2022 RRSP & 2023 TFSA CONTRIBUTIONS

2022 RRSP & 2023 TFSA CONTRIBUTIONS

This will serve as a friendly reminder of 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.

RRSP Contributions:

The cut-off date for your RRSP contributions to count toward reducing your income for 2022 is Wednesday, March 1, 2023. The contribution limit for the 2022 taxation year was 18% of your taxable income up to a maximum of $29,210, whichever is less. The contribution limit for the 2023 taxation year is a maximum of $30,780. If you have unused contribution room from previous years, you may utilize this room as well.

TFSA Contributions:

If you would like to contribute to a TFSA for 2023 the limit is $6,500 for the year, unless you have not maxed out your contributions. The maximum one could have deposited into their TFSA account since 2009 is $88,000 as of 2023.

Our clients can make contributions 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.

Online Banking Transfer (Bill Payment): Add your Custodian (“Credential Securities” or “National Bank Independent Network” / “NBIN” – note it may show up as either, depending on your bank) 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.

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 (RRSP or TFSA) you would like it deposited to.

If you have any questions or would like to book a video or phone appointment to review your accounts, please contact our office at 780-490-4200.

IT’S OUR 20TH ANNIVERSARY

IT’S OUR 20TH ANNIVERSARY

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