We won’t keep you in suspense while we sing the praises of RRSP contributions. The RRSP deadline for contributing for the previous calendar year is March 1.
So giddyup and get depositing. If it’s not 11 PM on March 1 and you have a minute, please allow us remind you what a great idea contributing to your RRSP is. Not only will you be socking away investment income that will grow from now and until your retirement, you’ll be saving right away on taxes — since any sum up to your yearly RRSP contribution limit will not count as taxable income. A diligent saver can sock away a fortune; as of 2017, any Canadian under 69 is free to contribute as much as 18% of her income, or $26,010, whichever number is smaller. The nice folks at the CRA can guide you to places to find your contribution ceiling. And if you’re one of the vast majority of people who didn’t hit your ceiling in past years, you can make it up by contributing more, though any contributions above your yearly ceiling won’t provide current year tax breaks.