How to start the new year in finance

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February 10th, 2023

The Partenaire-Conseils team wishes you a very happy new year!

As we begin the new year 2023, we wish to share with you some pertinent information about the RRSP, TFSA and TFFHSA plans that shall prove useful to you for the months to come.

 

RRSP 

  • For 2022, the annual contribution limit is of 29,210$ or 18% of your income of the previous year.
  • In 2023, the annual contribution limit is of 30,780$ or 18% of your income of the previous year.
  • The deadline for contributions is on March 1st, 2023.
  • Unused contribution room carries over indefinitely.

TFSA 

  • In 2023, the annual contribution limit is now of 6,500$.
  • The total contribution since 2009 limit is now of 88,000$.
  • Unused contribution room carries over indefinitely.

TFFHSA : New account

  • The TFFHSA is a new savings account dedicated to the purchase of a first property. It will be made available starting April 1st, 2023.
  • The annual contribution limit is of 8,000$.
  • The lifetime contribution limit is of 40,000$.
  • All contributions are deductible in the same manner as with an RRSP.
  • The contribution deadline is on December 31st of the current year.
  • Withdrawals within this account are nontaxable if they qualify for the purchase of a first property, limited to a single property for life.
  • Unlike the Home Buyers’ Plan (HBP), refunds are not possible following withdrawals.

Now is a great time to review your financial situation as well as your goals. Therefore, we welcome you to contact us so we may help optimize the planning of your 2023.

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