2025 RRSP Deadline Reminder
It’s time to focus on the January-February 2025 Registered Retirement Savings Plan (RRSP) deadline! The RRSP deadline process guideline is below, with recommended due dates. We appreciate you providing what we need by the recommended date to ensure a successful RRSP season.
January-February 2025 RRSP Receipt Quick Reference Checklist:
| Process | Recommended Date* | Official Due Date | Time Due |
|---|---|---|---|
| Contributions | February 24 | March 3 | 2 p.m. ET |
| Plan member Contributions | February 24 | March 3 | 11:59 p.m. ET |
| Enrolments | February 24 | March 3 | 4 p.m. ET |
| Address Updates | February 24 | March 3 | 4 p.m. |
*Submissions by February 24 allows us to identify any errors and follow up. This will ensure processing by March 3. Processing after March 3 won’t be reported on the January-February 2025 RRSP tax receipt.
January-February 2025 RRSP Receipt Detailed Process Guide:
1) Contributions
You need to submit contributions on March 3, with payment, by 2 p.m. ET.
The contributions will not process into the plan member accounts if:
- Contributions are not in good order
- Payment or wire confirmation number is not received by Sun Life
- Contributions are received after 2 p.m. ET
We recommend you send your contributions by February 24. This will ensure we have the time to process the following, before the year end deadlines:
- Any rejects, corrections, or contributions not in good order
- Negative contribution corrections
- Missing enrolments
- Stock contributions*
* Stock transactions take 2 days to process. Contributions processed after March 3 that include stock will report in the 2025 tax year.
2) Enrolments for new plan members
Contributions for new plan members require enrolment before February 24. Please send their enrolment as soon as possible.
For online enrolment, the plan member must enrol before March 3 to report on the January-February 2025 RRSP receipt.
3) Address Updates / Incorrect Addresses
Please send address updates before February 24 to ensure the plan member receives their RRSP receipt. This is to ensure statements, tax slips and tax receipts arrive on time.
If the plan allows, plan members can submit an address change online until March 3, 2025, before 4 p.m. ET.
Questions? We’re here to help.
Please contact your Sun Life Group Retirement Services representative.