Christmas shopping and contribution planning.... it's that time of year again!

December 06, 2017 | Dan Rudisuela

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The dates and amounts you need to know for making contributions to TFSA's and RRSP's and ideas on maximizing both.

Whether you are ahead of the game and planning for 2018 or finalizing 2017 here are some key dates and ideas to bear in mind.

  • March 1, 2018 RRSP deadline for 2017 contributions

  • January 1, 2018 Earliest contribution date for 2018 RRSP and TFSA

  • $5,500 TFSA contribution room for 2018

  • $57,500 The new total TFSA contribution room for all Canadians who were at least 18 in 2009

Don't have the cash on hand to make your contributions? Transferring securities from a non-registered investment account or taking an RRSP loan might be something to consider. 

Getting contributions in early in the new year maximizes their tax-free growth inside the registered account. There are also benefits to converting your LIRA or RRSP to a LIF/RIF early in the year if 2018 is the year in which you turn 71.

To discuss the strategy that is right for you, please reach out to me directly here. I am attaching an article here that covers these topics in greater detail as well as touches on Family Income Splitting Loans, Retiring Allowances, Timing of Mutual Fund Purchases and tips for Business Owners. 

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Personal finance Retirement Tax Wealth

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