Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this8:29 pm
September 28, 2023
Offline
When I was signed into Access to check in on my remaining Hubert GICs, I noticed an RRSP limit graphic and was taken to this page: https://invest.accesscu.ca/rrsp
I was astounded to find this posted:
RRSP Contribution Limits
The RRSP contribution room for 2023 is $30,780.
The RRSP contribution room for 2024 is $31,560
There is/was No mention of 18% of income, No mention of pension adjustments, or any other factors. They just took the hard upper limit and posted it.
I hope nobody takes these numbers verbatim... CRA's 1% per month penalty will sting... which Access will of course wash their hands of. I think it is irresponsible to post financial information like this... if they can't do their research or provide full details, just link to the fed's website.
10:30 am
November 22, 2023
Offline
Re: https://invest.accesscu.ca/rrsp
At the very bottom of the of the webpage you will see the following.
*Though contribution limits are based on the maximum annual RRSP contribution room set by the government, there are other factors. Each individual has their own annual maximum contribution limit calculated as:
18% of your earned income from the previous tax year OR the annual maximum set out by the government – whichever is less.
This amount is adjusted for pension plan members and any unused contribution room carried forward from previous tax years
It is the individual’s responsibility to ensure no over-contributions to RRSP plans. Individual contribution limits can be found either on a Notice of Assessment (when CRA processes your tax return), or through CRA My Account online. Over-contributions are subject to a penalty tax of 1% per month for as long as it remains in your account.
7:06 pm
September 28, 2023
Offline
Didn't notice that, but that's pretty important information to hide behind an asterisk. Most of us aren't making $175K to reach that contribution limit.
1:25 pm
March 30, 2017
Offline
everhopeful said
Didn't notice that, but that's pretty important information to hide behind an asterisk. Most of us aren't making $175K to reach that contribution limit.
Well it makes even less sense to spell out the full details in the prime real estate area of the web page.
I dont see any wrongdoing nor that they are trying to hide anything or being deceitful at all.
Please write your comments in the forum.