You can contribute up to $5,500 annually to a Traditional IRA if you're under age of 50 in 2018. If you're over age 50 you can make an additional $1,000 catch-up contribution to bring your total annual Traditional IRA contributions to $6,500. Catch-up contributions are due by the due date of your tax return (excluding extensions).
When determining how much to contribute to your Traditional IRA at Wealthsimple, it is important to consider the following:
- Do you have Traditional IRAs at other financial institutions apart from Wealthsimple?
- Do you also have a Roth IRA?
It is important to note that the annual $5,500 contribution limit ($6,500 age 50+) is shared amongst all of your Traditional and Roth IRAs.