Reminder: RRSP Deadline for 2015 is Monday February 29th, 2016.

Have you made your RRSP contribution?  Call us to ensure you make the right amount for your situation and income.  We can help.

Quick Tip:  Missing Contributions!  The Biggest Mistake I've Seen with RRSP Contributions!

RRSP Season is upon us!  Do you have contribution room?  Have you made contributions that haven't been counted on your tax return?  The most common mistake I've seen is mis-reading your RRSP notice received from CRA. 

We all receive our Notice of Assessment, and it sums up our income and taxes paid.  You quickly scroll through it and ignore the RRSP Deduction Limit Statement which is usually the at the bottom of Page 2 of this assessment notice. 

There are 2 critical lines on this notice, and it's important to ensure they are recorded correctly.

First, the last line of the "RRSP calculation" chart, that is called "RRSP Deduction Limit for 2015".  This indicates the accumulated RRSP contribution room you now have available and can contribute for the 2015 RRSP tax year.  It has an *A on the far left side to help indicate it's priority.

However just below there is a sentence that often goes unnoticed, and yet it's also critical.  "You Have $......... of Unused RRSP Contribution Room available".  If this figure is anything above 0, this means that you have made a contribution that has not been credited, or couldn't be deducted.  Usually it's because you have over-contributed, or didn't report it properly.  This means it needs to be corrected, or you need to ensure you generate more RRSP room to be able to get your tax deductions.  We are all able to over-contribute by $2,000, but beyond that, there may be tax implications.  So, please check these statements.  Also, as soon as you get it, send it to your Financial Advisor, then we can help assess your situation and ensure it's corrected for next time.

RRSP Contribution Limits: 2014 Limit: $24,930
2015 RRSP Limit: $25,370, or 18% of prior year's income.

If you would like to schedule a meeting with Janine regarding RRSPs, Financial Planning, Insurance and Retirement, please give us a call and we will gladly accommodate.

Tax Help Needed?

Check out our tax organizers to keep you on track.

Janine & Assante in the News:

Reader's Choice Awards:  I'm thrilled to be nominated for the Reader's Choice Awards for Best Financial Advisor in Richmond Hill. Thanks to those that have voted so far.  The contest closes Feb. 5th, and if you'd like to support your favourite local companies, here's the link.  (To vote for me, Please go to Page 3, # 87).  For those that take the time to vote for multiple businesses, a $250 gift certificate is available.

Readers Choice Awards