The 2023 RRSP Deadline
The deadline for your 2023 RRSP contributions is February 29, 2024.
RRSP contributions made in the first 60 days of this calendar year can be applied to either your 2023- or 2024-income year, but not to both.
So, be sure to speak with your accountant and look over your income tax documents to see if any additional contribution would be beneficial to your filings. Contact Statera Financial Planners for us to handle the rest!
Always remember to be mindful of your contribution limits, as overcontributions in excess of $2,000 are taxed at 1% per month, this information can be found on your online CRA My Account or your previous years Notice of Assessment.
How is contribution room calculated?
Every year, you build “contribution room” equal to the lesser of 18% of your income or the yearly max ($30,780 in 2023). Your annual contribution room compounds to years past. Any amount you do not contribute carries forward indefinitely and will be added to your overall maximum contribution amount.