Tax-Free Saving Accounts
Since the introduction of TFSAs in 2009, contribution room accumulates yearly for Canadian residents over the age of 18. You accumulate contribution room each year even if you do not file an income tax and benefit return, or hold a TFSA. New TFSAs opened in 2019 are eligible to the full contribution limit accumulated since 2009 of $63,500.
Please note that the contribution limit for 2019 has been increased to $6,000
Below is the schedule of contribution limits up to and including 2019:
If there is someone who is turning 18 in your household or you know of someone who does not already have a TFSA account and would like to get one started, please feel free to contact us.
2018 RRSP Contribution
RRSPs can accept contributions for the 2018 year through the first 60 days of 2019. The final day to give GWB instructions to make a deposit into your RRSP account is February 28.
The RRSP Contribution room is based on the Deduction Limit for 2018, which includes 18% of 2017 earned income to a maximum of $26,230, less any 2017 pension adjustment, plus any carry forward of unused deduction limit from previous years. You can find your current RRSP contribution amount on your 2017 tax assessment.
Should you wish to top up your RRSP, kindly reach out to us.