RRSP contribution limit
RRSP contributions can lead to good news at tax time, because they’re deductible. But everything has its limits, including your RRSP. The CRA tells you your RRSP contributing room in the tax assessment you get after filing your tax return each year. Although you could calculate your contributing room by yourself, it’s easier to rely on the CRA’s calculation. Generally, you’re allowed to contribute up to 18% of your previous year’s earned income, to a maximum set each year by the Income Tax Act and Regulations, plus any unused contributing room carried forward from prior years.
RRSP vs. TFSA: What’s the difference?
Confused about the best savings option for your needs? You’re not alone. Both an RRSP and a TFSA provide unique tax advantages.
Make a Sun Life Financial RRSP a key part of your retirement plan
Starting and building an RRSP is an important step towards securing your financial future – and professional guidance can be a valuable part of your decision-making. An advisor understands how RRSPs work and can show you how to structure your contributions and choose your investments to make the most of the benefits offered by this powerful savings vehicle.