Your future means a lot to us.

Registered Retirement Savings Plan is an account that provides tax benefits. Withdrawals are taxed but contributions are deductible. There are four types of RRSPs: Individual, Spousal, Group and Pooled.

The year you turn 71 is the last year in which you can make a contribution to your RRSP.

You can contribute to an RRSP under which your spouse or common-law partner is the annuitant until the end of the year your spouse or common-law partner turns 71.

The amount you can contribute to your RRSP is based on your income last year less any pension adjustment up to a maximum of $30,780 for 2023 and $31,560 for 2024. Any unused contribution room accumulated after 1990 remains intact and can be carried forward. The deadline for contributions for the 2023 tax year is Thursday, February 29, 2024.

There are three ways to find your contribution room:

• In the Notice of Assessment mailed to you by the Canada Revenue Agency (CRA)
• Logging into MyCRA online
• Call the Tax Information Phone Service (TIPS) at 1-800-267-6999

You will be required to provide your date of birth, social insurance number (SIN) and the total income of your previous year.

A Tax-Free Savings Account is an account that provides tax benefits. In most cases, withdrawals are not taxed but contributions are not deductible. Contribution room is accumulated starting at age 18. In certain provinces and territories, including B.C., the legal age (depends on the age of majority) at which an individual can enter into a contract (which includes opening a TFSA) is 19. In 2009 or later, in these jurisdictions, a person turning 18 years of age who would otherwise be eligible accumulates TFSA contribution room for that year and carries it over to the following year.

The TFSA contribution limit for 2024 is $7,000. Any unused contribution can be carried forward. An individual who was 18 years or older in 2009 and has never contributed to their TFSA can contribute a maximum of $95,000 as of 2024.

There are three ways to find your contribution room:

• In the Notice of Assessment mailed to you by the Canada Revenue Agency (CRA)
• Logging into MyCRA online
• Call the Tax Information Phone Service (TIPS) at 1-800-267-6999

You will be required to provide your date of birth, social insurance number (SIN) and the total income of your previous year.

A Registered Education Savings Plan is an account that allows caregivers to save for their children’s post-secondary education. There are two types: Family RESP and Individual RESP. The RESP is composed of two parts:

1. the Educational Assistance Payments (EAP), which includes the Canada Education Savings Grant (CESG) and the earnings and growth in the account
2. the Post-Secondary Education Payments (PSE), which are contributions made by the subscriber

The CESG is provided by the government of Canada and contributes 20% of the first $2,500 in annual contributions to the RESP up to a lifetime maximum of $7,200 until the end of the calendar year the beneficiary turns 17. To receive payments from the RESP, the beneficiary must be enrolled in a qualified post-secondary program.

There is an $8,000 limit ($4,000 for part-time studies) on EAP payments for the first 13 consecutive weeks in such a program. After the student has completed the 13 consecutive weeks, there is no limit on the amount of EAPs that can be paid if the student continues to qualify to receive them.

If there is a 12-month period in which the student is not enrolled in a qualifying education program for 13 consecutive weeks, the $8,000 ($4,000 for part-time studies) the maximum applies again. The EAP is taxable in the student’s hands.

There is no limit on PSE payments and it is not taxable.

The Statement of Contributions is a record of your pensionable earnings and contributions. It can provide an estimate of what your benefit/pension would be if you and/or your family were eligible to receive it now.

Your pensionable earnings is the sum of money added to the CPP during your employment years and from which payments are drawn to support your retirement in the form of periodic payments.

REQUESTING A STATEMENT OF CONTRIBUTIONS ONLINE:

Visit My Service Canada website and log in either using your GCKey, your bank or your province. Click here to visit the website.

REQUESTING A STATEMENT OF CONTRIBUTIONS BY PHONE:

Call 1-800-277-9914 (toll free) and press 0 to connect with an agent. Be prepared to be put on hold. Ask the agent for your Personal Access Code (SIN required) and your Statement of Contributions. The agent will mail them and you should receive it within 5 to 10 business days.

REQUESTING A STATEMENT OF CONTRIBUTIONS BY MAIL:

Contributor Client Services
Canada Pension Plan
Service Canada
PO Box 818 Station Main
Winnipeg, MB R3C 2N4

Clients can access their accounts and download documents, including reports, statements, tax documents and trade confirmations through our online system.

Click here to set up your account and log in. 

Leede Jones Gable Inc.
1800–1140 W. Pender St.
Vancouver, B.C.
Canada, V6E 4G1
604-658-3000

Ron Aloni
raloni@leedejonesgable.com
604-658-3056

Jason Chen
jchen@leedejonesgable.com
604-658-3043

Alan Goh
agoh@leedejonesgable.com
604-658-3066