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TFSARRSP Contributions 2

TFSA & RRSP Contributions: What you need to know

January 20, 2020

Key information about contribution amounts, deadlines, and ways to contribute.

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To start, it’s best to confirm your personal contribution limits by checking your Canada Revenue Agency (CRA) notice of assessment, which you can find from the CRA directly online at https://www.canada.ca/en/revenue-agency/services/e- services/e-services-individuals/account-individuals.html, or, by calling 1-800-959-8281.

TFSA

The 2020 TFSA contribution limit is $6,000. If you have never contributed to a TSFA and meet the eligibility requirements, the current, cumulative total you can deposit is $69,500.

If you made withdrawals in 2019, you can recontribute that same amount effective January 1st, 2020. If you have unused carry forward room, you can contribute it to your TFSA at any time (unused contributions roll over each year).

Past TFSA contribution limits
Past tfsa contribution limits

RRSP

The deadline to make your RRSP contributions for the 2019 tax year is March 2, 2020. The contribution limit for 2019 is 18% of your annual earned income, or, to a 

rrsp contribution limits

maximum of $26,500. You can also carry forward your unused contribution room from previous tax years.

The contribution limit for 2020 is 18% of your annual earned income, or to a maximum of $27,300. The deadline for your 2020 tax year contribution will be March 1st, 2021; however, you can make contributions at any time this year.

Ways to contribute

There are a few different ways you can contribute to your TSFA and RRSP accounts. Reach out to your Mawer Investment Team to assess your current contribution room and investment options. Be sure not to overcontribute to your accounts as they will be subject to a punitive tax of 1% per month.

Contribute from your bank account

We can pull the funds directly from your bank account electronically.

Contribute from another Mawer account

We can move funds from another Mawer account, such as a taxable account. Your Investment Team will be able to provide more details on any potential tax implications.

Contribute regularly

We can set up regular contributions. For example, you could contribute $500 each month to your TFSA, bringing it up to

$6,000—the 2020 maximum—by the end of the year. If you would like to set up regular contributions or make changes to any existing regular contributions, please contact your Investment Team.

For more information about important financial planning considerations for 2020, please see our Wealth Planning Facts & Figures document.

This is a general guideline only. For more information, taxpayers should refer to the CRA’s website http://www.cra- arc.gc.ca/menu-e.html or call 1-800-959-7383.


This publication and its contents are for informational purposes only. Information relating to investment approaches or individual investments should not be construed as advice or endorsement. Any views expressed in this publication were prepared based upon the information available at the time and are subject to change. All information is subject to possible correction. In no event shall Mawer Investment Management Ltd. be liable for any damages arising out of, or in any way connected with, the use or inability to use this publication appropriately.

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