The deadline is looming and Canadians still ponder about whether they should put more money into their RRSPs?
When is the Deadline? According the to TD Waterhouse web site the deadline is Midnight on March 1st (so you get an extra banking day) for contributions to count on last year’s income tax. So you still have plenty of time to ponder this.
A useful tool for this exercise is Quicktax’s RRSP scenario tester (it’s too bad no one gave away copies of that software, too late from me, but other bloggers still are giving out copies). I will announce the winners on Thursday morning (as you can tell I write the day before usually).
If you really want to “last minute” it, you can do it on line, but I won’t be doing anything like that, since my income was lower last year, I am in a lower tax bracket (for the first time in 20 years), so I will save any RRSP room for next year’s taxes (and instead take advantage of my TFSA to put any extra money in). Read More…
Quicktax RSRSP tester is pretty cool. Thanks for the suggestion.