Important Financial Numbers for 2018

Important 2018 Financial Numbers

Thursday March 1, 2018 is the deadline for RRSP deductions for the 2017 tax year. The limit for 2017 deductions was $26,010. The new limit for RRSPs for 2018 is 18% of the previous year’s earned income or $26,230 whichever is lower less the Pension Adjustment (PA).

The TFSA contribution limit stayed at $5,500, making the cumulative limit for TFSAs $57,500 as of January 1, 2018.

The Old Age Security Maximum is now $586.66 per month, and OAS Clawback starts at $75,910. For every dollar of taxable income over this amount you will see a 15% reduction in your OAS pension. At $122,843 of income, it will be fully clawed back. As a friendly reminder, eligible dividends from Canadian companies are grossed up and affects net income-tested benefits. 

The CPP (YMPE - Yearly Maximum Pensionable Earnings) is $55,900

The employer/employee contribution rate to CPP is 4.95% of the YMPE - $3500 ($55,900 - $3500 exemption amount = $52,400) $2593.80 annual CPP contribution required.

The new age 65 maximum CPP benefit is $1134.17 (If you are 65 this year and have made the maximum CPP contributions for 39 out of the past 47 years).

Maximum RRSP contribution is 18% of earned income to a max. contribution of $26,230.

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