RRSP – Registered Retirement Savings Plan and TFSA – Tax-Free Savings Accounts are great tools you can use to minimize or defer the taxes you pay. Below are some important information you need to know regarding RRSP and TFSA.
RRSP
The maximum contribution limit for 2020 is $27,230.
The maximum contribution limit for 2021 is $27,830.
Your contribution limit for 2020 will be stated on your 2019 Notice of Assessment.
The deadline for RRSP contribution for 2020 tax year is March 1, 2021.
TFSA
The contribution limit for 2020 and 2021 is $6,000.
Lifetime TFSA limit is $75,500 (since its introduction in 2009 to 2021)
To determine which is the best investment for you depends on your individual financial situation and goals. Call Oasis LLP and we will help you determine which makes the most sense.
The information contained within this blog is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant. Please contact Book an Appointment to discuss how information contained here pertains to you.
About Oasis LLP – Advisors and CPAs
At Oasis LLP we help business owners find what is at the end of the rainbow. With over 25 years of expertise in business advisory, accounting, auditing, and tax, we can help you navigate the accounting and tax world. We are located in Richmond Hill serving Markham, Richmond Hill, Vaughan, and Toronto.
