Great question! The deadline for 2023 tax year is February 29, 2024. It’s worth playing with scenarios in your return before this deadline so you know the perfect amount to contribute to give you the best return you can get.
You can find your RRSP contribution limit for the current tax year on your latest notice of assessment or notice of reassessment or online at MY Account on the CRA website.
Both the RRSP and the TFSA have been designed to encourage you to save money for the future.
RRSP contributions: • Made with pre-tax dollars • Contributions are deductible • Withdrawals are taxable • You can contribute until you are 71 • Intended for retirement savings
TFSA contributions: • Made with after-tax dollars • Contributions are non-deductible • Withdrawals are tax free • Can start contributing after you turn 18 • Intended as a short-term savings vehicle
As the old expression goes, these are the two certainties of life. What happens tax-wise when we pass away? How are our assets taxed when they get transferred to our beneficiaries? Full story...