Don’t miss these important Dates

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Don’t miss these important Dates

Here are some important dates and numbers to remember this week

RSP Contribution Deadline is March 1, 2018 !

RSP contribution limit for this year is $26,230.00, plus any unused RSP room.

Individual tax filing deadline is April 30,2018

Self employed business tax filing deadline: June 15th, 2018

RESP’s : There is no annual limit for contributions, Lifetime contribution limit is $50,000 per beneficiary

Basic Education Savings grant : 20% on annual contributions made to all eligible RESP’s for a qualifying beneficiary, to an annual maximum of $500($1000.00 where there is unused grant room from a previous year). Lifetime max per beneficiary is $7,200.00.

TFSA limit for this year is $5,500.00 (plus any unused space since 2009 to a total of $57,500.00)

RSP Home first time home buyers payback is 1/15th per year beginning in the second year following the withdrawal, payable 60 days into the following year.

CPP maximum (at age 65) $1,114.17

OAS maximum $585.49

RIFF annual minimum withdrawal age 71 is 5.28%

For further information you can go to the CRA website. I also find it is a good idea to have a MyCRA account on line so that you can see past statements, tax owing and contribution room at a glance.

Follow the link below if you don’t have an account already.

https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html?wbdisable=true

 

Have a great week !