With the New Year upon us, The St-Georges Group team would like to offer a reminder and some general information regarding some registered plans you may have.

Note that some information may not apply to you. 

Registered Retirement Savings Plan (RRSP)

You have until March 1st 2023, to contribute towards the 2022 tax year. Please do not wait until the last minute as clients sometimes encounter unexpected last-minute obstacles. It would be a shame to miss the deadline due to something unforeseen.

Each person’s contribution limit is based on their income and past contribution history and is clearly indicated on your federal notice of assessment (NOA). For contributions going towards the 2022 tax year, your 2021 NOA will give us a sense of your maximum. For 2023 tax year contributions, be mindful that while the limit can be estimated, it is best to wait until you have your 2022 NOA.

We can help you make sense of your 2022 and 2023 contribution limits.

Tax-Free Savings Account (TFSA)

The annual limit for 2023 is $6,500. Keep in mind that you may have carry forward room available to you as well, allowing you to exceed the $6,500 limit.

Information regarding your contribution limit can be found by consulting your file with CRA.

You can make your contribution at any time throughout the year.

Note: You have the option of adding us as a representative for the Canada Revenue Agency, this allows us to view the contribution room for your RRSPs and TFSAs on the website of the Canada Revenue Agency. If you wish to do so, the instructions are here. Some of you have already done this and we thank you! 

We can help you determine your TFSA contribution room for 2023.

Tax-Free First Home Savings Account (FHSA)

In Budget 2022, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home—including from investment income—would be non-taxable, like a Tax-Free Savings Account (TFSA).

The key design features of the FHSA were announced in the 2022 Federal Budget, including an $8,000 annual contribution limit in addition to a $40,000 lifetime contribution limit. The Federal government expects that Canadians will be able to open and contribute to an FHSA at some point in 2023. No matter when this happens in 2023, Canadians would be allowed to contribute the full $8,000 annual limit in that year. We will notify you when we receive more information about this type of account.

Please note it is not possible at this time to open a FHSA; we will notify you when we have more information.  

Registered Education Savings Plan (RESP)

The annual contribution limit (for which you will receive a government grant per beneficiary is $2500 for 2023.

You can make your contribution at any time throughout the year.

Should you have not made use of the full $2500 in previous years, it is possible that you could contribute up to an additional $2500 per beneficiary for 2023.

Note to grandparents: a RESP makes for an excellent birthday present for grandkids! 

We can help you determine your maximum grantable contribution for 2023.

When Should You Take Action?

Our team will be reviewing your accounts over the next few months to determine what course of action would be best for you and will be in touch.  If you need to top up your RRSP accounts prior to the first 60-day contribution deadline, we encourage you to contact us to coordinate an appointment. Finally, if you would like to get a jumpstart on any contributions – or if you have any questions whatsoever – please do not hesitate to contact us.

Don’t forget that we are available to discuss your wealth management strategies, including tax planning, estate planning, insurance planning and more!

The St-Georges Group Team


About Valérie Forget

Valérie has been an integral part of the St-Georges Group since 2019, with her affiliation to the Assante wealth management family beginning in 2015. She earned her Bachelor in Finance from the Université du Québec en Outaouais in 2016, and is now obtaining her financial planning designation (Pl. Fin.). Further bolstering her financial expertise, Valérie completed courses from the Canadian Securities Institute, ensuring she stays updated with the latest financial trends and strategies. Valérie excels in conducting detailed financial analyses and calculations. Her approach is centered on understanding clients’ unique financial landscapes and offering adaptive wealth management solutions tailored to their evolving needs.

See Valérie’s full bio on the team page and follow Valérie on LinkedIn.