Your personal tax filing will start soon. Are you planning to make any RRSP contribution before February 29, 2020?
Your RRSP contributions are deductible from your personal income. This means that you can either get a refund or pay less taxes.
However, the tax law sets out the maximum amount of RRSP contribution that any person can make during a year. This limit is $26,500 for the 2019 tax year.
The RRSP contribution room also varies from one individual to another, based on their taxable income in previous years.
If you are planning to make RRSP contributions and would like to know about your personal RRSP contribution limit, please call in our office and speak to Sylvia. She will be there to help.
For more advanced questions such as your RRSP contribution strategies, please speak to any partner of our firm.