RSP Contributions

Registered Retirement Savings Plan (RRSP) is a legal trust that helps clients save for retirement. They are tax sheltered and contributors are able to deduct contributions against their income.

RRSP contributions made in a year or within 60 days after year-end (typically by March 1st or February 29th in a leap year) are tax deductible for that year.  Contributions must be made by this deadline in order for an official contribution receipt to be issued and applicable for the prior tax year.

2024 RSP Contribution deadline is on March 3, 2025 and the maximum annual deduction limit for 2024 is $31,560.

To confirm your RSP contribution room you can look on your CRA account, Notice of Assessment, or ask your accountant.

To make your RSP Contribution please contact us.

TFSA Contributions

You automatically accumulate contribution room each year (starting in 2009) if you were a resident of Canada at any time during the year and were at least 18 years of age.

The total contribution limit from 2009 to 2025 is $102,000. The annual limit for 2025 is $7,000.

If you contribute less than your annual contribution limit, you can carry forward any unused contribution room indefinitely.

To confirm your TFSA contribution room you can look on your CRA account, Notice of Assessment, or ask your accountant.

To make your TFSA Contribution please contact us.