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Deduction Limits and Other Information

Vehicle Expense Limits

- Vehicle lease costs – up to a maximum of $800 per month plus HST, prorated if value of vehicle exceeds $ 30,000
- Interest expense – $10 per day
- Cost of vehicle limit – $30,000 plus HST

RRSP contribution limits:

Your RRSP contributions limit is 18% of your earned income from the prior year, plus any unused contributions from prior years, less your pension adjustment if you have a workpalce pension plan. Always refer to your latest Notice Of Assessment to determine your RRSP contribution limit for the current year.

18% of earned income is limited to the following amounts:

  • 2017 – $26,010
  • 2016 – $25,370
  • 2015 – $24,930
  • 2014 – $24,270

TFSA contribution limits:

Year Annual Limit Cumulative Limit
2016 $5,500 $46,500
2015 $10,000 $41,000
2014 $5,500 $31,000
2013 $5,500 $25,500
2012 $5,000 $20,000
2011 $5,000 $15,000
2010 $5,000 $10,000
2009 $5,000 $5,000

Caution should be taken when withdrawing and contributing to your TFSA in the same year. As an example, an individual who has never contributed to their TSFA can contribute $46,500 in 2016. If they subsequently withdrew those funds sometime in 2016, they must wait until 2017 to re-contribute the amount they withdrew in 2017 plus they can contribute their 2017 annual limit.