About Registered Retirement Savings Plan (RRSP)
Enjoy your retirement, you earned it.
Enjoy your retirement, you earned it.
The RRSP contribution limit for the 2021 taxation year is 18% of earned income you reported on your tax return in the previous year, up to a maximum of $27,830. For the 2022 taxation year, the RRSP contribution limit would be a maximum of $29,210.
Year Deductible limit of RRSP
2022 : $29,210.
2021 : $27 230.
2020 : $27 230.
2019 : $26 500.
2018 : $26 230.
2017 : $26 010.
Setting up, contributing, transferring, and claiming deductions for plans for yourself or your spouse or common-law partner
Home Buyers' Plan
You have to buy or build the qualifying home before October 1 of the year after the year of withdrawal.
For more information, see Conditions for participating in the HBP.
The Home Buyers' Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.
Budget 2019 increase the HBP withdrawal limit to $35,000. This applies to withdrawals made after March 19, 2019.
For more information, please check out from:
- A registered retirement savings plan (RRSP) is a personal savings account that has special tax advantages. RRSPs can be held in a variety of qualifying investments.
- In Canada's Taxation Assessment Notice, the Canada Revenue Agency lists the taxpayer's limit for the amount of a registered retirement savings plan for the next year.
Note: To learn more about RRSP, please visit the Canada Revenue Agency website. - refer to the following page.
https://www.canada.ca/en/sr/srb.html?cdn=canada&st=s&num=10&langs=en&st1rt=1&s5bm3ts21rch=x&q=RRSP&_charset_=UTF-8&wb-srch-sub=
- For more information on Registered Retirement Savings Plans (RRSPs),
- please contact us. Tracy Tran 416-823-8173. tracytlp@hotmail.com
