Key Financial Planning

Key 2023 Financial Planning Facts and Figures


  • The RRSP deadline for the 2022 tax year is March 1st, 2023.
  • RRSP Contribution Limit:
    • 18% of the previous year’s income to a maximum of:
      • For 2022: $29,210
      • For 2023: $30,708
      • Plus, any unused RRSP contribution room carried forward from prior years.
  • Your contribution room can be found on your CRA Notice of Assessment.
  • You can contribute up to December 31, the year you turn 71, and to a Spousal RRSP until December 31, the year your spouse/CLP turns 71.

Spousal RRSP Rules

  • Any amounts that may be contributed to an individual’s plan under their personal RRSP limit may be contributed to a spousal RRSP.
  • If you contribute to a Spousal RRSP, you receive the tax deduction, and your spouse/CLP owns the RRSP.
  • Any amounts withdrawn from a spousal RRSP within three years of the last contribution are taxed in the hands of the contributor.


  • The contribution room for 2023 is $6,500.
  • The cumulative contribution room since 2009 is $88,000.
    • You would have had to be 18 in 2009 to qualify for the $88,000 maximum limit.
  • You must be 18 years old to open a TFSA.

Old Age Security (OAS)

  • You must be 65 years old to collect.
  • For ages 65 to 74: the current maximum monthly amount is $687.56 per month ($520.72/year).
  • For ages 75 and over: The current maximum monthly month amount is $756.32 per month ($9,075.84/year).
    • (Current rates from January to March 2023)
  • Fully-taxable income.

OAS Claw Back (recovery tax)

  • The clawback occurs when your net income is over $86,912.
  • OAS clawback is equal to 15% of the amount over $86,912 (including OAS). 
  • If you are under 65-74, the full repayment of OAS occurs when your net income is above $141,917.
  • If you are over 75, the full repayment of OAS is when your net income is above $147,418.
    • Applicable to payments made from July 2024 to June 2025.

2023 Canada Pension Plan (CPP) Payments

  • The CPP maximum monthly benefit (assuming payments begin at age 65) is $1,306.57 or $15,678.84 annually. 
  • If you start CPP prior to age 65, the reduction per month is 0.60% per month or 7.2% per year.
    • You must be at least age 60 to collect CPP.
  • If you delay until age 70, the bonus payment is 0.70% per month or 8.4% per year. 

Registered Education (RESP) Limits

  • Lifetime contribution per beneficiary: $50,000
  • Maximum CESG limit per beneficiary: $7,200
  • Basic CESG Rate on the first $2,500 of annual contributions: 20%

Probate Fees in Ontario 

  • 1.5% of the portion over $50,000

Ontario Withholding Tax for RRSP and RRIF withdrawals: 

  • Up to $5,000: 10% tax 
  • From $5,001 to $15,000: 20% tax
  • Over $15,000: 30% tax
  • For RRIFs, the tax is on the amounts over the annual minimum payments.

2023 Canadian Controlled Private Corporation (CCPC) Tax Rates for Ontario

  • Active business Income to $500,000: 12.2% tax.
  • Active Business income greater than $500,000: 26.5% tax.
  • Investment Income: 50.17% tax.
  • Combined federal and provincial rates.

Important Dates:

  • Individual Tax Filing Deadline: May 1st, 2030
  • Self-Employed Business Tax Filing Deadline: June 15, 2023
  • Quarterly Deadline for Personal Tax Installments
    • March 15, 2023
    • June 15, 2023
    • September 15, 2023
    • December 15, 2023
  • If you turn 71 in 2023, you must convert your RRSP to a Registered Retirement Income Fund (RRIF) by December 31, 2023.
  • The Registered Education Contribution deadline is December 31, 2023.

Source of Information:

  • BMO Private Wealth 2023 Wealth Planning Facts and Figures
  • Mackenzie Investments 2023 Tax Planning
  • CI Global Asset Management RRSP vs TFSA Quick Facts


Download our White Paper: Your Retirement Road Map: How to make the Transition to Retirement HERE  

For more information, you can refer to Preserving Wealth: The Next Generation – The definitive guide to protecting, investing, and transferring wealth by Jack Lumsden, MBA, CFP®.

For your FREE E-Copy of Preserving Wealth, CLICK HERE

This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. The information provided is for illustrative purposes only. Commissions, trailing commissions, management fees and expenses, may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Fund Facts and consult your Assante Advisor before investing.


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