With the RRSP deadline approaching, you may be wondering how much you can contribute to your Common Good Plan. General contribution limits for RRSPs, TFSAs, and DPSPs are set by the government and can be found here.
You can find out your contribution room online through the CRA’s My Account service. If you have not yet created an account, you can contact the Canada Revenue Agency at 1-800-267-6999.
You can also check your last notice of assessment or reassessment notice from the CRA to find your RRSP deduction limit.
Note that the RRSP deadline to contribute to your plan for the 2022 tax year is Tuesday, February 28th, 2023, at 11:59 pm EST.
Maximize your savings
You also have a TFSA in your Common Good Plan, which means you can contribute another $6,500 to your retirement plan. Many people don’t think to use TFSAs for retirement, but every dollar of retirement income you withdraw from a TFSA is 100% tax-free.
And if it looks like you might be getting a tax refund in the spring, you can consider putting it to work in your Common Good Plan.
Our retirement specialists are always happy to answer questions about contributing to your Common Good Plan. You can contact us anytime.