RRSP Season: Deadline, RRSP LOANS and 2015 TFSA limits
The Deadline this year is March 2, 2015.
We strongly recommend you complete your Deposit a week before this date (by Friday Feb. 20th) to allow for timely processing .
If you need a loan to top up your RRSP Deposits this year (for 2014) then just let us know. We can obtain loans for up to $24,000 through Manulife BANK.
These loans are applied for On-Line through my office.
We get your basic information from you over the phone, including the amount of the Loan.
Then we process the Loan e-application.
We the scan the loan documents to you for signing and you scan or fax it back to us.
We would need a Manulife or Manu BANK RRSP Account for the deposit.
12 Equal monthly payments and it's done. Then repeat in 2016.
You can also use your refund to reduce your loan and/or you can pay off the Loan at any time without penalty. It's that easy.
If your main RRSP account is held with another financial institution we can transfer there after the loan is paid.
TFSA: (Tax Free Savings Account)
In 2015 you were allowed to add an additional $ 5,500 to your TFSA account.
This brings the total you can deposit in your TFSA to $36,500 per person.
That's $73,000 per couple.
Remember, income growth in a TFSA is NOT taxed.
Don't miss out on your RRSP Top Up.
OR If you would like to start a TFSA just contact us.
We are a simple call or email away and we're here to help.
Please feel free to share this information with others.