First of all, the deadline to contribute to your RRSPs and receive the deduction for 2022 is March 1^st, 2023. You will also find the new contribution limits for 2023 below.

Tax slips

• Tax slips: You may receive tax slips in the first few months of the year. It is important to keep each of these statements and provide them to the person who will be filing your taxes. Here are some examples of statements you may receive: T3, T5, T5008, Relevé 3, Relevé 16, Relevé 18, etc. Make sure you received all of them before doing your taxes.
• RRSP contributions: Don’t forget to include all your contribution receipts (including your contribution receipts for the first 60 days of 2023 if you wish) so that they can be considered for your tax return. You will receive receipts for each of your RRSP accounts, so be sure to include them all if you deal with multiple institutions.
• Management fee statements: If you have non-registered investment accounts or business accounts, you will receive a management fee statement. This statement will show the total costs for managing your portfolios in 2022. It is very important to keep this statement and give it to the person who will be completing your tax returns as the fees may be tax deductible. You will receive statements for each of your non-registered and company accounts, so be sure to include them all if you deal with multiple institutions. If you don’t receive them, don’t hesitate to ask.
• Corporations: If you own a company in which you have investments, whether your year-end is December 31 or not, you may also receive calendar year-end tax slips since these slips are usually filed once a year only for all account types. Keep these statements to provide to your accountant when you close your company’s fiscal year-end.
• Donations: If you made any charitable donations in 2022, be sure to include your donation receipts in the documentation provided to your tax-filing specialist.

Contribution limits for 2023

• RRSP¹: The lesser of 18% of your earned income or $30,780 + any unused contribution room in the past
• TFSA¹: $6,500 for 2023 and a cumulative total of $88,000 (depending on eligibility)
• FHSA: $8,000 (the FHSA is not yet available, but will be later this year)
• RESP²: $2500 to maximize government grants (depending on eligibility). Lifetime maximum per beneficiary of $50,000 and no annual contribution limit.

Notice of assessment

• When your tax returns are completed and you receive your notices of assessment, it is a good idea to send them to your advisor. Your notice of assessment contains important information that allows for the update of your file and provides important information such as your RRSP contribution limits for the new year and your TFSA contribution limits (if you have the Canada Revenue Agency’s online version). They also present your income sources and offer to opportunity to see if any changes could be beneficial in your non-registered investment portfolios, for example.

Government benefits for 2023

• Quebec Pension Plan (QPP)³: Maximum monthly pension
  • Age 65: $1306.57
  • Age 60: $836.20 (-36%) / Age 70: $1855.33 (+42%)
• Old Age Security (OAS)⁴: Maximum monthly pension for the period from January to March 2023
  • At age 65: $687.56
  • Recovery tax: If your income is greater than $79,845 (2021), you will have to repay all or part of your Old Age Security pension.

New address

• If you moved in 2022 or are planning to move in 2023, if you have not already done so, be sure to inform your advisor so that the change of address can be made on your profile and to ensure that the documents are sent to the right address.

Please do not hesitate to contact us for more information.