{"id":1252,"date":"2024-12-18T21:44:06","date_gmt":"2024-12-18T21:44:06","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/?p=1252"},"modified":"2024-12-18T21:44:06","modified_gmt":"2024-12-18T21:44:06","slug":"rrsp-and-tfsa-limits-for-2025","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/2024\/12\/18\/rrsp-and-tfsa-limits-for-2025\/","title":{"rendered":"RRSP and TFSA Limits for 2025"},"content":{"rendered":"<p>As we wrap up the year, it\u2019s the perfect time to check in on your financial goals and update your savings plan for 2025 and beyond. Two important numbers to keep in mind are the Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) contribution amounts for the year. I\u2019ve reported them here, along with some thoughts on the limits throughout the years.<\/p>\n<p><strong>2025 Contribution Limits<br \/>\n\ud83d\udd11RRSP:<\/strong> $32,490 (deduction limit)<strong><br \/>\n\ud83d\udd11TFSA<\/strong>: $7,000<\/p>\n<p>If you\u2019ve been eligible for a TFSA since its inception in 2009, the cumulative contribution room is now $102,000 (assuming you\u2019ve been 18 years of age or older and a Canadian resident since 2009. Ensure you check your available room through your CRA portal.)<\/p>\n<h3><span style=\"font-size: 12pt\"><strong>TFSA Contribution Limits Over the Years<\/strong><\/span><\/h3>\n<p>Here\u2019s a little breakdown of how the TFSA limits have evolved since 2009.<\/p>\n<ul>\n<li><strong>2009-2012<\/strong>: $5,000\/year<\/li>\n<li><strong>2013-2014<\/strong>: $5,500\/year<\/li>\n<li><strong>2015<\/strong>: $10,000\/year<\/li>\n<li><strong>2016-2018<\/strong>: $5,500\/year<\/li>\n<li><strong>2019-2022<\/strong>: $6,000\/year<\/li>\n<li><strong>2023<\/strong>: $6,500<\/li>\n<li><strong>2024-2025<\/strong>: $7,000\/year<\/li>\n<\/ul>\n<h3><span style=\"font-size: 12pt\"><strong>Why This Matters<\/strong><\/span><\/h3>\n<p>I recently talked about overcontributions and the potential penalty fees you could incur, and that\u2019s why ensuring you\u2019re staying within your available contribution room is so important. You can reference your available room each January, once it\u2019s calculated by the Canada Revenue Agency (CRA), on your online portal.<\/p>\n<p>You can reference the full blog <a href=\"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/blog\/\">here<\/a> explaining what a TFSA overcontribution is and how to prevent it\u2014it\u2019s a must-read. Make sure to note 2025\u2019s limits down and keep track of your contributions throughout the year. Make sure to consult your financial professional if you have any questions or need any guidance. You\u2019ve got this. \ud83d\udcaa\ud83c\udffc<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we wrap up the year, it\u2019s the perfect time to check in on your financial goals and update your savings plan for 2025 and beyond. Two important numbers to keep in mind are the Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) contribution amounts for the year. I\u2019ve reported them here, along [&hellip;]<\/p>\n","protected":false},"author":116,"featured_media":1253,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/posts\/1252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/users\/116"}],"replies":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/comments?post=1252"}],"version-history":[{"count":2,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/posts\/1252\/revisions"}],"predecessor-version":[{"id":1255,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/posts\/1252\/revisions\/1255"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/media\/1253"}],"wp:attachment":[{"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/media?parent=1252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/categories?post=1252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/tags?post=1252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}