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RRSP–RRIF–TFSA–RESP Information

RRSP Contribution for 2017

18% of earned income minus pension adjustment*

to a maximum of

$26,010
Pension adjustment can be seen on Notice of Assessment or T4
Deadline for RRSP contributions  for 2017 tax year March 1, 2018

Minimum RRIF Withdrawal

Age Factor
60 3.33%
61 3.45%
62 3.57%
63 3.70%
64 3.85%
65 4.00%
66 4.17%
67 4.35%
68 4.55%
69 4.76%
70 5.00%
71 5.28%
72 5.40%
73 5.53%
74 5.67%
75 5.82%
76 5.98%
77 6.17%
78 6.36%
79 6.58%
80 6.82%
82 7.38%
83 7.71%
84 8.08%
85 8.51%
86 8.99%
87 9.55%
88 10.21%
89 10.99%
90 11.92%
91 13.06%
92 14.49%
93 16.34%
94 18.79%
95 & over 20.00%

Conversion of RRSP to a RRIF for 2017

Deadline

Mandatory conversion in year which plan holder turns 71 Dec. 31st
Mandatory conversion if your birth year is 1946

 

RRIF withholding tax - except Quebec

(amount withdrawn in excess of minimum)
Up to $5,000 10%
$5,001 to $15,000 20%
Over $15,000 30%

 

RRSP Homebuyers Withdrawal Plan
Limit for those qualified          $25,000
Repayment per year 1/15th

 

TFSA Contributions for 2017

Maximum contribution $5,500
Eligibility date for contribution January 1

 

RESP Contributions & Grants

Maximum Lifetime Contribution $50,000
Matching annual grant 20%
Maximum annual grant $500
Grant applicable on maximum annual contribution of $2,500