Registered retirement savings plans (RRSPs) are one of the most popular investment vehicles for Canadians. Contributing to an RRSP is one way to reduce the amount you owe at tax time.
Important facts
- March 1, 2013, is the last day you can contribute to an RRSP for the 2012 tax year.
- The amount you can contribute to your RRSPs each year without tax implications is determined by your RRSP deduction limit, or contribution room, which can be found on your 2011 notice of assessment.
- The most recent information about your RRSP deduction limit is also available online through My Account at www.cra.gc.ca/myaccount.
- If you are not registered to use My Account, you can get your RRSP deduction limit by using the Quick Access service at www.cra.gc.ca/quickaccess.
- December 31 of the year you turn 71 is the last day that you can contribute to your RRSPs. For more information, see RRSP options when you turn 71.
- Be cautious of offers that say you can make tax-free withdrawals of RRSP funds. Offers that sound too good to be true usually are. To protect yourself, read about RRSP tax-free withdrawal schemes.
This a a reproduction copy of an official work that is published by the Government of Canada and that the reproduction has not been produced in affiliation with, or with the endorsement of the Government of Canada.
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