The best RRSP investments 2022 + MORE Oct 31st

I moved from Vancouver to San Francisco about nine months ago, and still have two tax-free savings accounts (TFSAs) in Canada. One TFSA has $11,000 in it (and has an unrealized loss of $6,000) and is held at a local bank. The second has $23,000 in it and is held through a robo-advisor.
However, just recently, I learned that my TFSA accounts are no longer “tax-free,” and income from them must be reported by U.S. residents on their tax returns. Based on the amount of time I’ve lived here, I pass the “substantial presence test” and also meet the definition of what makes a “resident alien” in the United States.
My question is, what I can do to avoid more taxes and penalties next year when I file my return for the income received this year in those two TFSAs? Should I close the accounts?–Matheus
The tax-free savings accounts (TFSAs) is a uniquely Canadian savings vehicle that allows you to contribute up to a specified maximum amount annually and earn interest or capital gains tax-free…

Laura doesn’t know the steps she needs to take financially to feel more secure about her golden years.

A registered retirement savings plan (RRSP) is an investment that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribution. However, you will have to pay income tax when you withdraw money during your retirement. The advantage is built on the assumption that your income is higher now than it will be in retirement. If you plan things right, you will be in a lower tax bracket in retirement, meaning that you pay less tax on your withdrawals than you saved initially by stashing your money inside an RRSP. 

You can open an RRSP and contribute income up until the year you turn 71, at which point it has to become a registered retirement income fund (RRIF) and you must begin to withdraw the money as taxable income. Read on to learn about the best RRSP accounts in Canada.

The best RRSP accounts in Canada for 2022

Best RRSP savings account: EQ Bank RSP Savings Account* (2…

Laura doesn’t know the steps she needs to take financially to feel more secure about her golden years.

If I have $25,000 contribution room left in my RRSP, can I take that all at once plus my regular RRSP contribution of $27,230 for the tax year 2020? Effectively making a contribution of $57,230 to my RRSP?— Lorraine

The rules around RRSP contribution room 

As soon as a taxpayer starts to earn income—like employment income, self-employment income, royalties, research grants or net rental income—they accumulate room for their registered retirement savings plan (RRSP). There are no age limits, so a teenager with a part-time job can start to build their RRSP room as long as they file a tax return to report their earned income. 

How does RRSP carry forward work?

Your RRSP room carries forward, meaning the amount is cumulative. So, 18% of your earned income for the previous year, up to the current year’s maximum contribution limit, becomes your RRSP room for the year. For 2022, the maximum is $29,210 for taxpayers with at least $162,278 of earned income in 2021. This gets added to any previously unused RRSP room from the past…