Your handy guide to contribution limits, tax rates and government pension benefits.
RRSP1
Contribution Limits*
TAX YEAR
LIMIT
PRIOR YEAR EARNED INCOME REQUIRED
2024 | $31,560 | $175,333 |
---|---|---|
2023 | $30,780 | $171,000 |
2022 | $29,210 | $162,278 |
2021 | $27,830 | $154,611 |
2020 | $27,230 | $151,278 |
2019 | $26,500 | $147,222 |
TFSA1
Contribution Limits
TAX YEAR
LIMIT
CUMULATIVE LIMIT
2024 | $7,000 | $95,000 |
---|---|---|
2023 | $6,500 | $88,000 |
2022 | $6,000 | $81,500 |
2021 | $6,000 | $75,500 |
2020 | $6,000 | $69,500 |
2019 | $6,000 | $63,500 |
Marginal Tax Rates2
2024 Federal
TAXABLE INCOME
TAX RATE
$0 to $15,704 | 0.00% |
$15,705 to $55,866 | 15.00% |
$55,867 to $111,732 | 20.50% |
$111,733 to $173,204 | 26.00% |
$173,205 to $246,751 | 29.00% |
$246,752 & Over | 33.00% |
* For provincial tax rates click here.
CPP Benefits
Annual
BENEFIT
MAX AMOUNT
@ JAN 20243
AVG AMOUNT
@ OCT 20233
Retirement | $16,375 | $9,100 |
---|---|---|
Disability | $19,281 | $13,528 |
Survivor (under 65) | $8,872 | $5,984 |
Survivor (65 & over) | $9,825 | $3,789 |
Child | $3,529 | $3,381 |
Death | $2,500 | $2,500 |
OAS Pension4
MAX PENSION @ JAN 2024
CLAWBACK STARTS
@ NET INCOME OF:
CLAWBACK ENDS
@ NET INCOME OF:
$8,560 (Age 65 to 74) | $90,997 | $148,065 |
---|---|---|
$9,416 (Age 75 & over) | $90,997 | $153,771 |
Contact us to discuss your financial plan.
Sources:
3CPP Benefits The benefit amount is the exact same for children of Deceased or Disabled
contributors.
4OAS pension | Please consult your financial advisor on how it relates to your situation. *The RRSP contribution limit varies by individual.
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