2022 RRSP Deadline is March 1, 2023

January 19, 2023
 Client services, Investments, January 2023 E-Newsletter, RRSP
 Frank Mueller

The deadline to contribute for the 2022 tax year is soon approaching. Depending on your marginal tax bracket, you could see a tax savings as high as 53.5% on your contribution.

Roughly speaking, if you earn more than $50K a year, a $1,000 contribution will generate a $300 tax savings. If you earn more than $100K a year, a $1,000 contribution will generate a 40% tax savings. If you earn more than $150K a year, a $1,000 contribution will generate a $450 tax savings. If you earn more than $200K a year, a $1,000 contribution will generate a $500 tax savings. Please contact us for a more precise tax projection.

You can contribute in the following ways:

  • One-Time Contribution
  • Online Bill Payment Contribution via your online banking
  • Cheque

If you are unsure of your remaining RRSP space, we can help.

Depending on how you’d like to contribute, processing times may vary. We suggest you contact us as soon as possible to discuss your options.

This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.