It's always a good time of year to know RRSP and TFSA contribution limits, and where to find information about your contribution room.
RRSP Contribution Deadline Monday, March 1, 2021
TFSA Contribution Information
If you have questions about your investments and Registered Retirement Savings Plan (RRSP), and we are here to help you with the answers.
A RRSP is one of the best ways to save for your retirement.
How much can I contribute to my RRSP?
- Your RRSP contribution room is limited to 18% of the income you earned in the previous year, to a maximum of $27,230 in the 2020 tax year, and $27,830 in the 2021 tax year, plus any carry-forward contribution room you may have accumulated.
- The RRSP 2020 contribution deadline is Monday, March 1, 2021.
How Much Can I Contribute to My TFSA?
Another savings and investment option is a Tax-Free Savings Account (TFSA).
A question I often receive is: Should I contribute to a TFSA, on RRSP or both?
- This year’s TFSA contribution limit is $6,000
- If you have never opened a TFSA, you can contribute $75,500
Where Can I Find my RRSP and TFSA Contribution Room?
Your RRSP and TFSA contribution room can be found by clicking on Canada Revenue Agency’s My Account for Individuals
- logon using your CRA login ID and password, OR
- use the “Sign-In Partner Login/Register” button and login using your online banking information. You will need your Social Insurance Number and your 2018 Tax return to complete the login; OR
- you can call Tax Information Tax Service (TIPS) 1-800-267-6999.
Click the link to view the necessary information to have on hand before calling.
How Do I Make a RRSP and/or TFSA Contribution?
There are 2 ways to make a contribution:
- By cheque made payable to “Manulife Securities Investment Services Inc.” OR
- Through Online Banking. Click here for more information on how to set up your RRSP contribution to Manulife Securities through online banking.
For cheque payment, mail or drop off to Cornwall Wealth Management - we have a secure lock box affixed to the wall beside our office door. If you wish to drop off a cheque, please call or email your advisor or someone on their team to let them know your plans.If you need any guidance or have questions about making your RRSP/TFSA contributions, please Contact Us.