2019 Housekeeping Information
With 2018 now behind us, we would like to provide you with updates and important information for 2019.
Tax-Free Saving Accounts
Since the introduction of TFSAs in 2009, contribution room accumulates yearly for Canadian residents over the age of 18. You accumulate contribution room each year even if you do not file an income tax and benefit return, or hold a TFSA. New TFSAs opened in 2019 are eligible to the full contribution limit accumulated since 2009 of $63,500.
Please note that the contribution limit for 2019 has been increased to $6,000
Below is the schedule of contribution limits up to and including 2019:
If there is someone who is turning 18 in your household or you know of someone who does not already have a TFSA account and would like to get one started, please feel free to contact us.
2018 RRSP Contribution
RRSPs can accept contributions for the 2018 year through the first 60 days of 2019. The final day to give JCIC instructions to make a deposit into your RRSP account is February 28.
The RRSP Contribution room is based on the Deduction Limit for 2018, which includes 18% of 2017 earned income to a maximum of $26,230, less any 2017 pension adjustment, plus any carry forward of unused deduction limit from previous years. You can find your current RRSP contribution amount on your 2017 tax assessment.
Should you wish to top up your RRSP, kindly reach out to your relationship manager or our Client Service Manager, Laura Spunde
RRIF Minimum Withdrawal Schedule
If you hold a RRIF, (SRIF, LIF, LRIF RLIF or other retirement income fund account) you will be informed of your minimum payout for the year in late January.
Balanced & Equity Pooled Fund Valuation Dates
You can contribute or withdrawal funds from your Pooled Fund account(s) on the highlighted dates below :
AWD and PAC Dates
PACs (pre-authorized contributions) are deposited on the last valuation day of each month.
AWDs (automatic withdrawals) are paid on each of the following dates: (2nd last valuation of each month)
Annual RRIF payments paid in December will be going out on December 19, 2019.
JCIC will be sending an email regarding your tax information in February 2019.
Should you have any questions, please do not hesitate to contact our Client Service team - see their details below:
Laura Spunde, Manager of Client Services & Marketing (ext. 238)
Jancis Sullivan, Office Manager (ext. 221)
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