# So who's maxing their TFSA/RRSP contributions?



## cainvest (May 1, 2013)

So we can deposit $5500 in TFSA as of Jan 1 and this year's RRSP deadline (to claim for the 2015 tax year) is Feb 29.

I already transferred $5500 to my TFSA last month so that part is taken care of. My RRSP addition this year will be at the 18% limit with any remaining funds staying in non-reg'd accounts. Another year of good savings towards my retirement but I do miss the extra TFSA room we had last year.


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## Jungle (Feb 17, 2010)

Made contributions for both using non-reg holdings. Using free cash flow to pay the mortgage down. 
Still have 40K room in wife's RSP but don't know if making a lump sum to max is a good idea when income is only 51k/year?


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## peterk (May 16, 2010)

2016 TFSA maxed and 2015 RRSP room maxed.

On the fence about my 2016 contribution just now. I have a DB pension adjustment so I'm going to wait until I get my tax notice before contributing anyways.

I'm hoping to take the last month or two of 2016 and the first month or two of 2017 off from work, so I might forgo contributing in 2016 and 2017. Leslie has convinced me that the "contribute now, deduct later" scheme is not ideal, and that investing in unregistered for two years then contributing/deducting in year 3 is the best solution for minimizing your tax liability.


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## 1980z28 (Mar 4, 2010)

When I can,most times from the 80`s to date,much easier now in my 50`s


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## My Own Advisor (Sep 24, 2012)

Maxed my wife's TFSA first. Working on mine now, should have it done in a few months. RRSP is maxed, working on wife's RRSP and hope to have it maxed out in a few years.


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## scorpion_ca (Nov 3, 2014)

2016 TFSA maxed out in Jan and 2015 RSP maxed out in 2015....will have to wait until March to contribute in 2016 RSP.


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## none (Jan 15, 2013)

All maxed - even have a ton of RRSP deductions I haven't claimed. I'm trying to get my unregistered investment about on par with my TFSA.

Once that is done my total retirement planning will be limited to TFSA contributions ($211.50 per paycheck) and 1.5% of my gross salary toward my RRSP for the next 23 years. Nice when a plan comes together.


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## peterk (May 16, 2010)

none said:


> Once that is done my total retirement planning will be limited to TFSA contributions ($211.50 per paycheck) *and 1.5% of my gross salary toward my RRSP *for the next 23 years. Nice when a plan comes together.


Is that not less than maxing out your RRSP none, with only 1.5%? Or is your pension adjustment so large that you can only put 1.5% into your RRSP going forward?


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## none (Jan 15, 2013)

I am forced to put in 16.5 % of my salary into my pension.

That's one thing that occurred to me this morning. People who start with government as their first job do miss out on some nice RRSP perks for example:

1) put money into your TFSA and only use the RRSP when you can claim it to stay in the 3rd tax bracket;
2) Miss out on the homebuyers plan, spousal RRSPs & withdrawing money from your RRSP during periods of unemployment or for education.

Funny you never hear about those when you hear about the 'gold plated pension hyperbole'. Anyway, whatever that stuff doesn't really affect me anymore anyway.


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## gibor365 (Apr 1, 2011)

The problem to max RRSP....my wife and myself have GRRSP and never know what will be exact room... esp if employer contribution goes on Mar 1 or 2, so its very easy to overcontribute


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## Eclectic12 (Oct 20, 2010)

none said:


> ... That's one thing that occurred to me this morning. People who start with government as their first job do miss out on some nice RRSP perks ...


 ... not sure "miss out" is accurate as I believe it's more "have a lot less to use". 
Last I checked the appropriate, someone with the max earned income with a top DB pension had $600 a year due to the PA formula.

I've not sure what the overall swing would be for someone at the lower income end.




none said:


> ... Funny you never hear about those when you hear about the 'gold plated pension hyperbole'.


Why let the detail interfere ... :biggrin:


Cheers


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## cainvest (May 1, 2013)

I guess it's not surprising that most here on CMF are at or near max savings for TFSA/RRSF. Many people I know are far below this level due to high expenses and some due to lower wages.


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## peterk (May 16, 2010)

^ I'm sure there's quite a bit of selection bias here, especially with a thread title like this one!


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## NorthKC (Apr 1, 2013)

I'll chime in, I am NOT maxing out my RRSP/TFSA. I've still got a ways to catch up on these two. Then again, I'm still young enough!


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## newfoundlander61 (Feb 6, 2011)

I have a auto-purchase plan setup for units in the Mawer Balanced Fund MAW104 in my TFSA. By end of the year I will be have reached my allowable amount for this year.


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## Islenska (May 4, 2011)

Maxed our TFSA

and $10K to RRSP but probably my last as 63 this summer and can't see the point of more contributions?


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## CPA Candidate (Dec 15, 2013)

Not maxed out but putting a considerable amount to work this month (20k).


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## Ag Driver (Dec 13, 2012)

I would have to take a look at all of my contributions, but at quick glance value wise, I am roughly 50% to max.


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## djkelly (Feb 18, 2016)

Maxed out both for 2015 and already underway to do the same for 2016. If your savings rate is high enough it doesn't make sense to not max out your TFSA and RRSP. You're just giving up free money - taxes, interest, dividends...

My priorities:
1) Maxing out TFSA
2) Maxing out RRSP
3) Maxing out RESP (enough to get government grant and no more)
4) Paying down/off mortgage
5) Contributing to unregistered investments

Everyone will have a line where you run out of money in there. Mine will probably be somewhere in #4 this year.


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## RBull (Jan 20, 2013)

TFSA's yes. Done. 

RRSP no. We're in withdrawal mode now in retirement.


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