Happy New Year to Everyone
January 20th, 2023
RRSP:
If you are not one of our lucky retired clients, the RRSP contribution deadline for the 2022 tax year is Wednesday, March 1st, 2023. You can contribute up to 18% of your 2022 earned income, to a maximum of $29,210. For your exact contribution limit, please check your latest Notice of Assessment, Notice of Reassessment, T1028 form, or log on to your Canada Revenue Agency account at www.cra-arc.gc.ca/myaccount. The maximum RRSP contribution limit for 2023 is $30,780.
TFSA:
The 2023 TFSA contribution limit has increased up to $6,500.00. The maximum contribution limit since inception is $88,000.00.
Income Tax:
Please note the deadline for most Canadians to file their personal income tax and benefit return is April 30th, 2023. Because that day is a Sunday this year, CRA will consider your tax return filed on time if they receive it on or before May 1, 2023.
If you, your spouse or common law-law partner are self-employed, you have until June 15th, 2023 to file your return. IMPORTANT – if you have a balance owing, it must still be paid on or before May 1, 2023.
Kindly email us a copy of your notice of assessment when you receive it. This will be very helpful to us.
Please call us at 905-434-6603 to arrange your 2022 or 2023 RRSP contributions. You can also make a contribution by transferring funds to your RBC Dominion Securities RRSP account directly from any RBC Royal Bank account through DS Online. During regular business hours, this transfer only takes a few seconds. For DS Online help or more information on transferring funds, contact Taylor Miller at 905-434-4450; or Matthew Grieder at 905-434-8170.
As always, our team is here to help make sure your retirement plan is on track to achieving your goals. If you have any questions about your RRSP / TFSA or would like to revisit your current strategies, please contact me directly at 905-434-6603.
Sincerely,
Brenda Miller, CFP, CIM, FCSI
Senior Portfolio Manager
Investment & Wealth Advisor, Financial Planner