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Start Saving Now for September: Your RESP Checklist Before the School Year Hits

  Canadian Money Brief · Family Finance September feels a long way off on July 1. That's exactly why now is the right time to look at your child's RESP — not in late August when the school supply list arrives and the grant math gets rushed. If you have a Registered Education Savings Plan (or you've been meaning to open one), here's what to check right now, and why the calendar year — not the school year — is what actually matters. Why July, Not August The Canada Education Savings Grant (CESG) — the government's 20% match on RESP contributions — runs on the calendar year , not the school year. Grant room for 2026 resets on a January-to-December basis, and it doesn't carry any special "back to school" deadline. But summer is genuinely the best time to check your numbers, for three reasons: You still have six full months left in the year to top up if you're behind. Contributions made now have more time to grow before your child needs the money. You av...
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Federal Government Extends Charitable Donation Tax Deduction Deadline to February 2025


In response to the recent Canada Post strike, the federal government has announced an extension for the deadline to claim charitable donations on tax returns. Originally set for December 31, 2024, the new deadline is now February 28, 2025.

Finance Minister Dominic LeBlanc stated that this extension aims to mitigate the impact of the strike, which significantly disrupted mail-in donations during the crucial holiday season. Charities, such as the Salvation Army, reported a drop in donations by over 50% due to the strike.

The government plans to introduce legislation to amend the Income Tax Act once Parliament resumes on January 27, 2025. This extension is expected to provide charities with additional time to receive and process donations, ensuring they can continue their vital work in communities across Canada.



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