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  James DiCenzo, Portfolio Manager, Senior Investment Advisor, IA Private Wealth

TFSA, RRSP, RDSP
Contributions & Important Dates

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:
 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
Click here to access TFSA Updates from Revenue Canada 
​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. 
​

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.

​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. 
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Photo by Ramiro Mendes on Unsplash
 James M. Di Cenzo  FCSI®  Portfolio Manager CIM®  | Senior Investment Advisor  | Telephone: 905-336-1364  or Toll Free: 866-336-1364 
Email:
James.DiCenzo@iaprivatewealth.ca
Burlington Main Office:  1001 Champlain Ave, Suite 201, Burlington, ON L7L 5Z4        Toronto Office:   26 Wellington St E, Suite 900, Toronto, ON M5E 1S2  

"If everyone is moving forward together, then success takes care of itself."  Henry Ford

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Feel free to contact us.   All personal consultations are completely confidential. 

This information has been prepared by James M. DiCenzo, Portfolio Manager | Senior Investment Advisor for iA Private Wealth (IAPW) and does not necessarily reflect the opinion of IAPW.  The information contained in this document comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability.  The opinions expressed are based on an analysis and interpretation dating from the time of publication and are subject to change.  Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned.  The information contained herein may not apply to all types of investors.  For more information about IAPW, please consult the official website at www.iaprivateweath.ca.   The Investment  Advisor can open accounts only in the provinces where he is  registered.   iA Private Wealth is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.  iA Private Wealth is a trademark and business name under which iA Private Wealth operates.
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