We thought it would be useful to get right to a few reminders:

• RRSP deadline for 2021 is March 1^st. If you want your contribution to count as a tax deduction towards your 2020 income, be sure to make the contribution before the last business day, Friday Feb 26^th. We encourage you to get ahead and avoid the last-minute rush. If you have not done so already, find out what your RRSP contribution room is either by looking at your notice of assessment or speak with your tax professional. If you have significant unused RRSP contribution room, contact Alexander to determine the most optimal strategy.

• TFSA allowable contribution for 2021 is $6,000 CAD. Cumulative allowable TFSA contribution room since inception in 2009 is $75,500 CAD. If you have not maximized your TFSA and you have funds available, we encourage you to take advantage of this tax-free account to its fullest. Find out through CRA online what your total allowable contribution room is by visiting : https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributions.html
  If you have not done so already, make a $6,000 CAD contribution for this year.

***If you are a tax professional (CPA), feel free to share these reminders with your clients & if you are our clients accountant, we are happy to collaborate with you in making this RRSP season as seamless as possible. Feel free to reach out to us directly with the consent of our mutual clients.

If you bank with RBC, you can make your contributions online through the RBC Dominion Securities platform directly as shown below:

If you do your banking at another institution, you can also make your contributions online as a “bill payment”. Add a payee called: RBC DOMINION SECURITIES. Then, enter your appropriate account numbers and you can proceed to make your contributions as though you were paying a bill. If you have multiple accounts, you would add each separate account as a separate payee.

If you need assistance making the contributions please contact Rina Kalsi at rina.kalsi@rbc.com or (514) 630-7499. If you need advice, contact Alexander Petrov at alexander.petrov@rbc.com or (514) 630-1634.

We take great pleasure in assisting you so please do not hesitate.

Wishing you continued health and success!

- Alex

PS. If you think we can help a loved one or a close friend, please let us know and we can discuss if there is a potential fit.