Did you save towards retirement this year? If you contributed to your registered retirement savings plan, you will receive a tax slip from your financial institution.
If you have not contributed yet but are planning to here are the contribution limits for 2019 and 2020.
Registered Retirement Savings Plan (RRSP)
- 2019 RRSP contribution limit: $26,500*
- Contribution deadline: March 2, 2020
- 2020 RRSP contribution limit: $27,230
* Lesser of 18% of previous year’s earned income less pension adjustment or the annual limit. Please view your 2018 Notice of Assessment for your exact RRSP contribution limit.
Tax-Free Savings Account (TFSA)
- 2020 TFSA contribution limit: $6,000
- If you have yet to make use of TFSAs, you will have $69,500 in contribution room (assuming residency in Canada and over 18 since 2009).
Registered Education Savings Plan (RESP)
- Annual Canada Education Savings Grant (CESG):
- $500 based on 20% of a $2,500 contribution (assumes no carry forward).
- Maximum annual CESG: $1,000 based on 20% of a $5,000 contribution
- (assuming you have carry forward room)
- Maximum lifetime RESP contribution per child: $50,000.
- Maximum lifetime CESG amount each beneficiary is eligible to receive: $7,200
Be sure to claim your RRSP contributions on your tax return.
