RRSP contribution deadline is on Monday. How much can you put in?
Global News
Canadians have until March 3 to make any contributions in the registered retirement savings plan count towards deductions for the 2024 tax year.
The deadline to contribute in a registered retirement savings plan is on Monday.
Canadians have until March 3 to make any RRSP contributions count towards deductions for the 2024 tax year.
Any money set aside in an RRSP after that date can only be claimed in a tax refund next year.
Money that goes into an RRSP is exempt from being taxed until it is taken out, so it is essentially the government’s way of incentivizing people to save for retirement by reducing their taxable income, said Gerry Vittoratos, national tax specialist at UFile Canada.
“The immediate reward that you get from contributing to the RRSP is the fact that you’re lowering your tax bill,” he said.
According to TD Bank, investment income that is earned within the RRSP is tax-deferred until it’s withdrawn.
That means whatever money is in an individual’s RRSP account, as long as it’s not taken out, it does not get taxed every single year and compounds tax returns, Vittoratos said.
For 2025, the maximum amount a person can put in their RRSP account is capped at 18 per cent of the earned income from the previous year or $32,490 – whichever is lower.
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