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RRSP Season is Approaching!

February 19, 2015 13:13

Don’t forget about the RRSP season and the approaching deadline of March 2, 2015. Contributing to an RRSP can lower your taxable income while creating an income for your retirement years. The amount you are able to contribute is based on 18% of your earned income based on the 2014 calendar year; or, the maximum annual allowable contribution limit of $24,930. If you have already topped up the allowable limit for your RRSP contributions this year, consider opening a TFSA (Tax Free Savings Account) with the maximum lifetime allowable contribution limit of $36,500 and the annual limit to $5,500. Contact your financial services representative or tax specialist today to discuss your financial needs and goals.