by Scott Ronalds

With the turn of the calendar, we thought it would be timely to update you on a few important numbers for 2022.

First off, the TFSA limit. The maximum contribution for Tax-free Savings Accounts is once again set at $6,000 for 2022. This means the total lifetime cumulative contribution room for these accounts will be $81,500 (for investors who meet all eligibility requirements). TFSAs offer a rare tax break that all investors should take advantage of.

Next, the RRSP contribution limit. The max you can add to your retirement savings account this year is the lesser of 18% of your 2021 earned income or $29,210 (unless of course you have unused contribution room from previous years).

As a reminder, you can contribute to your accounts with us by simply calling 1-888-888-3147 (we can electronically transfer money from the bank account we have on file to your Steadyhand accounts).

Another option is to set up an automatic purchase plan (also known as a PAC, or pre-authorized contribution). With these plans, you can select the frequency and amount you’d like to contribute to your account on an ongoing basis. They’re a simple and effective way to reinforce an investing discipline.

Happy New Year!