2024 year-end resource centre

Below you’ll find important dates and processing deadlines to help you prepare for year-end.

We’ll continue to add information over the coming weeks, including guidelines for First 60-Day contributions and our 2024 statement and tax slip production schedules. Be sure to check in regularly for important updates.

Processing deadlines

We recommend completing the following by 4:00 pm EST on December 27, 2024:

  • Wire order or online redemptions or switches of 10% free amounts available for 2024
  • Adjustments for 2024 transactions
  • Contributions intended for 2024 for the following account types:
    • FHSA
    • RESP
    • TFSA
  • RRSP redemptions intended for 2024
  • Registered transfers to a RIF/LIF/LRIF/PRIF/RLIF intended for the 2024 tax year. This will ensure that these amounts are included in the calculation of the minimum and, where applicable, the maximum payments that the clients will receive for 2025.
  • Updates to missing or outdated non-financial information to ensure year-end mailings and tax slips are successfully delivered to your clients

Other guidelines

  • RESP & RDSP grant eligibility

    Please remember that grants are based on calendar-year contributions with the deadline being December 31, 2024.

  • Basic Canadian Education Savings Grant (CESG)

    The government offers a grant of 20% on the first $2,500 contributed for a beneficiary each calendar year, totaling $500. Basic CESG of $500 is paid on the first $2,500 contribution annually. A maximum of $1,000 is paid on a $5,000 contribution if the beneficiary has adequate grant carry forward available.

  • Canada Disability Savings Grant (CDSG)

    The government will pay matching grants of 300, 200, or 100 percent, depending on the beneficiary's family income and the amount contributed. An RDSP can receive a maximum of $3,500 in matching grants in one year, and up to $70,000 over the beneficiary's lifetime. In accordance with the “carry forward” rules, the annual maximum a plan may receive is $10,500.

  • FHSA transactions

    Please remember that FHSA transactions must be submitted before 4:00 pm ET on December 31 to reflect for 2024 calendar-year. This includes contributions, withdrawals and transfers from RRSP/RRIF that count towards the annual limit of $8000.00. Orders received after the cut-off time will receive a January 2, 2025 trade date.

  • Registered and locked-in accounts transferring to income plans

    Clients with RRSP, FHSA, LIRA, LRSP, RLSP, DPSP and DCPP accounts who turn 71 this year will need to convert their plans to retirement income accounts by the end of the year.

    To ensure a smooth transition for your clients, we recommend transferring these assets to a retirement income plan in advance of our auto-rollover on December 24, 2024. This allows clients to select their preferred payout schedule and designate a beneficiary (where applicable). 

    What’s needed from you

    Please submit completed applications to Mackenzie no later than December 20, 2024. You can forward documents by:

    • Faxing to 1-866-766-6623
    • Emailing to processing@mackenzieinvestments.com (if your dealer has signed an agreement for a secure email connection with Mackenzie)

    Fillable PDF applications are available on the Applications & Forms page of our website.

  • Donation guidelines: Mackenzie Charitable Giving Program

    To be eligible for a 2024 tax receipt, donations must be received by the Strategic Charitable Giving Foundation, in good order by 4:00 pm, December 31, 2024.

    Below are recommended timelines to assist you in meeting this deadline:

    Donation type

    Submit by

    Why this date?

    Publicly listed securities &
    third party mutual funds

    November 29

    Industry timelines to complete transfer requests can be up to 30 business days and depend on the relinquishing institution, the account type and the investment mix within the account.

    Assets must be received in the Foundation’s brokerage account by December 29.

    Mackenzie mutual funds

    December 10

    Allows time for account opening and for your dealership to process the transfer.

    Cheques

    December 10

    Allows time for delivery of physical cheques to the Foundation by deadline.

    PACs

    December 10

    Allows time for PAC processing

    EFTs

    December 17

    Allows time for internal communication and transfer of funds to the Foundation by deadline.

     

  • Run dates for systematic plans

    For year-end 2024, Mackenzie-administered systematic plans that have a run date falling on a weekend/holiday, or toward year-end, are set to run as follows:

    PACs

    Processed the business day following the weekend or holiday

    Withdrawals (SWPs)

    Processed the business day preceding the weekend or holiday, except when it pushes the date into the preceding month

    RIF/LIF/LRIF/PRIF payments

    Follows the withdrawals rule with one exception — payments scheduled for the last three business days of the year are processed on the third last business day of the year.
  • Non-resident clients

    Year-end is a good time to review records for clients who have been designated as foreign residents for taxation purposes.

    If any of these clients are now Canadian residents, you should update this information as soon as possible by sending us a non-financial update (NFU) message via Fundserv or your dealer back-office system.

    Please note that NR4 receipts will still be issued for any distributions your clients received in the current year prior to their residency status being changed on our records. If you’d like to correct all transactions in the current year, please send us your written request by December 23, 2024.

    As a reminder, Canada Revenue Agency (CRA) guidelines don’t permit adjustments or cancellations to NR4 receipts once they’ve been issued.

    Additional information for U.S. taxpayers

    Each spring, Mackenzie sends Annual Information Statements (AIS) to U.S. taxpayer clients to assist them with their U.S. tax reporting.

    Mackenzie Investments now sends AIS to clients via secure email, instead of hard copy, when we have an email address on file for the client. Using email allows us to deliver AIS to clients earlier, giving them more time to work with their tax advisor.

    To request an AIS for a new U.S. taxpayer client, or to provide a client’s email address for e-delivery, please send an email to operational.servicing@mackenzieinvestments.com before the end of the year. Be sure to use your business email address when sending your request.

Distribution dates

Please refer to the table below for Mackenzie's scheduled year-end distribution dates. The ‘Distribution Record Date’ will be one business day prior to the distribution payment date.

December 10 Annual distributions of income and/or capital gains for Mackenzie private markets funds
December 20 Annual distributions of income and/or capital gains for Mackenzie trust funds that qualify as mutual fund trusts.
December 31 Annual distributions of income and/or capital gains for money market funds and Mackenzie trust funds that do not qualify as mutual fund trusts (unit trusts, pooled funds, and segregated funds).

Final tax factors for 2024 distributions are expected to be available here in mid-February.

Holiday hours of operation

Mackenzie will be open for our standard hours of operation over the holiday season, including December 24 and December 31.

Statements: Mailing and web posting schedule

Below are the anticipated dates when year-end statements will be mailed and posted on online (AdvisorAccess and InvestorAccess).

Type of statement

Expected mailing date

Expected online availability

Retail

Week of Jan. 13, 2025

Week of Jan. 6, 2025

Managed account

Week of Jan. 13, 2025

Week of Jan. 6, 2025

Segregated funds

Week of Jan. 13, 2025

Week of Jan. 6, 2025

Pension

Week of Jan. 13, 2025

Week of Jan. 6, 2025

RDSP

Week of Jan. 13, 2025

Not available online

Braille

Week of Jan. 20, 2025

Not applicable

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, 2024 (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.

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.

Receipt type

Tentative mailing and web posting dates

RRSP contribution receipts - First 60 days of 2025

As processed, starting January 3 (online) and January 9 (mailed)

RRSP contribution receipts – Rest-of-year (ROY)

Scheduled: Week of January 6

Consolidated First 60 days RRSP contribution receipts

  • Pre-authorized chequing (PAC)
  • Group RRSP

Scheduled online availability: Week of March 3
Scheduled mailing: Week of March 10

T4 (T4RSP, T4RIF, T4A, NR4)

Quebec residents will also receive RL2 and/or RL1.

Scheduled: Week of January 27

T4A RDSP

Quebec residents will also receive RL1.

Scheduled: Week of February 17
Note: these receipts are not available online

T4 FHSA

Scheduled online availability: Week of February 17
Scheduled mailing: Week of February 24

T3, T5 (including NR4)

Quebec residents will also receive RL16 and/or RL 3.

Scheduled: Week of February 10

Manual CR and offsetting receipts: 60J, 60L and 60LV

Scheduled: Week of February 17

T5013 – Mackenzie Master Limited Partnership (MMLP) receipts

Quebec residents will also receive RL15.

Scheduled mailing: Week of February 24
Note: these receipts are not available online

T5008 Statement of Securities Transactions

Scheduled online availability: Week of January 20
Scheduled mailing: Week of February 3

T4 Adjustments

Scheduled online availability: Week of February 3
Scheduled mailing: Week of February 10

T4 E-Media

Scheduled online availability: Week of February 3
Scheduled mailing: Week of February 10

T3 and T5 Adjustments

As processed, starting February 7

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

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

As a reminder, Budget 2024 proposes to increase the capital gains inclusion rate from one-half to two-thirds for corporations and trusts. The same increase would apply to the portion of capital gains realized in the year that exceed $250,000 for individuals, for capital gains realized on or after June 25, 2024.

For tax years that begin before and end on or after June 25, 2024, two different inclusion rates would apply. Transitional rules will require taxpayers to separately identify capital gains and losses realized before June 25, 2024 (Period 1) and those realized on or after June 25, 2024 (Period 2) so that the appropriate inclusion rate can apply to the transaction. Also, the annual $250,000 threshold for individuals would be fully available in 2024 and will not be prorated.

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