RRSP Deadline March 1 – Seven Tips For Making Last-Minute Contributions

The month of March is fast approaching, but there’s still time to contribute to your RRSPs. Hop to it now if you want to bulk up your retirement savings and offset the hit from the tax man.

1. Remember deadlines are deadlines.

March 1, 2017, is the deadline for contributions for the 2016 tax year, and that means the latest you contribute is by the end of the March 1 business day. If you plan on contributing in person, be sure to check your financial institution’s hours that day so you don’t show up to find the lights out. There’s no pleading for an extension.

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This article has 10 Comments

  1. Messiah F.

    OMG! Thanks for the reminder. I was actually waiting until it got close to the end of February to maximize my benefits. For my case it is more beneficial to wait. Sadly, my alerters (i use Google Calendar) didnt go off. Good read.

  2. Sammie Du Quenot

    Anyone have the exact amount that one can go over and not be penalized? I read somewhere that CRA has a lifetime overage amount that one can use. I figure its wiser to use that to get more space. thanks in advance.

  3. Sahib B.

    RRSPs aren't for everyone. Don't be in a panic to use it when you aren't making enough. Wouldn't make much sense. There are cases where using your TFSA would be wiser.

  4. Damarcus H

    All these registered names. It's very confusing. I've heard of REIT and REIF as well. Too many to keep track of.

  5. Zacarias

    Wait so someone can borrow and get an RSP line of credit? It was talked about at the article. First i've heard of such a thing. Interesting.

  6. Gail

    Lol. Yup i am very much aware of that. I just made a tfsa contribution to my rrsp by way of just moving my shares into it without selling.

  7. Bruno P.

    I hope those of you contributing are aware of Deemed Dispositions. Since this site is all about investments and stocks i figure people who contribute to their RRSP will be doign so using other stock investments. Just be aware.

  8. Theron

    Most people don't realize that contribution right now doesnt can be towards this year or the previous year.

    So if you go over don't worry because you can use the excess towards the current year.

  9. Jamar

    I really do hope they increate the yearly limits. The cap of $25K is way too small.

  10. Ricardo S.

    Got my RRSP done back in December. Horray for me.

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