Canadian Tax Tips for 50+ in 2015
Increased TFSA Contribution Amount
The amount that you can contribute annually to your TFSA was increased from $5,000 in 2013 by $500, to $5,500. As in the recent budget announcement, the TFSA maximum will be increased to $10,000 per year effective 2015, pending the budget approval by Parliament. For someone who has never opened at TFSA before and was at least age 18 in 2009, your total cumulative TFSA contribution room starting January 1, 2015 is now $41,000 (pending approval).
Contributing to an Registered Retirement Savings Plan (RRSP)
The maximum RRSP deduction limit for 2014 is $24,270. However, if you did not use your entire RRSP deduction limit for the years 1991-2014, you can carry forward unused RSP contributions to 2015. In 2015, the maximum RRSP deductions limit increased to $24,930.
Courtesy of Marta Stiteler, MA CFP CIM CLU, Financial Planner at Pillar Retirement Group/Worldsource Financial Management Inc.
Marta can be reached at: Pillar Retirement Group, 50 Coreslab Drive, Flamborough ON L9H 0B2. T: 905-690-5038 E: firstname.lastname@example.org
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