This will serve as a friendly reminder of the contribution limits and cut-off dates for RRSP and/or TFSA contributions if you are planning to make one this year.
RRSP Contributions:
The cut-off date for your RRSP contributions to count toward reducing your income for 2016 is March 1st, 2017. This year’s contribution limit is 18% of your taxable income up to a maximum of $25,370, whichever is less. If you have un-used contribution room from previous years, you may contribute more than the $25,370 maximum, but one needs to be careful not to over-contribute.
TFSA Contributions:
If you would like to contribute to a TFSA for 2017 the limit is $5,500 for the year, unless you have not maxed out your contributions. The maximum one could have deposited into their account since 2009 is $52,000 as of 2017.
Contributions can be made through these methods:
Online: Simply add your Custodian (National Bank Correspondent Network or Credential Securities) as a “Payee” through your online banking, and include your account number. If you need assistance finding your account number, please contact our office. If you choose this method, please also notify us with the amount you are contributing, so we can have your Portfolio Manager watch for it.
Cheque: Please make your cheque payable to your Custodian (NBCN or Credential Securities) and either mail them to us or drop them off at our office. We will notify you once we have received your cheque and will courier it to your Portfolio Manager. Please note that if you mail your cheque, we must receive it at least 2 days prior to the cut-off date (March 1st) in order to ensure it is processed in time.
If you have any questions or would like to book an appointment with us, please contact Cindy in our office at cindy@blackburndavisfinancial.ca or 780.490.4200 ext.103 and she will be happy to assist you.