Happy New year to all of you!
Going to open the year with a blog reboot. A simple start, but expect new content weekly as we explore different topics together. If there are any suggestions for content (metaverse or NFTs anyone?) please let us know by emailing me at bloggycontentsuggestions .
RSP, TFSA and RESP numbers for 2022
Some figures and notes that may help you as you plan financially for this year.
THE RRSP
- contribution limits for 2022 are 18% of employment income up to a maximum of $29,210
- you may have carry-forward contribution room from past years. Check your Notice of Assessment from 2020 (NOA) for that figure
- you may make the entirety of your 2021 contribution up to March 1 2022
- you don't have to take the entire deduction in the current year. You may carry that amount forward - consult you tax professional for additional guidance
THE TFSA
- the contribution limit for 2022 is again $6,000
- if you have been an eligible contributor since 2009 (and have yet to contribute to your TFSA), your total available amount is $81,500
- you may have additional room provided you withdrew gains in previous years. Ask us or your tax professional for guidance on the mechanics of the TFSA
THE RESP
- lifetime contribution amount remains at $50,000
- contributions of us to $2,500 are eligible for a 20% grant (CESG)
- you may catch up on grant room from previous years (up to $1,000)
- max grant room over life of RESP is $7,200
- beneficiaries over the age of 18 are no longer eligible for grants
- talk to us if you are interested in learning more about the mechanics of RESP withdrawals. We find this is always an area of confusion for RESP holders
Simple, basic, but informative. Remember......a comprehensive financial plan is foundational to wealth management, and can offer a blueprint to help guide your overall investment strategy.