It’s that time of year again…
RRSP Deadline
Congratulations! If you’re reading this before Feb 28th you still have lots of time to take advantage of RRSP contributions for the 2020 tax year. The deadline for 2020 calendar year contributions is March 1, 2021. That being said, it’s always best to get well ahead of the deadline to ensure transactions are completed before the cutoff date.
Many of you save each year into your Tax Free Savings Accounts and Corporate Accounts with the intention of moving those funds during RRSP season. Now is the time to review how much should be transferred into your RRSPs.
Registered Retirement Savings Plans are a great way to build up your retirement income and take advantage of saving tax while you’re in a higher tax bracket.
Any Canadian under age 71 is free to contribute as much as 18% of their prior years income, up to a maximum of $27,230 + any previous unused contribution room.
The easiest way to determine how much RRSP room you have is by logging into your account with CRA here.
Book a meeting:
We are currently available daily for phone and video meetings. Please don’t hesitate to reach out
If you are not sure if you should make additional RRSP contributions or if you should be transferring funds from your TFSA or Corporate Account please give us a call or send us an email.
