RRSP Contribution Deadline
March 3, 2025 is the deadline for contributing to an RRSP for the 2024 tax year.
What's an RRSP?
An RRSP (Registered Retirement Savings Plan) is a savings account designed to help you save for retirement, while offering tax benefits.
Contributing to your RRSP reduces your tax bill, and the income generated by your investments is not taxed until you make a withdrawal.
For information on contribution and withdrawal limits, speak with your Financial Advisor.
An RRSP offers several important benefits:
- Immediate tax reduction: Contributions are deductible from your taxable income, reducing your annual tax liability.
- Tax-free growth: Income generated within the RRSP is not taxed until withdrawal.
- Lower taxation at retirement: Withdrawals are taxed at a lower rate in retirement.
- Withdrawals for your projects: You may withdraw funds for specific purposes, such as purchasing a property. For example, the Home Buyers’ Plan (HBP) allows you to use up to $60,000 from your RRSP to purchase your first home.
To learn how to maximize the benefits of this savings plan, reach out to your Advisor.
There is no minimum age for RRSP contributions. You can contribute to your RRSP until December 31 of the year in which you reach age 71.
The maximum contribution is 18% of the previous year’s earned income, up to:
- $32,490 in 2025
- $31,560 in 2024
- $30,780 in 2023
What's the difference between an RRSP and a TFSA?
The RRSP lowers your taxes now, but you must pay taxes when you make the withdrawal. The TFSA, however, doesn't lower your taxes, but the money you earn and withdraw is tax-free.
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