RSP maximum limits are $24,270 for 2014, $24,930 for 2015. and $25,370 for 2016.
If you want to maximize the deferred tax growth, contribute earlier in the year rather than at the end of the year.
RESP lifetime contribution limit per beneficiary is $50,000 total. Beginning in 2009, individuals residing in Canada, who are 18 years of age and older, can contribute up to $5,000 per year to a TFSA where the holdings grow and earn income tax-free. Starting 2013, the annual TFSA limit increased from $5,000 to $5,500. Please feel free to ask us about more details!
RIF legislation passed. New age limit is 71 years to convert RSP into RIF. We will inform our clients at age 69 and it will be their choice whether they want to convert at 69 or wait. Waiting means deferring taxes longer.
TFSA accumulated maximum amount since 2009 to 2014 is $31,000 total. Annually you can contribute an additional $5,500.
We are in the process of 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. We thank you in advance.