February 1, 2021
Now is a good time to assess what you want to invest in your Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) or both.
RRSP Contribution Limits
18% of the income you earned the previous year, up to an annual maximum of $26,500 in 2019, $27,230 in 2020, $27,830 in 2021, and $29,210 in 2022.
- Contributions are deductible from your taxable income.
- If you contribute to an employer-sponsored plan, it will reduce your contribution room.
- Add any unused contributions of your annual limit cumulative back to 1991.
TFSA Contribution Limits
- 2009 to 2012 $5,000
- 2013 and 2014: $5,500
- 2015: $10,000
- 2016 to 2018: $5,500
- 2019 to 2021: $6,000
- Contributions are not deductible from your taxable income.
- Add any unused contributions of your annual limit, cumulative back to 2009.
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