The deadline for contributions to an RRSP for the previous calendar year is March 1. The account is tax advantaged and reduces an individuals tax bill.
So giddyup open an RRSP and get depositing. And if you’re not reading this at 11 PM on March 1, there’s still time for us to explain that, for many taxpayers, there’s no better financial move than contributing as much as possible to your RRSP. Not only will you be socking away money that will grow until you retire, but you’ll be saving right away on taxes. RRSP contributions come off your taxable income, reducing your tax bill for this year.
For 2019, any Canadian under 71 is free to contribute as much as 18% of her prior year’s income, up to a maximum of $26,500. For 2018 the maximum was $26,230. You can find out more details about the RRSP contribution deadline here or calculate your own on the CRA website.
We’re certainly a little biased, but we believe the best home for a RRSP is at Wealthsimple. We offer state of the art technology and the kind of personalized, friendly service you might have not thought imaginable from an automated investing service. Open an RRSP with Wealthsimple today or find out more details here.