RRSP contribution deadline for 2024

By The Editors

Updated May 26, 2025

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.

Wealthsimple’s Learn pages are meant to be educational. Every story is sourced from and vetted by subject matter experts, and produced by journalists with decades of media experience — people whose primary goal is to teach you something, rather than sell you something. While there may be links included in the article about products that are offered by Wealthsimple Investments Inc. (“Wealthsimple”) or one of its affiliates, these articles are not investment advice, a recommendation to buy or sell assets or securities, or any other kind of professional advice. If you are interested in learning about how Wealthsimple products or features work, please visit the Help Centre. If you are interested in knowing which products are offered by Wealthsimple and which are offered by affiliates, we’ve got a page to help you with that, too.