RRSP Contribution Deadline
The RRSP contribution deadline for the 2022 tax year is March 1, 2023. Your contribution limit for 2022 is 18% of your 2021 earned income, to a maximum of $29,210, with certain adjustments (e.g. less any Pension Adjustment appearing on your T4 tax slip and plus any unused contribution room carried forward from previous years).
For your exact contribution limit, check your latest Notice of Assessment, Notice of Reassessment or T1028 form, or log on to your Canada Revenue Agency account at http://www.cra-arc.gc.ca/myaccount.
You can also make your 2023 contribution any time starting January 1, 2023 to benefit from additional tax-deferred compounding. The maximum RRSP contribution room you can earn for 2023 is $30,780.
RRSP Contribution Options:
To arrange your 2022/2023 RRSP contributions, please contact me at 604-665-9456 or by email at Thomas.demello@rbc.com. Alternatively, you can contact our associate, Abby Huang, at 604-257-2540 or email at abby.huang@rbc.com
Online Transfers: If you have a bank account with RBC, 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. Please find detailed instructions for making real time contributions through the following link: Real Time Fund Transfer
TFSA Contribution Information
You can now make your Tax-Free Savings Account (TFSA) contribution for 2023 (up to $6,500).
If you haven’t maximized your TFSA contributions in the past, you can also catch up on your 2009-2022 contributions.
The maximum possible contribution room for all years (including 2023) is $88,000.
To arrange your 2022/2023 TFSA contributions, please contact me at 604-665-9456 or by email at Thomas.demello@rbc.com. Alternatively, you can contact our associate, Abby Huang, at 604-257-2540 or email at abby.huang@rbc.com
Online Transfers: If you have a bank account with RBC, you can also make a contribution by transferring funds to your RBC Dominion Securities TFSA account directly from any RBC Royal Bank account through DS Online. . Please find detailed instructions for making real time contributions through the following link: Real Time Fund Transfer