Registered Retirement Savings Plan

Top up your RRSPs. Maximize your savings.

March 1, 2023 is the last day you can make deductible RRSP contributions for 2022. The 2022 RRSP contribution limit is $29,210. For reference, your current allowable contribution limit can be found on your latest notice of assessment from the Canada Revenue Agency.

This is a great opportunity for us to review your retirement investment strategy. Together, we can:

  • Calculate your contribution limit. The annual contribution limit is 18% of your earned income in the prior year, to a maximum of $29,210 for 2022. If you did not use your previous RRSP contribution limit, you can carry forward any unused amounts to next year. Note that employer and employee contributions to a registered pension plan will reduce your contribution room.
  • Decide how much to contribute and how to set up regular, automatic payments to an RRSP if you haven’t already done so.
  • Contribute to other tax-efficient plans such as a Tax-Free Savings Account (TFSA) or Registered Education Savings Plan (RESP). The 2022 contribution limit for TFSAs was $6,000. The 2023 contribution limit for TFSAs is $6,500.
  • Consider whether a US dollar registered account would benefit your circumstances. All registered plans are now available in USD with the exception of RESP accounts.

To make a tax deductible contribution, the contribution must be made within 60 days after December 31st. Contributions to be deducted against 2022 income will have to be made by March 1, 2023. Contributions made after this date will be deductible against 2023 income. The 2023 RRSP contribution limit is $30,780.

Click here to download our RRSP Reference Guide