Tax Free Savings Account / TFSA
As of January 1, 2023, the Tax Free Savings Account (TFSA) annual contribution limit is $6,500.
TFSA Dollar Limits:
As of January 1, 2023, the Tax Free Savings Account (TFSA) annual contribution limit is $6,500.
TFSA Dollar Limits:
|
2009: $5,000
2010: $5,000 2011: $5,000 2012: $5,000 2013: $5,500 2014: $5,500 2015: $10,000 |
2016: $5,500
2017: $5,500 2018: $5,500 2019: $6,000 2020: $6,000 2021: $6,000 2022: $6,000 2023: $6,500 |
Over the last decade, the TFSA has become a great place to grow your savings, as well as excess retirement earnings. All interest, dividends and capital gains collected within your TFSA account are tax-free. Unlike the RRSP/RRIF, you may continue to contribute to your TFSA even if you are drawing on your Registered Retirement Income Fund (RRIF). If you need to withdraw funds from your TFSA, you may contribute any past withdrawals in the following calendar year.
Within your TFSA, any unused contribution room is carried forward to future years such that the cumulative limit for someone who has never contributed may be as high as $88,000.
Always confirm with your contribution limits your local tax professional as well as your previous year's Revenue Canada Notice of Assessment.
Within your TFSA, any unused contribution room is carried forward to future years such that the cumulative limit for someone who has never contributed may be as high as $88,000.
Always confirm with your contribution limits your local tax professional as well as your previous year's Revenue Canada Notice of Assessment.
RRSP, RDSP and Home Buyer's Plan
March 1, 2022 is the deadline for contributing to an RRSP for the 2021 tax year.
December 31 of the year you turn 71 years of age is the last day you can contribute to your own RRSP. For more information, please view Revenue Canada's RRSP options when you turn 71.
The deadline for opening an RDSP, making contributions and applying for the matching Grant and the income-tested Bond for the 2021 contribution year was December 31, 2021.
Home Buyers' Plan (HBP) you have to buy or build the qualifying home before October 1 of the year after the year of withdrawal. For more information, see Conditions for participating in the HBP.
Click here to access updated important dates for the RRSP, RDSP, Home Buyer's Plan and Lifelong Learning Plan
on the Revenue Canada website.
March 1, 2022 is the deadline for contributing to an RRSP for the 2021 tax year.
December 31 of the year you turn 71 years of age is the last day you can contribute to your own RRSP. For more information, please view Revenue Canada's RRSP options when you turn 71.
The deadline for opening an RDSP, making contributions and applying for the matching Grant and the income-tested Bond for the 2021 contribution year was December 31, 2021.
Home Buyers' Plan (HBP) you have to buy or build the qualifying home before October 1 of the year after the year of withdrawal. For more information, see Conditions for participating in the HBP.
Click here to access updated important dates for the RRSP, RDSP, Home Buyer's Plan and Lifelong Learning Plan
on the Revenue Canada website.
Please note Revenue Canada makes regular changes and updates to Canada's tax laws and benefits.
Always consult with your tax professional and/or refer to your Revenue Canada Notice of Assessment regarding the latest updates on your registered accounts, contribution limits and withdrawals as well as changes to tax benefits.
If you do not have access to a tax professional, we can schedule time for you to meet a Chartered Professional Accountant at your convenience.
If you have any questions, please let us know.
Always consult with your tax professional and/or refer to your Revenue Canada Notice of Assessment regarding the latest updates on your registered accounts, contribution limits and withdrawals as well as changes to tax benefits.
If you do not have access to a tax professional, we can schedule time for you to meet a Chartered Professional Accountant at your convenience.
If you have any questions, please let us know.
