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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.
In tax year 2023, the maximum amount allowed is $6,500. Beginning in tax year 2024, the limit is $7,000. [11] Beginning in 2002, those over 50 years old could make an additional contribution of up to $1,000 called a "catch-up contribution". [12] [13] Current [when?] limitations:
Starting in 2025, taxpayers ages 60 and 63 years old can qualify for catch-up contributions on 401(k) as high as $11,250 — or 50% more than the normal catch-up contribution limit. Since rules ...
President Donald Trump has issued a slew of executive orders (EO) since beginning his second term, including one that may have an impact on your tax refund.One of Trump’s EOs initiated a hiring ...
Since July 2022, federal employees have the option of investing in mutual funds that have holdings in sanctioned Chinese companies. [14] In November 2023, the Federal Retirement Thrift Investment Board switched the index for its international fund to one that excludes investments in companies in Hong Kong and mainland China. [15]
In addition to the $4 trillion debt limit hike, the Freedom Caucus said the first package should include about $100 billion more for border security and $100 to $200 billion more for defense spending.
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 in your life." [31]
However, the Act also includes a "stacking provision" that requires the FEIE to be excluded against the lowest tax brackets first. Additionally, the Act limits the related Foreign Housing Exclusion to a figure based on the excess of 16% of the value of the FEIE, with a cap of 30% of the value of the exclusion.