Here is a summary of the information for 2023 that we thought you might find interesting.

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RRSPs

The deadline for making an RRSP contribution for 2022 is March 1, 2023.

Receipts for RRSP contributions are produced regularly and should be available online within a week or two of your deposit.

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TFSAs

The TFSA limit for 2023 was increased to $6,500 (from $6,000).

For those that qualify, the cumulative amount that can be contributed to TFSAs is now $88,000.

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FHSAs

This will be of interest for some of our younger clients, or children of clients, who are not homeowners yet and want to be.

In the 2022 Budget, the Government of Canada proposed a new First Home Savings Account (FHSA). It will likely be available in spring or summer of 2023. Custodians are working with CRA to develop this registered plan to help Canadians save towards their first home by allowing account holders to contribute up to $8,000 per year or $40,000 over the lifetime of the plan.

Individuals would be able to claim an income tax deduction for contributions. Qualifying withdrawals to purchase a new home would be non-taxable. Any savings not used to purchase a qualifying home could to transferred to an RRSP or RRIF on a non-taxable transfer basis, subject to certain rules.

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2023 CPP & OAS

CPP & OAS benefits were increased for 2023.

CPP maximum monthly benefit (age 65) $1,306.57

OAS maximum monthly benefit (age 65-74) $687.56

OAS maximum monthly benefit (age 75+) $756.32

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Non-registered 2022 tax packages

T4 and T5 slips must be mailed by the end of February. The deadline for T3 production is March 31, 2023, but these may be completed earlier. Once our team has access to all the necessary documents, we will be reaching out to you with a link to your tax packages.

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If you have any questions about any of the above, please don’t hesitate to contact us.

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