🤓 Nerdy Tip: The RRSP contribution limit is sometimes referred to as the RRSP deduction limit because it’s the maximum amount you can claim as a deduction on your tax return. Note that opening a spousal RRSP does not give you additional contribution room. If you add funds to a spousa...
What you need to know about RRSP contributions for the 2024 tax year Learn all about contribution limits, deduction limit vs. contribution room and more. 6 steps to your financial wellness Think your finances are already in good shape? Now’s a great time to make sure. How to build a...
“So somebody who’s making lesser income now, but they have a career where maybe they’re making twice as much in a few years — they’re better off concentrating on a TFSA. And people who are higher earners right out of the gate might be better off with the RRSP, because of t...
Unlike withRRSP contributions, money transferred into a LIRA is not tax-deductible. You already benefited from a tax deduction when you contributed to your pension plan. Since the rules and regulations of LIRAs vary by province, it may be necessary to speak to a financial advisor or knowledgeab...
RRSP contributions are subject to a limit equal to 18% of your employment income up to a maximum of $26,500 (for 2019). To contribute the maximum amount to your RRSP, you’d have to pay yourself a salary of close to $145,000. The RRSP deduction will lower your taxable income to ...
You can set up a stream of payments to yourself, called “Substantially Equal Periodic Payments (SEPP)”. The only hitch is that once you start them, you cannot stop them until you reach 59.5 years of age. To determine how much you can get, the government prescribes something called a ...