We’d like to sing the praises of RRSP contributions. But first the important date: the deadline for contributions to an RRSP for the previous calendar year is March 1.
So giddyup 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 2017, any Canadian under 69 is free to contribute as much as 18% of her income, up to a maximum of $26,010. The nice folks at the CRA have provided handy tools to figure out your own 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.