As the RRSP and TFSA contribution season approaches, we’d like to remind you on how to retrieve your contribution room, as over-contribution will result in CRA penalties (1 % per month on excess contribution).
The best way to find out your TFSA and RRSP Contribution Room is through CRA – My Account for Individuals.
1. We recommend using Sign-In Partner for easy access
2. Choose your online banking portal.
3. Please scroll down to Savings and Pension Plans and you will see the RRSP Deduction Limit and TFSA Contribution Room.
4. Alternatively, you may call CRA directly at 1-800-959-8281 to retrieve the information.
RRSP deduction limit is refreshed after processing your tax return for the previous year. TFSA contribution room is typically refreshed in late January. The amount does not capture contributions made within the same calendar year. We are unable to view your contributions made at other entities – we encourage you to consolidate all your registered plans with our team as part of your comprehensive wealth planning strategy to ensure accurate tracking and management.
Disclaimer: This information is not intended as nor does it constitute tax or legal advice. Readers should consult their own lawyer, accountant or other professional advisor when planning to implement a strategy.