RRSP Contribution Deadline
Tuesday, March 1st, 2022, is the deadline for contributing to an RRSP for the 2021 tax year. Please note that the maximum RRSP contribution limit for 2022 is $29,210.
You can check your maximum contribution room by logging into the CRA “My Account” website.
Are RRSP Contributions Right For Me?
Contributing to an RRSP is a fantastic way to reduce your 2021 taxes payable. However, you may benefit more from first maximizing your TFSA if you are currently earning a low income (i.e. in a low-tax bracket). With a lower marginal tax rate, your RRSP deductions will return a lower amount to you in tax refunds.
RRSP Calculator
Not sure if you are saving enough for your retirement?
TFSA Contributions
For 2022, the TFSA contribution room remains at $6,000. If you were eligible to contribute to a TFSA since it was introduced in 2009 (you were at least 18 years old), the cumulative room since then is $81,500.
Speak to your advisor today to determine if a TFSA is right for you.
RESP Contributions
The RESP is a powerful savings vehicle. Contributing will allow you to take advantage of the Federal Canadian Educational Savings Grant (CESG). Under the CESG, the government matches 20% for contributions up to $2,500 per child per year, up until the age of 18.
