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.

Click here to download our 2016-2017 RRSP reference guide.

Tax-Free Savings Account

Reference guide

A Tax-Free Savings Account (TFSA) is a flexible savings vehicle that allows Canadians to save for short and long term goals while earning tax free investment income and growth. All income and withdrawals from a TFSA are generally tax free. A TFSA should be used in conjunction with your existing savings plans like Registered Retirement Savings Plans (RRSP), Registered Education Savings Plans (RESP), Registered Disability Savings Plans (RDSP) as well as your non-registered savings.

The contribution limit for TFSAs in 2017 is $5,500.

Key features:

  • Available to all Canadian residents, 18 years and older;
  • Any interest, dividends and capital gains earned in a TFSA are not subject to tax;
  • Wide range of investments, including high-interest savings accounts, mutual funds, guaranteed investment certificates, listed securities, or other types of qualified investment products;
  • Unused TFSA contribution room is carried forward and accumulates for future years; your current allowable contribution limit can be found by going to one of the following services:
  • Funds available in your TFSA can be withdrawn tax-free at any time for any purpose. You can recontribute withdrawn amounts in the same year only if you have unused TFSA contribution room. Otherwise, you have to wait until the following year;
  • Income earned in a TFSA and withdrawals do not affect your eligibility for federal income-tested benefits and credits; and
  • Contributions to a spouse’s or common-law partner’s TFSA are allowed.


Planning tip:

If you withdraw funds from your TFSA in the year, it is important to wait until the following year to re-contribute this amount to your TFSA.

Click here to download our TFSA reference guide.