RRSP TIMELINES

• The RRSP contribution deadline in Canada is always 60 days past December 31st into the new year to be used for tax year ending December 31. 

• This means you have more time to estimate your tax liabilities. 

• If you think you will owe taxes to CRA, you still have 60 days (first 60 days of the new year) to contribute to your RRSP.

• Contributions made to your RRSP after the first 60 days can’t be claimed on your current year taxes. 

• For example, if you contributed on March 5, 2021, you cannot claim it on your 2020 taxes. It will be eligible for the 2021 tax year.

• You can contribute to an RRSP until December 31 of the year you turn 71. 

• If you miss the deadline or don’t reach your RRSP contribution limit not to worry

• Unused portions of your contribution room roll forward indefinitely, year-over-year, increasing your RRSP deduction limit on your taxes

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