Important RRSP Information and Dates

RRSP OFFICIAL RECEIPTS

Contributions made March 2, 2017 to January 6, 2018 will be mailed by February 17, 2018.
Contributions made January 7, 2018 to March 1, 2018 will be mailed on a weekly basis by March 12, 2018.

Any RRSP contributions made from January 1, 2018 to March 1, 2018 can be used (in part or all) on your 2017 or 2018 tax returns.

INCOME TAX SLIPS

T5 income tax slips will be mailed by February 28, 2018.
2017 T4RSP and T4RIF income tax slips will be mailed by February 28, 2018.

2017 MAXIMUM CONTRIBUTIONS

Call Canada Revenue Agency at 1.800.267.6999
Visit http://cra-arc.gc.ca/esrvc-srvce/tps/menu-eng.html

To access your information you will need your Social Insurance Number, date of birth, and your last year’s tax return.

If you do not participate in a pension plan, the maximum 2017 RRSP contribution limit is calculated as the lesser of 18% of your 2016 income, or $26,010, plus any unused contribution room to the end of 2017.

If you participate in a pension plan through work, the maximum 2017 RRSP contribution room is calculated as the lesser of 18% of your 2016 income, or $26,010, less 2016 pension adjustments, plus any pension adjustment reversals, for 2017, plus any unused RRSP contribution room to the end of 2017.

Unused Contribution Limits - If you contribute less to an RRSP than the contribution limit, the shortfall is referred to as “unused RRSP deduction room” and can be carried forward to increase the contribution limit for future years. Any unused RRSP contribution room will be lost by the end of the year in which you turn 71, unless it is to purchase a spousal/CLP RRSP and your spouse/CLP is less than 71 years of age.

Spousal RRSP - A great way of income splitting at retirement is to purchase RRSPs for your lower income earning spouse/CLP. Spousal/CLP RRSPs allow the higher income earner to purchase RRSPs for their spouse/CLP. The higher income earner then claims the deductions and when it comes time to withdraw from the RRSPs, the lower income earner claims the withdrawals as income.

 

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