Did you know?
The maximum RRSP contribution limit is $30,780 for 2023 and $31,560 for 2024. You have until February 29, 2024, to contribute to your RRSP and benefit from the deduction on your 2023 tax return. Contributions made between March 1 and December 31, 2024, will be eligible for deduction on your 2024 tax return.
To contribute the maximum in 2023, 2022 earned income must be at least $171,000. To contribute the maximum in 2024, 2023 earned income must be more than $175,333.
The CPP contribution rates have remained the same at 5.95 per cent for employees and 11.9 per cent for self-employed individuals for the 2024 taxation year, under the first CPP ceiling. The CPP contribution rate is expected to remain the same until 2025. This is an effort by the Canadian Government to ensure that retirees will have sufficient income past retirement in case they were unable to save during their working years.