Essential RRSP and TFSA Information for 2023 Season

2023 RRSP Information 
Contributions to you and/or to your spouse’ RRSP must be made on or before March 1, 2023, to qualify as a 2022 tax deduction. 

Key Dates and Deadlines
2023 RRSPMarch 1, 2023
Homebuyers Plan replaymentStart in the second year after the HBP withdrawal was completed
Lifelong Learning Plan repaymentMarch 1, 2023
TFSADecember 31, 2023
RRIFDecember 31 of year RSP holder turns 71

2023 RRSP Information 
Contributions to you and/or to your spouse’ RRSP must be made on or before March 1, 2023, to qualify as a 2022 tax deduction. 

Key Dates and Deadlines
2023 RRSPMarch 1, 2023
Homebuyers Plan replaymentStart in the second year after the HBP withdrawal was completed
Lifelong Learning Plan repaymentMarch 1, 2023
TFSADecember 31, 2023
RRIFDecember 31 of year RSP holder turns 71

Check Notice of Assessment from Canada Revenue Agency (CRA) for individual limit.

 
How is the RRSP maximum contribution amount determined? 

  • 2022: 18% of previous year’s earned income up to $29, 210 
  • 2023: 18% of previous year’s earned income up to $30,780
    • + (Plus) Unused deduction room earned in previous years 
    • – (Minus) Previous year’s Pension Adjustment (PA) 
    • – (Minus) Current year’s Past Service Pension Adjustment (PSPA) 


2023 TFSA Information 

If you have been a Canadian resident and over 18 years old since 2009, and have never made a TFSA contribution, you will have accumulated TFSA contribution room of $88,000 in 2023

If you are 18 years old and a Canadian resident, your individual contribution is calculated as follows: 

  • The annual TFSA dollar limit ($6,500 for 2023); plus 
  • Any unused TFSA contribution room from the previous year; plus 
  • Total amount of withdrawal from TFSAs in the previous year (excluding qualifying transfers and withdrawals of TFSA “excess”). 


Annual TFSA Contribution Limits

YearAnnual Contribution
Limit
Cumulative
Limit
2023$6,500$88,000
2022$6,000$81,500
2021$6,000$75,500
2020$6,000$69,500
2019$6,000$63,500
2018$5,500$57,500
2017$5,500$52,000
2016$5,500$46,500
2015$10,000$41,000
2014$5,500$31,000
2013$5,500$25,500
2012$5,500$20,000
2011$5,000$15,000

TFSA is one of the most popular saving and retirement accounts in Canada.

To find out your individual contribution room, you may call 1-800-267-6999 or login to My Account



Sources: Canada Revenue Agency, Government of Canada, Statistics Canada. This document is for information purposes only and is not meant to provide legal, financial, tax, or any other advice. Although care was taken in the preparation of this document, Health Risk Services Inc. assumes no responsibility for any reliance on or misuse or omission of the information contained in this document and cannot be held responsible for damages or losses arising from use of this information. Please seek professional advice before making any decisions

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