Tax season reminders

Tax slips: Mailing and web posting schedule
First 60-day RRSP contribution guidelines
Regulatory changes
Capital gains inclusion rate

Tax slips: Mailing and web posting schedule

Please refer to the chart below for the anticipated dates and methods of delivery. Mailing and web posting dates will be the same unless otherwise indicated.

Please note that these dates are tentative and are subject to change.

First 60-day RRSP contribution guidelines

The Canada Revenue Agency (CRA) deadline for receipt of first 60-day orders is midnight, March 3, 2025.

The processing deadline for trades requesting a first 60-day contribution will be 4:00 pm on March 5, 2025.

Mackenzie follows the industry best practices as outlined by IFIC:

• Contribution receipts will be mailed daily starting January 9, 2025 (excluding PACs and employee/employer GRRSP contributions). GRRSP and PAC contributions processed up to and including March 3, 2025 will be consolidated and issued on the same day.  Duplicate receipts can be retrieved online on AdvisorAccess.
• From March 3 to 4:00 pm ET on March 5, all contributions made into a Mackenzie RRSP will trigger a first 60-day contribution receipt, provided the supporting documentation was received in the dealer’s office on or before the deadline.
• From March 3 to 4:00 pm ET on March 6, contributions made into a Mackenzie Group RRSP will trigger a first 60-day contribution receipt, provided the proper supporting documentation is received. This will allow for situations where the employees’ contribution payments have been made prior to the deadline through their regular payroll deduction but the funds were not released in time by the employer or sponsor payroll programs.
• From March 4 to 4:00 pm ET on March 5, dealers may designate electronic purchases as ‘first 60-day’ via Fundserv by indicating “contribution period = P” on the trade. Fundserv will reject all electronic orders placed as first 60-days (Contribution period = P) after 4:00 pm on March 5, 2025.

Guidelines for issuing contribution receipts under exceptional circumstances after the March 5, 2025 deadline are provided by IFIC on their website at www.ific.ca.

These procedures are not considered an extension to the CRA deadline for contributions.  Rather, they’re intended to allow contributions received by the dealer before the deadline to be directed to Mackenzie for investment accordingly.

Regulatory changes

Rules changes for Quebec Life Income Funds (LIFs)

The Government of Quebec has approved rule changes to allow greater flexibility for withdrawals of locked-in funds held in a LIF. The following changes will take effect on January 1, 2025:

• LIF owners who are 55 and over will no longer be subject to a maximum withdrawal limit. This means the LIF will be uncapped, and owners will now be able to make a withdrawal of any amount above the mandatory minimum.
• LIF owners who are 55 and over will no longer be able to access temporary income. In any case, the uncapping of LIF withdrawals at age 55 and over makes this measure irrelevant. Temporary income will still be available for those under 55 and will be slightly enhanced.
• LIF owners who are 65 and over will no longer have access to the one-time withdrawal option, which was generally available when the value of locked-in accounts was equal to or less than 40% of the maximum pensionable earnings (MPE). Once again, the uncapping of LIF withdrawals at age 55 and over makes this measure irrelevant.
• Transfers: Funds from an LIF cannot be transferred directly to an RRSP or a RRIF.

What’s needed from you

• Please reach out to clients who are 55 and older and currently receive the maximum amount. Updated payment instructions may be needed for 2025, as there will no longer be a maximum amount under the new rules.
• Payment instructions should be submitted at least one week prior to the first scheduled run date of 2025
  • In the absence of new instructions, we’ll set a payment amount that’s equal to the client’s 2024 maximum payment amount.

Capital gains inclusion rate

In the 2024 budget, the federal government announced an increase to the capital gains inclusion rate. The proposed change would affect all gains realized by corporations and trusts well as individuals who had total capital gains realized after June 24 of over $250,000.

While the government tabled a motion in September to implement the proposed change, the legislation was not passed before the prorogation of parliament in early January. On January 31, 2025, the federal government announced that it would defer the implementation of the capital gains inclusion rate increases to January 1, 2026.

Despite the deferral, issuers are required to report and issue tax slips (T3, T5, T5008, T5013 as applicable) on capital gains or losses incurred in the two separate periods in 2024 when applicable:

• The first for capital gains or losses realized on or before June 24.
• The second for capital gains or losses after June 24.

Please refer to our Federal budget 2024 analysis for more information.