What is the Lifelong Learning Plan (LLP)?

The Lifelong Learning Plan allows you to withdraw money, interest-free, from your RRSPs to finance full-time training or education for yourself or your spouse/common-law partner. You can withdraw up to $10,000 per year, for a maximum of $20,000. Any amount withdrawn...

What is the RRSP Home Buyers’ Plan (HBP)?

First-time homebuyers can withdraw up to $23,000 tax free from their RRSP to put towards the purchase of an eligible property. To qualify as a first-time homebuyer, you cannot have lived in a home that you or your spouse/common-law partner owned in the past 4 years....

How much can I contribute to my RRSP?

You can contribute up to $27,830 or 18% of your earned income for 2021, whichever is less. The RRSP contribution deadline for the 2021 tax year is March 1st, 2022. Contributions made between January 1st and March 1st, 2022 will generate a tax receipt that can be used...

How much can I contribute to my Tax-Free Savings Account?

As of 2021, the lifetime contribution limit to a Tax-Free Savings Account (TFSA) is $75,500. The 2021 contribution limit is $6000. If you did not maximize your contributions, the contribution room carries over to the next year. Also, if you make a withdrawal from your...

How much should I save for my child’s education?

RESPs are a tax-deferred savings vehicle designed to save for post-secondary education. With an RESP, deposits of up to $2500 per child per year are eligible for the 20% Canada Education Savings Grant – this works out to $500 per year in grant contributions. The...