In order to assist you with your 2020 and 2021 tax planning, we are pleased to provide you with the following information in connection with Registered Retirement Savings Plans (RRSP) and Tax-Free Savings Accounts (TFSA) as follows:
RRSP
- The maximum contribution limit for 2020 is $27,230.
- The deadline for 2020 contributions is March 1, 2021.
- Your contribution limit for 2020 is noted on your 2019 Notice of Assessment.
- The maximum contribution limit for 2021 is $27,830.
TFSA
- The contribution limit for 2021 is $6,000.
- The cumulative contribution limit from 2009 to 2021 is $75,500.
The rules regarding RRSP and TFSA contributions can be complex.
Please contact your Lipton LLP advisor if you would like to discuss your particular situation further.
