RRSPs and Tax Free Savings Accounts
RRSP Limits:
Below lists the subsequent years RRSP contribution limits. However, if you did not use all of your RRSP contribution room in previous years, you can carry forward the unused amount. For example, your RRSP contribution limit for 2012 could be more than $22,970.
- 2012 maximum RRSP contribution limit: $22,970
- 2011 maximum RRSP contribution limit: $22,450
- 2013 maximum RRSP contribution limit: $23,500 plue inflation index amount
- 2014 maximum RRSP contribution limit: indexed to inflation
- 2012 maximum RRSP contribution limit: indexed to inflation
Tax Free Savings Account (TFSA):
Start Saving – Tax Free – Today!
Start setting money aside in eligible investment vehicles and watch those savings grow tax-free throughout your life. TFSA savings can be used to purchase a new car, renovate a house, start a small business or pay for a child’s wedding.
RRSPs are primarily intended for retirement. TFSAs are like a RRSP for everything else in your life.
For more information on Tax-Free-Savings Accounts, read our FAQ.
