RRSP Season
RRSP Season refers to the period typically in January and February each year when individuals in Canada make contributions to their Registered Retirement Savings Plans (RRSPs). The contributions made during this period can help reduce one's tax liability for the previous year. This is because RRSP contributions are tax-deductible, meaning they can be used to lower your taxable income.
During RRSP Season, individuals can hold a variety of investments within their RRSP such as stocks, mutual funds, bonds, GICs, and ETFs. These investments grow tax-free until withdrawal.
Registered Retirement Savings Plan (RRSP)
WHAT IS AN RRSP?
The deadline for contributing to an RRSP (Registered Retirement Savings Plan) for the 2023 tax year is February 29, 2024.. This means you have until this date to make contributions that can be claimed as deductions on your 2023 tax return. If you make contributions after this date, you will have to claim them as deductions on your 2024 tax return.
Remember, RRSPs are a tax-advantaged savings plan designed to help Canadians save for retirement. Contributions are tax-deductible, and any investment income or capital gains earned within the RRSP are not taxed until they are withdrawn.
What is the deadline for RRSP Season?
