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RSP Contribution Deadline
As you may know, February 29, 2024, is this year’s deadline for contributing to an RRSP. Your RRSP contribution limit is the lesser of 18% of your income from the previous year or the annual limit set by the CRA (up to a maximum of $30,780 for tax year 2023).
Whether you wish to make a new contribution, renew a matured investment, or set up a pre-authorized debit program in your account, I will be glad to assist you and discuss your investment strategies.
2024 TFSA Contribution amount.
As you may already know, Canadians over the age of 18 may contribute up to $7,000 in 2024 to a Tax-Free Savings Account (“TFSA”). This new limit means that an investor who has never contributed to a TFSA and has been eligible for one since its inception will have a cumulative contribution room of $95,000.
The advantage of the TFSA is that it lets you grow your savings tax free. With the TFSA, your money can be deposited and withdrawn at any time depending on the terms and conditions of the investment option chosen. In addition, unused contribution may be carried forward from one year to the next for added flexibility.
A TFSA would be a great way for you to save for your short-, medium- or long-term goals.
Make the Most of RRSPs and TFSAs
Saving for retirement is typically the biggest and most important of our long-term goals. Who doesn’t want to spend retirement enjoying their preferred lifestyle? Two popular vehicles to help Canadians save for retirement are the Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA). Let’s look at the basics of each savings vehicle. For more information, click here.
Benefit from professional advice
Deciding which savings plan to prioritize and what investments to put into your plan(s) can be difficult. Both plans are effective at helping you save for retirement and generate the income you’ll need. Your advisor can help create a retirement savings strategy that reflects your preferences and financial circumstances.
Book an Appointment today if you’re ready to start investing for your financial future.
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.
Mutual funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.
The particulars contained herein were obtained from sources which we believe reliable but are not guaranteed by us and may be incomplete.
The opinions expressed have not been approved by and are not those of Investia Financial Services Inc.
This website is not deemed to be used as a solicitation in a jurisdiction where this Investia representative is not registered.
