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What is new in 2023?!

Happy New Year to you and your family! Wishing you all good things for 2023!

2023 RIF and LIF payment Information

The payment information has now been updated with your 2023 RIF and LIF minimum payment amounts as well as the maximum payment amounts for LIF accounts. Please reach out to us if you would like to know what your 2023 payments are.

TFSA Contributions

The 2023 TFSA contribution amount has been set to $6,500. This was increased from $6,000 in the previous year. If you have never had a TFSA before, and have been eligible since 2009, the maximum you can contribute this is year is $88,000.

If you are on auto-contribution list, we will be making the contribution on your behalf during the month of January. We will reach out to you once the contribution has been made. If you are not sure if you are on our list, please give us a call or send us an email to confirm.

RRSP Contributions

2022 Tax Year

The last day to make an RRSP contribution for the 2022 tax year is March 1, 2023. If you are planning to contribute for the 2022 tax year, we encourage you to make the contribution as soon as possible. Please contact us at your earliest convenience so that we can ensure that your 2022 RRSP contribution has been made prior to the deadline.

2023 Tax Year All caught up with your 2022 RRSP contributions. It isn’t too early to start contributing for 2023. Generally, your RRSP contribution limit is 18% of your earned income for 2022 up to a maximum of $30,780 for 2023. Your 2023 RRSP contribution limit will be calculated once you have filed your 2022 Income Tax Return. Not sure what your TFSA & RRSP contribution limits are? You can find out your various contribution limits by visiting CRA’s online portal or by calling CRA at 1-800-959-8281. If you do call CRA, please make sure to have your most recent Notice of Assessment or tax return on hand to answer security questions.

Year-end Tax Reporting For clients with non-registered accounts, we will be providing the Realized Capital Gain Loss Report and the Foreign Property Report to you in coming months. Information to follow in the coming weeks and months:

2022 Tax Slips We will provide timelines for the various tax slips as we receive them in coming weeks. Generally, it is best to make sure that you have received all the applicable tax slips before completing your tax return or providing information to your accountant to avoid having to file adjusted returns. Tax-Free First Home Savings Account (FHSA) It is expected that the FHSA will be available sometime this year. We will provide more information on the FHSA, eligibility, open of accounts etc. in future communication.

RDSP/RESP Accounts Watch for future emails for details and remainders for contributions to RDSPs and RESP.

If you have any specific question do not hesitate to reach out to any of our team members.

- Your Creed Capital Management Team

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