5 last-minute RRSP tips

Deadlines have a way of creeping up on us and the RRSP contribution deadline is no exception. Beat the deadline with the help of these tips.

You’re wrapped up with Christmas, then you’re ringing in the New Year and all of a sudden you realize the RRSP contribution deadline is right in front of you. Life’s busy – we get it.

Don’t worry if you’ve let your RRSP contributions slip this year. Here are 5 tips to get you back on track:

  1. Review your Notice of Assessment from last year to find out exactly how much you can contribute. If you can’t find your Notice of Assessment, contact CRA. Also keep in mind that unused RRSP contribution amounts from previous years can be carried forward to next year.
  2. If you’re short of your desired RRSP contribution amount this year, a RRSP loan could be the right solution. There’s a variety of short and long-term options for RRSP loans.
  3. If you’re married or in a common law relationship, a spousal contribution may help maximize your combined savings. Here’s how it works: the partner with the higher income invests in the RRSP belonging to the partner with the lower income. Then, when higher-earning partner files his/her taxes, some or all of that contribution can be used to offset their taxable income.
  4. If you’re feeling overwhelmed by the investment options available for your RRSP, your best option may be a Variable RRSP. It works just like a regular savings account, except that it’s part of your retirement plan. Best of all, there’s absolutely no risk – your deposit is guaranteed and earns interest. Once you’ve decided on a more long-term RRSP investment plan, the money in your Variable deposit can be transferred over.
  5. Avoid the last-minute rush to make RRSP contributions next year by setting up pre-authorized contributions into your RRSP. You won’t have to worry about the approaching deadline and, because your money will spend more time in your RRSP, you’ll actually earn more interest.

I'd like to talk to an advisor. Book an appointmentMarch 1, 2023 is the deadline for contributing to a RRSP for the 2022 tax year.

Call our Contact Centre at 1.866.863.6237 or book an appointment with an advisor for all the details on how you can contribute to your RRSP now and throughout the year. We're available 7 days a week to help you!