This week marks the first week of Trump’s term as the 47th President of the United States and yet we have already experienced weeks of trepidation in the market with the threat of an upcoming trade war with Canada. We will be releasing a separate email shortly on our thoughts and the investment strategy we intend to implement to help mitigate any future market risks and volatility.
With that in mind, the beginning of the year is still a great opportunity to contribute to your Tax-Free Savings Account (TFSA) and Registered Education Savings Account (RESP). The annual limit for TFSA contributions remains unchanged at $7,000. If you have not already maximized your TFSA contributions in the past, the total available contribution limit per person is $102,000. The lifetime total contribution limit for the RESP remains at $50,000 per beneficiary.
For those of you with standing 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. The same goes for those that have set up automatic monthly deposits.
If you would like to contribute directly to your TFSA, you can do so by cheque (with the account number in the memo) or electronically via bill payment by adding RBC Dominion Securities as a Payee and your 10-digit TFSA account number. With respect to contributions directly to a RESP, please contact us for instructions.
For any 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