March 3, 2025
We’d like to sing the praises of RRSP contributions. But first the important date: the deadline for contributions to an RRSP for the 2024 tax year is March 3, 2025.
So giddyup open an RRSP and get depositing. And if you’re not reading this at 11 PM on February 28, there’s still time for us to explain that, for many taxpayers, contributing as much as you are eligible for to your RRSP is a smart move. Not only will you be socking away money to grow until you retire, but you’ll be able to deduct your contribution from your taxable income. That means reducing your tax bill for this year.
For 2024, any Canadian under 71 is free to contribute as much as 18% of their prior year’s income, up to a maximum of $31,560. You can find out more details about the RRSP contribution deadline here or calculate your own on the CRA website.
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