The Petrov Wealth Management Group wishes you a great start of the year 2025.

As we do every year in preparation for RRSP season and Tax season, we prepared a list of items to keep your financial household in order.

We call it “Financial housekeeping”. Here we go…

Tax-Harvesting Done

We went ahead with tax-harvesting for all our clients’ personal non-registered accounts and certain corporate accounts. Despite a great year in the market, we were able to identify opportunities to realize certain capital losses within the portfolio. You can apply capital losses to offset capital gains indefinitely in the future or 3 years back. Be strategic with the timing and consult with your accountant as well.


2025 TFSA Contribution Room

All Canadians who are over 18 years of age can contribute $7,000 to their TFSA for 2025. We would encourage you to verify if you also have any unused TFSA contribution room from the past and top it up. You can find out what your unused TFSA contribution room is through CRA Online. The total cumulative contribution room since inception is 102,000 CAD.

Maximize your TFSA as early as possible to benefit from Tax-Free investing as long as possible. The earlier you make the contribution, the longer the investments can benefit from being sheltered in a tax-free environment and enhance growth.

2024 RRSP

We strongly encourage you to check this task off your checklist early before the RRSP season deadline. The deadline for contributing to your RRSP for the 2024 tax year is March 3^rd, 2025.

Find out what your available room is and contact us to help you make the contribution.
If you have significant unused RRSP contribution room, we can strategize on how to use it optimally.

Don’t wait until the last minute! Get this task out of the way as early as possible…

***Please note that if you will be making a transfer from a different banking institution (bill payment), you will need to make the transfer 5 business days prior to the deadline.


First Home Savings Account (FHSA)

A new account is now available for first time home buyers to save $40,000 CAD on a tax-free basis. Similar to an RRSP account, contributions would be tax-deductible, and withdrawals will be non-taxable just like a TFSA account if it is for the purpose of buying a first home.

In addition to the lifetime contribution limit of $40,000 CAD, you can make a $8,000 annual contribution per year.


If you’re currently accumulating assets, we recommend taking new cash if available from your bank account to make the contributions. If you’re currently retired or decumulating, we recommend using non-registered assets to make the contributions.

To make your contributions, please contact:

• Rina Kalsi at rina.kalsi@rbc.com or 514-630-7499
• Jida Daoud at jida.daoud@rbc.com or 514-493-2146
• Pascal Guibord pascal.guibord@rbc.com or 514-599-2143

While we don’t control the economy outside, we control our household’s economy by keeping our financial house in order!

We primarily take on new clients by referral. Let us know if we can be of assistance to a loved one or a colleague.

Cheers,
Alexander Petrov