Happy New Year! As always, the beginning of the year marks the opportunity to contribute to your Tax-Free Savings Account (TFSA) and Registered Education Savings Account (RESP). As of January 1st, 2024, the annual limit for TFSA contributions has increased from $6,500 to $7,000. If you have not already maximized your TFSA contributions in the past, the total available contribution limit per person is now set at $95,000. The lifetime total contribution limit for the RESP remains at $50,000 per beneficiary.

For those of you with longstanding instructions for TFSA/RESP contributions, we will be automatically completing these in the next few weeks and sending you a confirmation once the contributions have been made. If you would like to make a contribution directly to your TFSA, you can do so by cheque (made to RBC Dominion Securities with the account number in the memo) or electronically via bill payment by adding RBC Dominion Securities as a Payee and your TFSA account number. With respect to contributions directly to a RESP, please contact us for instructions.

For any questions or changes to your previous instructions or information on an unscheduled contribution, please reach out to Isabel (isabel.delasheras@rbc.com) or Ina (ina.song@rbc.com).

Livingston Wealth Management Group