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The 2015 federal budget raised the contribution limit to $10,000, and eliminated indexation for inflation, beginning with the 2015 tax year. [10] However, in December 2015 a newly elected government proposed to restore the pre-2015 contribution limit of $5,500 for 2016, which will be indexed for inflation after that. [11] [12] [13]
The contribution limit on individual retirement accounts (IRAs) will stick at $7,000, and the catch‑up contribution limit for individuals 50 and over stays at $1,000 for 2025.
Assume in this example that the taxpayer's marginal income tax rate is the same at time of withdrawal from the registered account as it was at the time of contribution: To TFSA: $10,000 - $3,000 in income tax paid = $7,000 to contribute to TFSA as the contribution to TFSA is with after-tax income. $7,000 invested in TFSA.
In contrast, there are no tax deductions for contributions to a TFSA. Beginning in 2013, contribution room in the TFSA has increased to $5,500 per calendar year. The Canada Revenue Agency describes the difference between the TFSA and an RRSP as follows: "An RRSP is primarily intended for retirement. The TFSA is like an RRSP for everything else ...
The 2024 401(k) catch-up contribution limit is $7,500 for those 50 and older. Starting in 2025, if you’re 60 to 63, you will get a higher contribution limit than people in their 50s.
The general Social Security earnings-test limit in 2025 is $23,400 (up from $22,320 in 2024). You'll have $1 in Social Security withheld for every $2 you earn above that limit.
At the federal level, Canada has imposed other excise taxes in the past: From 1915 to 1953, on the issue of cheques and other commercial paper. [50] From 1920 to 1927, on advances of money [51] From 1920 to 1953, on the transfer of securities. [52] Initially applying to shares, [53] it was extended to cover bonds and related items in 1922. [54]
The standard 401(k) contribution limits for 2025 are going up. Starting in 2025, employees can sock away up to $23,500 in their 401(k)s. That's a $500 bump from the $23,000 elective deferral limit ...