Blog by DOINA BIOLAN B.Comm

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Important tax references for 2012

Do you know your maximum Old Age Security, Canada Pension Plan?

How about the Maximum RRIF withdrawals or RRSP, TFSA or RESP contribution ceiling?

Here are a few guidelines, for more information send please feel free to contact me at   doina@bblife.ca.

 

OLD AGE SECURITY(OAS): Maximum monthly benefit is $ 540.12

CANADA PENSION PLAN((CPP): Maximum monthly benefit at age 65 is $986.67

RRSP contribution ceiling for 2012 is $22,970

TFSA contribution ceiling for 2012 is $5,000 per year(unused contributions cannot be deferred to future years)

RRIF minimum withdrawals: 4% at age 65, 5% at age 70.

RESP maximum contribution: $50,000 lifetime, per beneficiary.