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 RRSP | March 1, 2023 |
| Homebuyers Plan replayment | Start in the second year after the HBP withdrawal was completed |
| Lifelong Learning Plan repayment | March 1, 2023 |
| TFSA | December 31, 2023 |
| RRIF | December 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 RRSP | March 1, 2023 |
| Homebuyers Plan replayment | Start in the second year after the HBP withdrawal was completed |
| Lifelong Learning Plan repayment | March 1, 2023 |
| TFSA | December 31, 2023 |
| RRIF | December 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
| Year | Annual 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
