2019 Registered Account Information & Tax Tips

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Canada Revenue Agency (CRA) My Account

If you haven’t already done so, we recommend taking the time to register for your CRA My Account. The account allows you to manage virtually all your tax affairs online. Benefits include tracking tax refunds, viewing or amending prior years’ returns, checking benefit and credit payments, viewing available RRSP & TFSA contribution limits, setting up direct deposit, receiving online mail, and more. Start the process or access your account here.

Registered Retirement Savings Plans (RRSPs)

Yearly limits for RRSP contributions are equal to 18% of an individual’s earned income from the prior calendar year, subject to a maximum amount. The RRSP contribution limit for 2019 was $26,500. For 2020, the limit is 27,230. The deadline for 2019 contributions is Monday, March 2, 2020. Unused RRSP contribution room accrues and can be carried forward into future years. For this reason, it is important to review your most recent Notice of Assessment or your CRA My Account to determine exactly how much you may contribute.

Tax Free Savings Accounts (TFSAs)

As of January 1, 2020, all Canadian residents 18 years of age or older in 2020 gain an additional $6,000 worth of TFSA contribution room. Unused TFSA contribution room accrues and can be carried forward into future years. Again, it is best to review your CRA My Account to determine exactly how much you may contribute.

The cumulative historical contribution room a