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When is the RRSP contribution deadline in Canada?
Contributions in the first 60 days of the year can be claimed on either the previous year's return or the current one.
- Your limit: 18% of last year's earned income, up to the annual CRA maximum, plus unused room carried forward. Your exact room is on your Notice of Assessment or CRA My Account.
- Over-contributing: a $2,000 lifetime buffer is allowed; beyond that the penalty is 1% per month on the excess.
- Should you borrow to contribute? An RRSP loan only makes sense if you can repay it within a year, ideally using the tax refund it generates.
If your income is low this year and you expect it to rise, you can contribute now and delay the deduction to a higher-income year.
Related Questions
When is the RRSP contribution deadline in Canada?
The RRSP deadline is 60 days after December 31 — usually March 1 (or the next business day). Contributions made by then can be deducted on the previous year's tax return.
Can I contribute to my RRSP after the deadline?
Yes, but the contribution counts toward the current tax year instead of the previous one.
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