March 1 – Deadline to make RRSP contributions for the 2018 tax year.
April 30 – Deadline for most personal tax returns.
June 15 2017 – Deadline for the self-employed.
With the RRSP contribution deadline quickly approaching, we want to ensure you have all the information you need! Your RRSP contribution limit is determined on your last year and the previous year’s tax and benefit returns. Here are just a few benefits of contributing to your RRSP:
- Tax Credit-your contributions are tax deductible.
- Tax Savings- you will not pay any tax on investment earnings as long as the contributions stay within the account.
- Home Buyers Plan-you can use your RRSP for a down payment on your first home (up to $25,000).
- Lifelong Learning Plan- you can use your RRSP to pay for educational costs for you or your spouse (up to $20,000).
If you have any questions regarding your personal RRSP contribution limit, we would be happy to assist you! Call our office today at 905-544-4888.
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