With RSP season right around the corner, now is a good time to understand some of the limits and important dates for 2022.

What is the 2022 limit for RRSPs?

For the 2022 taxation year, the contribution limit for an RRSP is 18% of earned income. While the percentage has not changed for a number of years, the maximum dollar amount increases annually. For this new year, that number has gone up to $29,210, which is approximately $1,400 more than the previous year.

Keep in mind there is carry forward room if you did not use all of your prior contribution room and also the ability to make an RRSP spousal deposit.

You have 60 days after the end of the year to make an RRSP contribution for the previous year. That means March 1, 2022 is the deadline for the 2021 taxation year.

What is the 2022 limit for TFSAs?

The annual limit for a TFSA this year is $6,000, which has remained the same since 2019. Since there is a lifetime contribution limit, you may be eligible to deposit more due to unused room from 2009 onwards.

CPP and OAS Payments

When it comes to CPP, the maximum payment is $1,253.59 per month for 2022.

Monthly payments for Old Age Security payments in 2022 is capped at $642.25. This amount is revised every quarter in January, April, July and October, as the cost of living increases.

If you are looking for a financial planner, bookkeeper or accountant, we have great connections that we can refer you too.  Being prepared and understanding the amounts and timelines will help ease the stress around this.

Here is an article to help with preparing to file your taxes for 2021. 

Note: The information above was sourced from the CRA website.