2023 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 2023 statement and tax slip production schedules. Be sure to check in regularly for important updates.

Processing deadlines

We recommend completing the following by 2:00 pm EST on December 29, 2023:

• Wire order or online redemptions or switches of 10% free amounts available for 2023
• Adjustments for 2023 transactions
• TFSA/RESP contributions intended for 2023
• RRSP redemptions intended for 2023
• Registered transfers to a RIF/LIF/LRIF/PRIF/RLIF intended for the 2023 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 2024.
• Updates to missing or outdated non-financial information to ensure year-end mailings and tax slips are successfully delivered to your clients

RESP & RDSP grant eligibility guidelines

Please remember that grants are based on calendar-year contributions with the deadline being December 29, 2023.

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.

Registered and locked-in accounts transferring to income plans

Clients with RRSP, 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 22, 2023. This allows clients to select their preferred payout schedule and a designate a beneficiary. 

Donation guidelines: Mackenzie Charitable Giving Program

To be eligible for a 2023 tax receipt, donations must be received by the Strategic Charitable Giving Foundation, in good order by 4:00 pm, December 29, 2023.

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

Distribution dates

Most of Mackenzie’s year-end fund distributions will take place on or about December 22 and 29 for trust funds having year-ends for tax purposes of December 15 and December 31 respectively. Year-end distributions for Mackenzie Northleaf Private Infrastructure Fund, Mackenzie Northleaf Private Credit Interval Fund and Mackenzie Northleaf Global Private Equity Fund are scheduled to occur on December 11.

The ‘Distribution Record Date’ will be one business day prior to the distribution payment date.

Final tax factors for 2023 distributions are expected to be available here in mid-February.

Run dates for systematic plans

For year-end 2023, Mackenzie-administered systematic plans that have a run date falling on a weekend/holiday, or toward year-end, are set to run as follows:

Holiday hours of operation

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).

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, February 29, 2024.

The processing deadline for trades requesting a first 60-day contribution will be 4:00 pm on March 4, 2024.

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 February 29, 2024 will be consolidated and issued on the same day.  Duplicate receipts can be retrieved online.
• From February 29 to 4:00 pm ET on March 4, 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 February 29 to 4:00 pm ET on March 5, 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 sponsors payroll programs.
• From February 29 to 4:00 pm ET on March 4, 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 4, 2024.

Guidelines for issuing contribution receipts under exceptional circumstances after the March 4, 2024 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.

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

Regulatory changes for 2024

Amendments to Rule H1 for Pre-Authorized Debits (PADs)

Changes to the Canadian Payments Association's Rule H1 come into effect in January 2024.

One-time PAD agreements will now automatically terminate once the payment has been completed. This means that a new form will be required each time a client wants to execute a one-time purchase to draw funds from their bank account.

To avoid delays and minimize any disruption to clients, you can place a wire order buy that settles via EFT, which doesn’t require a client-signed form.

Increased TFSA contribution limit

In 2024, the contribution limit for TFSAs will increase from $6,500 to $7,000 due to indexation.  The total contribution room for an eligible TFSA investor as of 2024 is now $95,000.00.