Just a reminder - the deadline to make your 2017 RRSP contribution is fast approaching!
The last day to contribute to your RRSP for the purpose of claiming a deduction on your 2017 tax return is March 1, 2018. Before we reach the cut-off date we thought we would connect with households to outline RRSP contribution limits for 2017 and to provide clarity regarding some of the commonly asked questions surrounding registered plan contributions.
Determining Your 2017 RRSP Contribution Limit
The maximum amount you can contribute to your RRSP is 18% of your previous year's earned income to a maximum of $26,010.00 for 2017, less any pension adjustment for pension plan members, plus any pension adjustment reversals combined with your unused RRSP contribution room from the previous year. Thankfully, this calculation has already been completed for you and is listed on your 2016 Notice of Assessment (NOA) as your RRSP/PRPP Deduction Limit for 2017. If you have misplaced your 2016 NOA you can also log on to your My Service Canada Account to retrieve this information. It is important to be mindful of your RRSP limit as amounts contributed above what is permitted are charged a penalty.
How to Make Your RRSP Contribution
If you would like to make your RRSP contribution via cheque, please ensure your cheque is made payable to: Manulife Securities Incorporated. You can mail or drop off your cheque at our office: 1 – 25 Scurfield Blvd, Winnipeg, MB R3Y 1G4. Alternatively, contributions can also be made through your online banking. On our Frequently Asked Questions page you will find information to assist you in this process. You are also able to contribute to your RRSP systematically throughout the year via a pre-authorized deposit plan. Please feel free to contact our office if you would like guidance while setting up your RRSP to receive electronic payments or if you would like to discuss whether a pre-authorized deposit plan might work for you.
Frequently Asked Questions
Please visit our website to review a full listing of Frequently Asked Questions we receive regarding a number of RRSP contribution related concerns. The Government of Canada site also provides detailed explanations regarding a variety of RRSP related topics. Are you finding some of the financial jargon a bit confusing? Our Financial Glossary provides definitions for a comprehensive list of financial terms and concepts.
Please feel free to contact our office to book an appointment as we would be happy to meet with you (subject to availability) to discuss your RRSP contribution.
David J. Luke, CFP, RFP, CLU, CH.F.C., CIM | Financial Advisor
360 Private Wealth Management | Manulife Securities Incorporated
Unit 1 – 25 Scurfield Boulevard, Winnipeg, MB R3Y 1G4
Main Office 204.925.5868 | Direct 204.925.2073| Fax 204.925.2263 | Toll Free 844.688.3656