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Retirement Savings Plan (RRSP)
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
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