Key deadlines and legislative changes
2024 year-end processing deadlines
Date
Reminders
Friday, November 22, 2024
Income Plan Transfers
from External Dealers
- Last day Relinquishing Dealers will accept Income Plan (RIF/LIF) transfers.
- Transfers received after November 22, 2024 will be held and processed at the start of 2025. Agora will ensure that all transfer-ins received prior to December 31, 2024 will be initiated by January 15, 2025.
- Agora will assume the 2025 minimum and/or maximum for these Income Plan, provided relinquishing institution will submit these numbers to Agora.
Friday, November 20, 2024
Income Plan Transfers
from Fund Companies
- Last day for Income PLan (RIF/LIF) transfers from Fund Companies to ensure 2024 processing.
- Transfers received after December 20, 2024 will be initiated on best-effort basis.
Monday, December 9, 2024
2024 RIF minimum/maximum changes
- Last day to submit changes for 2024 minimum and/or maximum payout instructions for Income Plans.
- If there are no instructions by this date, Agora will complete all remaining minimum payouts using fund hierarchy: cash, load type (NL, FE, DSC), fund risk (low to high), holding market value (high to low).
Friday, December 13, 2024
RRSP to RIF Rollover
- Last day for clients turning 71 before December 31, 2024 to convert RRSP and LIRA/LRSP accounts to RRIF and LIF/LRIF/PRIF/RLIF accounts.
- If no instructions are received by the December 13, 2024 due date, the accounts will be automatically moved after December 13, 2024 and plans will be restricted for missing information/no documentation.
Friday, December 13, 2024
RRSP to RIF Rollover
- Last day for clients turning 71 before December 31, 2024 to convert RRSP and LIRA/LRSP accounts to RRIF and LIF/LRIF/PRIF/RLIF accounts.
- If no instructions are received by the December 13, 2024 due date, the accounts will be automatically moved after December 13, 2024 and plans will be restricted for missing information/no documentation.
Monday, December 30, 2024
2024 withdrawals
- Last day to submit withdrawals to ensure income for 2024 (for trades with T+1 settlement).
Tuesday, December 31, 2024
- Deadline to submit 2024 contribution for RESP, TFSA and FHSA plan types.
Note: All documentation received must be in good order by the above posted dates. Documents received after the specifed dates are processed on a best-efforts basis with no guarantee of a 2024 completion. The funds must be redeemed from the client plan on or before December 31, 2024 to ensure a 2024 tax receipt. If the funds have not settled by year end, no tax receipt will be issued. Documentation that is incomplete or sent after the posted dates will result in processing delays and may impede efforts to get items processed as requested (with regard to tax receipts and trades).
January 1st rule changes to Quebec-regulated LIF withdrawals
The changes apply to Quebec regulated locked-in retirement accounts (LIRAs) and life income fund (LIFs) derived from funds transferred from a Quebec-regulated pension plan.
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- LIF owners aged 55 and older can withdraw any amount from their account above the mandatory minimum. The maximum limit no longer applies.
- LIF owners between 54 and 65 no longer have the option to apply for temporary income.
- For LIF owners aged 55 or less, minimum and maximum withdrawal amounts still apply; however, the maximum factor has changed. These individuals can still access temporary income with small adjustments (if their plan allows it).
- Individuals who have been a non resident for two years, can still unlock Locked-In Retirement Account (LIRA) funds, but this option no longer exists for a LIF.
LIF owners aged 65 and over are no longer permitted to withdraw under the small amount unlocking provision. - Money can no longer be transferred directly from a LIF to a Registered Retirement Savings Plan or Registered Retirement Income Fund.
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For additional detail please refer to: Retraite Québec – Amendments to LIFs as of 2025
Agora is currently developing the required notifications to investors impacted by these changes and will ensure that copies of any specific client communication is available through our advisor portal.