TAX REMINDERS FOR 2016 AND 2017

We are pleased to provide you the following 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

• 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.