We are pleased to provide you the following tax reminders in order to assist you with your tax planning needs on:
Your Retirement Savings Plan (RRSP)
- The 2016 Contribution limit is $25,370
- Your contribution limit shows on your 2015 notice of assessment
- If you don’t have your notice of assessment handy, you can get your contribution limit by calling the automated Tax Information Phone Service (TIPS) at 1-800-267-6999.
- The deadline to contribute is March 1, 2017
- The 2017 contribution limit is $26,010
Your Tax-Free Saving Account (TFSA)
- The 2017 Contribution limit is $5,500
- The cumulative contribution limit since the Program’s inception is $52,000
- If you are a newcomer to Canada below are the limits per year from the year you arrived
|2009 to 2012||$5,000|
|2013 to 2014||$5,500|
|2016 to now||$5,500|
- There is no deadline to contribute.
- If you don’t know your contribution limit you can also call 1-800-267-6999 to obtain it.
Your children’s education savings plan
- Although no limit to contribute to a child’s education plan the maximum contribution that would qualify for the Canada Education Savings Grant is $2,500
- The Canada Grant is 20% on the first $2,500
- If you reside in Quebec, the provincial government will supplement the Canada Grant by 10% of $2,500
The regulations governing the above plans are often complex. For more information and explanations that could apply to your specific situation please don’t hesitate to contact your RSW advisor.