We are incredibly proud to congratulate Oksana Prociuk on being recognized as a Fellow of the Chartered Professional Accountants (FCPA), the highest honour in the profession. This distinction is awarded to CPAs who have demonstrated outstanding leadership, career excellence, and a deep commitment to their communities.
Oksana’s impact on the accounting profession and the Ukrainian Canadian community is remarkable. She began her career at PwC before co-founding DeLuca Prociuk Chartered Accountants, one of the first all-female boutique public accounting firms. In 1986, she became the youngest and first female governing committee member of Buduchnist Credit Union (BCU).
As General Manager, and later CEO and President from 1989, Oksana transformed BCU from a small, local credit union into a major financial institution with over $1.2 billion in assets. Her vision also led to the creation and growth of BCU Financial Group, including BCU Wealth Management, BCU Insurance, and BCU Foundation.
Beyond her professional achievements, Oksana has been a dedicated leader in the Ukrainian Canadian community, contributing her expertise to numerous organizations, including the Ukrainian Youth Association, BCU Foundation, and the Ukrainian Cultural Centre Toronto.
We are grateful for Oksana’s leadership and her lasting impact. Congratulations on this well-deserved recognition!
As we dive into 2025, it’s the perfect time to review the key dates and contribution limits for registered accounts. Staying on top of these important deadlines will help ensure your financial plans stay on track throughout the year. Below, we’ve laid out the key deadlines and contribution limits for 2025 to keep you informed and ready.
Capital Gains Tax Update
In 2024, the Canadian government proposed raising the capital gains inclusion rate from 50% to 66.67% for corporations, trusts, and individuals with annual capital gains exceeding $250,000, effective for gains earned after June 25, 2024.
As of January 2025, this legislation has not been passed by Parliament. However, the Canada Revenue Agency (CRA) announced it will begin collecting the higher capital gains tax under the proposed two-tier system. This is possible because the change was introduced through a Notice of Ways and Means Motion, allowing measures to be applied retroactively from the date the motion was tabled, even without formal legislation.
Following Justin Trudeau’s resignation as Liberal Party leader, Parliament is currently suspended, making it unlikely that the legislation will be enacted soon. The future of the bill will depend on the outcome of the next federal election. If the new government decides to scrap the proposal, the CRA will have to refund the excess tax collected.
For now, the CRA will continue enforcing the increased capital gains tax until a final decision is made about the bill.
RRSP
March 3, 2025 is the deadline for contributing to an RRSP for the 2024 tax year.
The RRSP contribution limit for the 2024 taxation year is 18% of the earned income reported on your previous year’s tax return, up to a maximum of $31,560.
| Year | Max |
|---|---|
| 2024 | $31,560 |
| 2025 | $32,490 |
TFSA
The annual TFSA dollar limit for 2024 is $7,000.
If you are contributing in 2024 for the first time, you are eligible to deposit $95,000 in total contributions, provided you have been over 18 years of age since 2009 and have a valid social insurance number.
| Year | Max |
|---|---|
| 2024 | $7,000 |
| 2025 | $7,000 |
| Lifetime Total | $102,000 |
RESP
RESP Contribution: There is no annual RESP contribution limit. However, to maximize your potential annual CESG grant of $500, it is recommended that you contribute up to $2,500 to your RESP per beneficiary per year. Keep in mind that the lifetime contribution limit for any one beneficiary is $50,000.
| Contribution Period | Contribution | Max Grant |
|---|---|---|
| 1 Year | $2,500 | $500 |
| 1 Year + Catchup Year | $5,000 | $1,000 |
| Lifetime Total per child | $50,000 | $7,200 |
Tax filing deadline for individualsThe deadline to file your 2024 personal income tax return is April 30, 2025, unless you are self employed. The deadline to file your 2024 taxes is June 16, 2025 if you are self‑employed. You can start filing your 2024 return online on February 24, 2025.RRSP Home Buyers’ PlanThe current withdrawal limit for the RRSP Home Buyers’ Plan is $60,000. The higher withdrawal limit applies to withdrawals made after April 16, 2024. To qualify as an eligible withdrawal, the qualifying home must be purchased or constructed by October 1 of the year following the first withdrawal.First Home Savings Account (FHSA)If eligible, you can contribute up to $8,000 annually to the account, but the funds must be used within 15 years of opening an FHSA or before you turn 71, whichever comes first. You can make a qualifying withdrawal from an FHSA and a Home Buyer’s Plan withdrawal from an RRSP for the same home purchase, as long as all conditions are met at the time of each withdrawal.
Від імені Ради директорів, керівництва та всіх працівників Кредитової Спілки Будучність щиро вітаємо вас і ваші родини з Різдвом Христовим та Новим Роком! Нехай свята принесуть у ваш дім тепло, радість і надію на краще майбутнє.
May the light of Christmas shine brightly in your hearts, bringing peace, joy, and love. May the New Year be filled with new opportunities, prosperity, and cherished moments with your loved ones.
Нехай прийдешній рік буде щедрим на добробут, здійснення мрій та радісні події. Хай у ваших домівках панує мир, а у серцях — віра в краще майбутнє.
From the bottom of our hearts, we wish peace and victory to Ukraine, and hope for all who long for freedom and justice. May the New Year bring brighter days and a renewed spirit of unity and strength.
Христос Рождається! Славімо Його!
Merry Christmas and Happy New Year!