Financial Planning Facts for 2020

Feb 12, 2020 | Brittany Atwood


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Important Contribution Limits & Deadlines

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RRSPs

  • RRSP Maximum Annual Deduction Limit: 18% of the prior year’s earned income to a maximum of:
    • $26,500 for 2019 – Contribution Deadline: March 2, 2020
    • $27,230 for 2020 – Contribution Deadline: March 1, 2021

TFSAs

  • Maximum Annual Contribution Limit for 2020: $6,000
  • Maximum Contribution Limit Since Inception: $69,500 (from 2009-2020 if born in 1991 or earlier & resident of Canada during those years)

RESPs

  • Maximum Contributions: Lifetime limit of $50,000. There is no annual limit.
  • Maximum Lifetime CESG limit: $7,200
  • Contribution Deadline: December 31, 2020

 

Click here to review the Navigator article on financial planning facts for 2020. This document discusses contribution limits, federal tax brackets, personal tax deadlines and more.