The Registered Retirement Savings Plan (RRSP) deadline is fast approaching. The last day to contribute for the 2020 tax year is Monday, March 1st, 2021. If you would like to make a contribution, please contact our office at your earliest convenience so we can work through any requirements with you.
How much can I contribute to my RRSP for the 2020 Tax Year?
The maximum RRSP contribution limit for the year 2020 is $27,230. However, if you did not use your entire RRSP contribution limit for the years 1991-2019, you can carry forward the unused amount to 2020. Therefore, your RRSP contribution limit for 2020 may be more than $27,230 depending on your personal situation. The maximum RRSP contribution limit for the year 2021 is $27,830.
How much can I contribute to my TFSA in 2020?
The maximum TFSA contribution limit for the year 2021 is $6,000. The lifetime limit for 2021 is $75,500.
If you have not maximized your contribution room or have made any withdrawals in the previous calendar year (excluding qualifying transfers), you are eligible to make a larger contribution.
View our RRSP & TFSA comparison sheet here.
If you do not have a registered account and are ready to start preparing for your financial future, actively invest in your future by opening an account with Matco and speak with a portfolio manager to determine whether an RRSP or TFSA is the best choice for your personal situation and investment goals.
Client Experience Manager
Founded in 2006 to manage and service seven family offices, today Matco offers the benefits of our extensive investment management experience to individual investors, foundations, endowments, condominium corporations, trusts, corporations and not-for-profit organizations.
Our mission is to simplify the investment world for our clients by understanding their needs and providing exceptional investment solutions that preserve and grow capital.