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    • 2013 maximum RRSP contribution limit: $23,820. However, if you did not use all of your RRSP deduction limit for the years 1991-2012, you can carry forward the unused amount to 2013.
    • RRSP deduction limit is shown on the latest Notice of Assessment
    • You can contribute to your RRSP up to the year you turn 71.
  • Locked in Retirement Account is a savings tool specifically designed to receive the amounts acquired under a pension plan If you leave your job, the locked-in amounts you have accumulated in your former employer’s pension plan may be transferred to a LIRA.

  • Registered Retirement Income Fund is similar to an RRSP except you withdraw from it. You must withdraw a minimum amount from your RRIF each year beginning at age 69.

  • The Tax-Free Savings Account is a flexible, registered, general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs.

    As of January 1, 2013, Canadian residents, age 18 and older, can contribute up to $5,500 annually to a TFSA.