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How to find your TFSA and RRSP Contribution limits

Every year I am asked a repeat question from my clients – How much is my RRSP limit? or How much is my TFSA room? Well, I am tired of telling you the answer that you can find on the last page at the bottom of your latest notice of assessment from the Canada Revenue Agency (CRA). I would recommend you create a “my account” with CRA and you will find your RRSP and TFSA room on the home page of your account. This is more accurate as sometimes the notice of assessment from CRA may be outdated due to reassessment done by CRA which would have changed your RRSP and TFSA limits. Be mindful of not overcontributing to RRSP and TFSA accounts as you will be subject to penalty from CRA.

For more information about your RRSP and TFSA contribution benefits and planning please contact Fareed Sheik at info@fareed.ca or call at 905 896 4449.extn 223

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