We collect basic website visitor information on this website and store it in cookies. We also utilize Google Analytics to track page view information to assist us in improving our website.

 

CONTINUE
IA investia financial services logo

BJK Financial Group Blog

2022-RRSP Deadline - March 1, 2022

Thursday, July 7, 2022

Jan-28-2022

I would like to take this opportunity to wish you a prosperous, successful, and healthy new year.

You can't talk about the beginning of the year, without talking about RRSPs! Here is a reminder of the rules governing RRSPs:

  • The contribution deadline is March 1, 2022.
  • Your allowable RRSP contribution for the current year is 18% of your earned income from the previous year up to a maximum RRSP contribution limit of $27,830 for 2021. The maximum RRSP contribution limit for 2022 is $29,210.

Looking for reasons to contribute to your RRSP?  Here are some ideas to consider:

1) Save on Taxes.

  • You will get a refund on any taxes payable on the amount you contribute to your RRSP. This refund is equal to your marginal tax rate.

2) Increase Your CCB

  • Contributing to an RRSP  lowers your taxable or net income. A lower net income can make you eligible for more income-tested government (provincial and federal) benefits, such as the Canada Child Benefits (CCB) and GST/HST credit.
  • CCB benefits are updated every July. With a lower taxable income in 2021, your recalculated CCB payments for the July 2022 to June 2023 period could be significantly increased, depending on where your income falls on the sliding benefits scale.

3) Save For Retirement

  • The idea behind the creation of the RRSP is to encourage Canadians to save towards their retirement. 
  • You get to invest in a tax-deferred account, keeping and re-investing gains and staying tax-free until you start withdrawing funds in retirement.  Once you start withdrawing, the government  recoups some of  those taxes back.

If you want to contribute to your RRSP, please contact me as soon as possible.

If you have any questions, or if I can be of further assistance, please do not hesitate to contact me.

Posted By:
Brian Kettles at 1:18 PM
Share and Subscribe:
RSS icon Facebook icon Twitter icon LinkedIn icon

Contributors

Brian Kettles
Name: Brian Kettles
Posts: 43
Last Post: November 19, 2024
Show Brian Kettles's Posts

Latest Posts

Show All Recent Posts

Archive

Tags

Blog Disclaimer

 

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This Blog was written, designed, and produced by Todd Race Copywriting for the benefit of Brian Kettles who is a investment fund advisor at BJK Financial Group a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities.

 

Mutual Funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

 

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual funds are not guaranteed and are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Fund values change frequently, and past performance may not be repeated. Investia is not liable and/or responsible for any non mutual fund related business and/or services.