To assist with your 2023 and 2024 tax planning, we are pleased to provide the following information about Registered Retirement Savings Plans (RRSP) and Tax-Free Savings Accounts (TFSA) as follows:
RRSP
• The maximum contribution limit for 2023 is $30,780.
• The deadline for 2023 contributions is February 29, 2024.
• Your contribution limit for 2023 is noted on your 2022 Notice of Assessment.
• The maximum contribution limit for 2024 is $31,560.
TFSA
• The contribution limit for 2024 is $7,000.
• The cumulative contribution limit from 2009 to 2024 is $95,000.
The rules regarding RRSP and TFSA contributions can be complex.
Please contact your Lipton LLP advisor if you would like to discuss your specific situation.