The 2023 RRSP contribution & deduction limit There’s a limit to how much you can contribute to your RRSP and it changes each year. For the 2022 tax year, you can contribute up to 18% of the earned income you reported for last year’s taxes (2021 tax filing), or $29,21...
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How to save for a down payment towards a home Ready to buy a home? Here's how to save for your down payment. 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. ...
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Open an RRSP and use your tax refund to pay down your loan. 3. Don’t just pay the interest: Focus on making the biggest payments you can rather than just paying off the interest. The faster you reduce the principle, the less money you will owe over time because you won’t give ...
Thanks for this updated reply. I’m very new to this investing universe and was very excited to see a simple option to at least get my feet wet. Reply Tim JohnsonOctober 11, 2021, 1:54 pm Buy market corrections. Never use margin trading accounts. Joel Greenbelt has a good idea but I...
🤓 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...
You are of course very right that there is no use having any money in a money market fund right now. If you’re feeling conservative and getting close to retirement, pay off the mortgage! If you’re feeling like going for bigger gains over a long period with higher volatility, invest al...