RRSP and TFSA reminders

The deadline to contribute to your RRSP for the 2021 tax year is March 1, 2022. The maximum contribution amount for 2021 is $27,830, or 18% of earned income in 2020, 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 2022 is $29,210, or 18% of earned income in 2021, whichever is the lesser amount.

In 2022, 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 $81,500. 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
Suite 2200
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).


The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Richardson Wealth Limited or its affiliates. Assumptions, opinions and estimates constitute the author’s judgment as of the date of this material and are subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results. Insurance services are offered through Richardson Wealth Insurance Services Limited in BC, AB, SK, MB, NWT, ON, QC, NB, NS, PEI and NL. Richardson Wealth is a trademark of James Richardson & Sons Limited, used under license.