2024 Contribution Limit For TFSA and RRSPs
Автор: Dami Adeniyi
Загружено: 2024-01-09
Просмотров: 372
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🇨🇦 TFSA (Tax-Free Savings Account):
What is it? TFSA is a savings account that allows you to earn interest, dividends, and capital gains tax-free.
2024 Contribution Limit: For 2024, you can contribute up to $7,000 to your TFSA. This means you can deposit this amount into your TFSA account without paying taxes on the earnings generated within this account.
📈 Benefits: TFSA funds can be used for various financial goals—saving for a down payment on a house, emergencies, investments, or retirement. Any unused contribution room accumulates and carries forward to future years.
🏦 RRSP (Registered Retirement Savings Plan):
What is it? RRSP is a retirement savings account where you can contribute pre-tax income to save for retirement.
2024 Contribution Limit: The contribution limit for RRSP is 18% of your earned income reported on your 2023 tax return or $31,560, whichever is lower. This means you can contribute up to this limit and deduct the contributions from your taxable income.
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