|RRSP and TFSA reminders
The deadline to contribute to your RRSP for the 2020 tax year is March 1, 2021. The maximum contribution amount for 2020 is $27,230, or 18% of earned income in 2019, whichever is the lesser amount. Your Notice of Assessment from CRA will indicate if you have any additional contribution room.
The maximum contribution amount for 2021 is $27,830, or 18% of earned income in 2020, whichever is the lesser amount.
In 2021, the annual amount that can be contributed to a Tax-Free Savings Account (TFSA) is once again $6,000. TFSAs came into existence in 2009, and to date you could have contributed a total of $75,500. Any unused contribution room carries forward. If you are unsure how much you have contributed to date, please contact the Tax Information Phone Service (TIPS) at 1.800.267.6999.
Cheques should be made payable to “Richardson Wealth” and our office address is as follows:
Richardson Wealth Limited
1055 West Hastings Street
Vancouver, BC V6E 2E9
Attention: JSK Partners
Please contact one of the team if you would like to process a contribution through your online banking or a contribution “in kind” (using securities held in your Richardson Wealth non-registered account).