Planning for the future? If you’re considering Advanced Life Deferred Annuities (ALDAs), remember that annuity payments must commence before the end of the year you turn 85. Explore the details on how to purchase an ALDA.

6. Registered Disability Savings Plans (RDSPs)

Don’t miss the boat! The deadline for opening an RDSP, making contributions, and applying for matching grants and income-tested bonds for the 2023 contribution year is December 31, 2023. Learn the process of opening an RDSP for a secure financial future.


In conclusion, staying informed about these critical dates for RRSPs, HBP, LLP, FHSAs, ALDAs, and RDSPs is paramount for effective financial planning. Make these dates a priority on your financial calendar to ensure a secure and prosperous future.

Forms and publications

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Should I use a RRSP or TFSA or both?

RRSP vs. TFSA: Low-Income Considerations:

TFSA can be an ideal savings vehicle if you’re in a low-income tax bracket. RRSPs may not be well suited to low-income Canadians. As the earlier example demonstrates, the RRSP account tax savings are insignificant and may be in a higher tax bracket when you withdraw. You may also consider that TFSA withdrawals don’t impact income-tested benefits and credits, such as child tax benefits and credits, Old Age Security, or Guaranteed Income Supplements.
If you now find yourself in a lower tax bracket, such as during maternity leave, and have previously made RRSP contributions. A strategic move is to consider withdrawing from your RRSP to facilitate a TFSA contribution. It’s important to note that while this maneuver can optimize your current financial situation. Funds withdrawn from your RRSP cannot be re-contributed later. Therefore, careful planning and consideration are essential to make the most of your savings and investment strategy.

RRSP vs. TFSA: Middle-Income Considerations:

One effective strategy involves using an RRSP calculator to contribute to your TFSA now. By doing so, you can accumulate RRSP contribution room to be utilized later when you find yourself in a higher tax bracket. This approach aims to optimize the tax benefits associated with both RRSP and TFSA accounts, providing a strategic balance for your financial planning.

RRSP vs. TFSA: High-Income Considerations:

In this financial scenario, it is advisable to maximize your RRSP contribution limit and TFSA contribution. By strategically leveraging the tax savings or refund obtained from the RRSP contribution. You can allocate these funds to contribute to and build your TFSA. This integrated approach allows you to make the most of both RRSP and TFSA benefits, creating a well-rounded and tax-efficient investment strategy.

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How much do I need for retirement?

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Predicting your retirement needs is best started by assessing your current expenses and pinpointing future costs related to your work that will decrease when you retire, such as clothing, eating out, gas, etc…
When planning for retirement, think about different scenarios that could affect your income, such as:


Also, take into account any large debts such as mortgages. Will you finish paying your mortgage by the time you retire? Or are you considering buying a smaller home or moving into a nursing home?
Solutions to such issues may also affect your costs. You need to take into account how long your pension payments will last.
It is an important consideration. Would you be able to live if your pension payments were expanded by thirty years? If you put off retirement for another five years, your savings will only last twenty-five years, but you will earn an additional five years of salary. It can make all the difference in your budget.


You were deciding to retire early for personal or professional reasons— significant unexpected expenses, such as urgent repairs to your home. A serious health problem affecting you or your loved one requires costly medical care. Try to evaluate the impact of such events on your finances. This action can help you build a realistic retirement fund. Take this opportunity to see if your disability or critical illness insurance policy is sufficient for your needs. Your health, financial situation, and plans will change over the years. The closer you get to retirement age, your needs will become apparent. To ensure you’re on the right track, reviewing your retirement plan from time to time is essential.


Feel free to consult with a specialist regularly to test different scenarios and choose the plan that is comfortable for you.

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No minimums or fees

There’s no minimum balance needed to start saving with your RRSP, no setup or monthly fees, and no fees to deposit or take out money. Keep in mind that withholding taxes may apply to withdrawals.

Pay less tax in retirement

When you retire, your income will probably be lower than it is now. That means the money you and your spouse take out of your RRSPs will likely be taxed at a lower rate.

Borrow to pay for a first home or education

Take out up to $35,000 to make a down payment on your first home with the Home Buyers’ Plan and up to $20,000 for your or your spouse’s education with the Lifelong Learning Plan. Faster growth without taxes while you save In your RRSP, taxes aren’t applied until you start withdrawing your money. Instead, every dollar in your account keeps growing.

Pay less tax today

When you contribute to your RRSP (or your spouse’s), you lower your taxable income and pay less tax today.

Lower risk in your retirement portfolio

Your money will earn a high-interest rate and won’t depend on stock market returns. Plus, your savings are eligible for deposit insurance from the Canada Deposit Insurance Corporation (CIDC).

RRSP investment options


Registered Advantage Account

Get a high rate of return on your money while having easy access to it when needed.

No minimum investment

All deposits earn the same high-interest rate

No setup fees


Long-term GICs

Lock your money in to earn guaranteed returns in a secure, simple investment.

$2,500 minimum investment

Competitive rates on 1-year to 5-year terms

No setup or maintenance fees


Short-term GICs

Stay flexible and keep your options open with investment terms of up to a year.

$25,000 minimum investment

Competitive rates on 30-day to 364-day terms

No setup or maintenance fees.

For more information – 647-993-8405

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