The RSP contribution limit is 18% of earned income reported on your tax return in the previous year, up to a maximum of $32,490 for 2024 plus any unused room carried forward. If you want to maximize the deferred tax growth, contribute earlier in the year rather than at the end of the year. The RESP lifetime contribution limit per beneficiary is $50,000 total. Aim to maximize your RESP by contributing $2,500 annually per child to secure the maximum $500 government grant which amounts to a total of $36,000 over 14.4 years for the full $7,200 grant.
Beginning in 2009, individuals residing in Canada who are 18 years of age and older were able to contribute up to a TFSA where the holdings grow and earn income tax-free. The annual TFSA dollar limit for the year 2026 is $7,000. TFSA accumulated maximum amount since 2009 to 2026 is $109,000. You must convert your RRSP to a RRIF by December 31 of the year you turn 71. While there is no minimum age to open a RRIF, mandatory minimum withdrawals must begin the year after it is opened or by age 72 at the latest. Waiting means deferring taxes longer. We are constantly expanding our team and our business. If you would like us to speak or meet with a referral, we are more than happy to do so. There is no higher compliment than a referral.