RRSP’s – Check Your Deduction, Contribution Limits

February 26, 2015 Miranda Cook, CPA, CGA No Comments

It is getting to that time of year once again, and the deadline for RRSP’s is fast approaching.

Any contributions you make towards your RRSP for the 2014 taxation year must be done before March 2, 2015. You can avoid interest and penalties by contributing, within your limit, before this date.

For this reason, it is important that you double-check your annual contribution limit for 2014, before making a contribution to your RRSP.

Not sure what your contribution limit is? Information about RRSP’s, contributions and penalties can be found in the following places:

– On line (A) of the RRSP Deduction Limit Statement included on your 2013 notice of assessment or most recent notice of reassessment

– Using My Account on the CRA website here http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/myccnt/menu-eng.html

– Using the Quick Access feature on the CRA website here http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/qckccss/menu-eng.html

– By calling the Tax Information Phone Service (TIPS) at 1-800-267-6999 http://www.cra-arc.gc.ca/esrvc-srvce/tps/menu-eng.html

For more information please refer to http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/cntrbtng/lmts-eng.html

TFSA contributions

Effective January 2013 the maximum annual contribution is $5,500 per year. You can find your annual contribution limit on your 2013 Notice of Assessment and can also use the My Account, Quick Access and TIPS phone line above.

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.

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