Registered Retirement Savings Plan

Top up your RRSPs. Maximize your savings.

Once again, we are fast approaching the RRSP season deadline. Friday, March 1, 2019 is the last day you can make deductible RRSP contributions for 2018. As a reminder, the 2018 RRSP contribution limit is $26,230. For reference, your current allowable contribution limit can be found on your latest notice of assessment from the Canada Revenue Agency.

For reference, your current allowable contribution limit can be found on your latest notice of assessment from the Canada Revenue Agency. This is a great opportunity for us to review your retirement investment strategy. Together, we can:

  • Calculate your contribution limit. The annual contribution limit is 18% of your earned income in the prior year, to a maximum of $26,230 for 2018. If you did not use your previous RRSP contribution limit, you can carry forward any unused amounts to 2019. Note that employer and employee contributions to a registered pension plan will reduce your contribution room.
  • Decide how much to contribute and how to set up regular, automatic payments to an RRSP if you haven’t already done so. The contribution limit for RRSPs in 2019 is $26,500.
  • Contribute to other tax-efficient plans such as a Tax-Free Savings Account (TFSA) or Registered Education Savings Plan (RESP). The contribution limit for TFSAs in 2019 is $6,000.
  • Consider whether a US dollar registered account would benefit your circumstances. All registered plans are now available in USD with the exception of RESP accounts..

To make a tax deductible contribution, the contribution must be made within 60 days after December 31st. Contributions to be deducted against 2018 income will have to be made by Friday, March 1, 2019.

Click here to download our 2018-19 RRSP Reference Guide