RRSP contribution deadline2014 tax year RRSP contribution deadline is March 2 2015The RRSP Contribution deadline for the 2014 tax year is March 02 2015 - don't forget that RRSPs are a tax-deductible way to save for your retirement, and contributions are tax-deductible until the money is withdrawn. Unlike other investments, all income earned from RRSP investments is not taxed, The maximum RRSP contribution/deduction limit for 2013 is $23,820. However, if you did not use all of your RRSP contribution limit for the years 1991-2014, you can carry forward the unused amount to 2015. Therefore, your RRSP contribution/deduction limit for 2014 may be more than $24,270. December 31 of the year you turn 71 years of age is the last day you can make a contribution to your RRSP. < |
What is a RRSP?
RRSP stands for Registered Retirement Savings Plan. An RRSP is a tax-deferred savings plan that is "registered" with the federal government. Income earned within the plan is not taxed until withdrawn at retirement or earlier. Also, contributions to your RRSP can be deducted (up to your RRSP contribution limit) on your tax return.
An RRSP allows you to defer paying taxes on retirement savings during your prime income earning years. Upon retirement, you draw on your RRSP when you are presumably in a lower tax bracket - by saving your RRSP so you choose the Retirement Home of your choice.
RRSP Benefits: Why invest in an RRSP?
Making an RRSP contribution helps you reduce the taxes you pay each year.
You can use your RRSP contribution slips in your tax filing with the Canada Revenue Agency (CRA). Your contributions help reduce your gross income, which reduces the amount of taxes you owe.
Investments made inside an RRSP grow faster since they benefit from compounding without the impact of taxation — that's a powerful advantage.
- RRSP Contribution Limits
The amount of RRSP contributions that can be deducted for 2009 is based on your 2009 deduction limit, which will appear on your latest Notice of Assessment or Notice of Reassessment from CRA as there may be carry forward from previous years.
- RRSP Contribution Deadlines
To be tax deductible for the current year, RRSP contributions must be made in the taxation year or within 60 days after the end of the year. If the 60th day falls on a weekend, the next business day becomes the deadline.
The RRSP contribution deadline for any contributions you plan to deduct on your 2010 tax return is March 1st, 2011.
Don't wait until the last minute!
RRSP contributions can be made any time throughout the year either in a lump sum or through Pre-Authorized RRSP Contributions.