RRSP and TFSA Benefits

Lowering your tax bill is as easy as 1, 2, 3 ...

1. Tax Free Savings Account (TFSA)

2. Registered Retirement Savings Plan (RRSP)

3. Spousal RRSP

Deadline to contribute to your RRSP or Spousal RRSP
for the 2015 tax season is February 29, 2016. 

TFSA

  • Investment income and withdrawals are tax free
  • Withdraw your funds at any time
  • Contribute up to $5,500 in 2016 with a total contribution limit of $46,500 for a new TFSA*
*Unused contribution room from 2009 carried forward. Ask your SASCU Service Representative for more information.
Year200920102011201220132014201520162017Unused
from 2009
Contribution
Limit
$5,000 $5,000 $5,000 $5,000 $5,500 $5,500 $10,000 $5,500 $5,500

$52,000

RRSP

  • Contributions, within limits, are tax deductible from your current year's tax income
  • Income earned grows tax free until withdrawn Funds, within limits, can be used to buy a qualified home or finance your education**
**The Home Buyers' Plan and Lifelong Learning Plan are federal government programs.

Spousal RRSP

  • Contribute to a plan in your spouse's name
  • You are still eligible for the income tax deduction Effective means of income-splitting

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