Your key tasks and dates for 2022 and early 2023
At Common Wealth, our job is to make your plan easy to manage – especially at year-end.
To help make sure that all of your 2022 payroll contributions are counted for this tax year, and your employees get the tax documents they need, here’s a preview of what you’ll need to do and when.
1. Update your payroll register by December 28, 2022
To ensure that December plan contributions are processed before the end of the year, please upload your final payroll 2022 register in your Employer Dashboard no later than 12 noon (EST) on December 28, 2022.
What Common Wealth will do
Once we’ve finalized your 2022 contributions, we’ll provide the annual TFSA information return to the CRA and provide all plan members with their RRSP contribution receipts (one in February and another in late March). If any plan members have withdrawn RRSP savings in 2022, they can expect a T4RSP from Common Wealth in February 2023.
2. Include employer RRSP and TFSA contributions on T4s
When preparing T4 slips, please include employer RRSP and TFSA contributions in Box 40 (Taxable Benefits).
2022 RRSP deadline and limits
- The last day to make a 2022 RRSP contribution is February 28, 2023.
- The 2022 RRSP contribution limit is 18% of 2021 earnings, up to a maximum of $29,210.
2023 RRSP/TFSA limits
- The 2023 RRSP contribution limit is 18% of 2022 earnings, up to a maximum of $30,780.
- The Canada Revenue Agency has increased the 2023 TFSA contribution limit by $500 to $6,500.
Questions?
If you need help, reach us at support@commonwealthretirement.com or book a call with our Customer Success team.
