by Cindy Sprague | Jan 12, 2022 | Financial Planning, Retirement Planning, Tax Planning
Here are the contribution limits and cut-off dates for RRSP and TFSA contributions if you are planning to make one this year and have not already done so.
What is the contribution limit and deadline for RRSP accounts?
The cut-off date for your RRSP contributions to count toward reducing your income for 2021 is Tuesday, March 1, 2022. In order to meet this deadline, you should make your contribution by February 25 to allow for your deposit to clear your bank account. The contribution limit for the 2021 taxation year was 18% of your taxable income up to a maximum of $27,830, whichever is less. The contribution limit for the 2022 taxation year is a maximum of $29,210. If you have unused contribution room from previous years, you may use this room as well.
What is the contribution limit for TFSA accounts?
If you would like to contribute to a TFSA for 2022 the limit is $6,000 for the year, unless you have not maxed out your contributions. The maximum one could have deposited into their TFSA account since 2009 is $81,500 as of 2022. Please note that the Portfolio Managers will be processing these contributions between January 15 – February 11.
How To Make an RRSP or TFSA Contribution? Contributions can be made through one of the following methods:
Transfer from Non-Registered Account: If you have a Non-Registered account set-up with enough funds in it, you can simply send your Financial Advisor an e-mail indicating the amount you would like transferred from this account to your RRSP or TFSA. Instructions must be sent to us by 11:00am on Friday, February 25 in order to meet the deadline.
Online Banking Transfer (Bill Payment): Add your Custodian (“Credential Securities” or “National Independent Network”/”NBIN”) as a “Payee” through your online banking and enter your account number as the bill account number. If you need assistance finding your account number or are unsure who your Custodian is, please contact your Financial Advisor. 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. Please note this must be submitted before midnight on Monday, February 28 in order to meet the deadline.
EFT from your Bank: You will just need to sign an EFT form if you have not already done so, which allows your Custodian (Credential or NBIN) to take the money directly out of your account with your consent. Once you have signed the form, you will need to email your Financial Advisor to indicate the one-time amount you are authorizing the Portfolio Manager to withdraw from your bank account and which account (RRSP or TFSA) you would like it deposited to. We must receive these instructions by Friday, February 25 at 3:00pm at the latest in order to process before the deadline.
If you have any questions or would like to book a video or phone appointment to review your accounts, please contact our office.
by Cindy Sprague | Dec 15, 2021 | News/Team Announcements
Our office will be closed for the Holidays from Thursday, December 23 at 4:30pm through Friday, December 31. We will also have reduced staff working in our office beginning December 22.
As a friendly reminder, if you have any upcoming requests, please send them to our team by Monday, December 20 to ensure we can process them before the Holidays. If you need anything during the dates we are closed, I am still available via email and phone.
We will resume regular business hours at 8:00am on Monday, January 3.
On behalf of our BDF Team, wishing a Happy Holidays to you and your family, and all the best for 2022!
by Kelley Doerksen | May 25, 2021 | News/Team Announcements
We are honoured to announce this May 2021 marks Blackburn Davis Financial’s 20th Anniversary.
Thank you sincerely to our clients for the support and trust you have placed in us over these many years. It is an honour to provide financial guidance to our clients and we are grateful for the chance to do so every day. We have enjoyed the privilege of sharing many important moments in our clients’ lives and we look forward to the opportunity to continue to do so.
Under normal circumstances, we would have much preferred to celebrate this occasion with our clients by hosting an in-person event. In lieu of this, we have chosen to donate our event budget to charity. We have estimated a budget of $10,000 and have selected six charitable organizations across Canada. These include YESS – Youth Empowerment and Support Services, The United Way of Canada, The Canadian Mental Health Association, Special Olympics Canada, Women’s Shelters Canada, and The Edmonton Food Bank
Thank you once again for your continued support over the years. We look forward to another 20+ years!
John Davis, Stephen MacDonald, and Kelley Doerksen
by Stephen MacDonald | Jan 28, 2021 | News/Team Announcements
It is with heartfelt congratulations that we welcome Kelley Doerksen, CFP®, CIM® as partner in Blackburn Davis Financial Inc.
Kelley has been a Financial Advisor for 13 years. She achieved her Certified Financial Planner designation in 2010 and her Chartered Investment Manager designation in 2017.
She has just qualified to be registered as a Portfolio Manager which allows her to manage client assets on a discretionary basis. This is the gold standard of financial advice in Canada. She is also currently working on her Trust and Estate Practitioner designation (TEP).
Obviously, self-development and education are a cornerstone to Kelley’s success. What is more remarkable is she has been able to accomplish these milestones while being a dedicated mother and outstanding Advisor.
She is a thoughtful, empathetic, and highly skilled planner who acts as our go to resource for many of the more technical financial planning issues we face. Congratulations Kelley and thank you for your dedication and service.
Stephen MacDonald, CFP®, CIM® & John Davis, CFP®, CIM®, CLU®, TEP
by Cindy Sprague | Jan 15, 2021 | Financial Planning, Retirement Planning, Tax Planning
Here is 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, and have not already done so.
RRSP Contributions:
The cut-off date for your RRSP contributions to count toward reducing your income for 2020 is Monday, March 1, 2021. In order to meet this deadline, you should make your contribution by February 25th to allow for your deposit to clear your bank account. The 2020 contribution limit was 18% of your taxable income up to a maximum of $27,230, whichever is less. The 2021 contribution limit is $27,830. If you have unused contribution room from previous years, you may contribute more than the maximum, but one needs to be careful not to over-contribute.
TFSA Contributions:
If you would like to contribute to a TFSA for 2021 the limit is $6,000 for the year, unless you have not maxed out your contributions. The maximum one could have deposited into their TFSA account since 2009 is $75,500 as of 2021.
Contributions can be made through one of the following methods:
Transfer from Non-Registered Account: If you have a Non-Registered account set-up with enough funds in it, you can simply send us an e-mail indicating the amount you would like transferred from this account to your RRSP or TFSA. Instructions must be sent to us by 11:00am on Thursday, February 25 in order to meet the deadline.
Online Banking Transfer (Bill Payment): Add your Custodian (“Credential Securities” or “National Bank Financial”) as a “Payee” through your online banking and enter your account number as the bill account number. If you need assistance finding your account number or are unsure who your Custodian is, 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. Please note this must be submitted before midnight on Friday, February 26 in order to meet the deadline.
EFT from your Bank: You will just need to sign an EFT form if you have not already done so, which allows your Custodian (Credential or NBIN) to take the money directly out of your account with your consent. Once you have signed the form, we will require an email from you indicating the one-time amount you are authorizing them to withdraw from your bank account and which account you would like it deposited to. We must receive these instructions by Thursday, February 25 at 3:00pm at the latest in order to process in time.
If you have any questions or would like to book a video or phone appointment to review your accounts, please contact our office.
