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If you have not yet maximized your TFSA contribution for the year, the deadline is December 31stand the contribution limit is $10,000 for 2015. Always confirm with your tax advisor before contributing to your TFSA to ensure you are not over-contributing, in which case our friends at the CRA will assess penalties, even at this most festive time of the year.
As of December 7th 2015, the TFSA contribution limit for the 2016 tax year is not yet known. The Liberal government’s plans are to decrease the annual contribution limit from $10,000 to $5,500 but this plan has not yet been passed into law. Therefore, after you have all recovered from your New Year’s Eve partying, you should consult with your tax advisor before contributing to your TFSA for 2016 to ensure you do not over-contribute.
It’s a festive and giving season, so for anyone who is planning on making charitable donations to registered charities, it may be a good idea to do so before December 31st in order to utilize the donation tax credits on your 2015 tax returns.
The deadline for contributing to your RRSPs for the 2015 tax year is on February 29, 2016. Please consult your tax advisor as to the best approach for deciding whether RRSPs or TFSAs or a mix thereof will be most appropriate for your own personal tax situation.
Should you have any questions or concerns regarding your taxes (business, corporate and/or personal), contact me at 416-722-1543 or firstname.lastname@example.org.