Registered Retirement Savings Plan
2016-2017 reference guide
As each new year begins, many investors who have not been making ongoing monthly contributions to their Registered Retirement Savings Plan (RRSP), prepare to contribute. To assist, we have developed this Reference Guide with important information including key dates, contribution limits and strategies.
The 2016 RRSP deadline was Wednesday, March 1, 2017.
This is a great opportunity for us to review your retirement investment strategy. Together, we can:
- Calculate your contribution limit. The maximum for 2016 is $25,370. For reference, your current allowable contribution limit can be found on your latest notice of assessment from the Canada Revenue Agency. If you did not use your entire RRSP contribution limit for the years 1991 to 2015, you can carry forward unused amounts to 2016. The contribution limit for 2015 was $24,930 and for 2017 is $26,010.
- Decide how much to contribute and how to set up regular, automatic payments to an RRSP if you haven’t already done so.
- Contribute to other tax-efficient plans such as a Tax-Free Savings Account (TFSA) or Registered Education Savings Plan (RESP). The contribution limit for TFSAs in 2017 is $5,500.
- Consider whether a US dollar registered account would benefit your circumstances. All registered plans are now available in USD with the exception of RESP accounts.
To make a tax deductible contribution, the contribution must be made within 60 days after December 31st. Contributions to be deducted against 2016 income will have to be made by Wednesday, March 1, 2017.