A Quick Reminder – RRSP & TFSA Contribution

A Quick Reminder – RRSP & TFSA Contribution

Let us help you navigate the registered world:

2016

How much can I contribute to my RRSP for the 2016 Tax Year?

The maximum RRSP contribution limit for 2016 is $25,370. However, if you did not use your entire RRSP contribution limit for the years 1991-2015, you can carry forward the unused amount to 2016. Therefore, your RRSP contribution limit for 2016 may be more than $25,370 depending on your personal situation. Check your latest CRA “2015 Notice of Assessment” for your available RRSP contribution room.

The deadline for your 2016 RRSP contribution is March 1, 2017.

2017

How much can I contribute to my RRSP for the 2017 Tax Year?

The maximum RRSP contribution limit for the year 2017 is $26,010.

How much can I contribute to my TFSA in 2017?

The maximum TFSA contribution limit for the year 2017 is $5,500. If you have any unused TFSA contribution room from 2009-2012 ($5,000 maximum per year), 2013-2014 ($5,500 maximum per year), 2015 ($10,000 maximum), 2016 ($5,500 maximum) or have made any withdrawals in the previous calendar year (excluding qualifying transfers), you are eligible to make a larger contribution (up to a maximum of $52,000 total or potentially more if you have made a specific withdrawal in prior years).

For more information on RRSP & TFSA contribution limits, please visit the CRA website here.

You can view our RRSP & TFSA comparison sheet here.

If you have any questions or would like to make a contribution, please do not hesitate to contact me.

Lindsay Bryant, Manager, Client Service

photo credit: aag_photos Retire Piggy Bank via photopin (license)

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