The 2023 RRSP deadline is Thursday February 29, 2024. Contributions made up to this date are included on your 2023 tax return and can be deducted against your 2023 income.

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 $50,000 a year, a $1,000 contribution will generate a $300 tax savings. If you earn more than $100,000 a year, a $1,000 contribution will generate a $400 tax saving. If you earn more than $150,000 a year, a $1,000 contribution will generate a $450 tax savings. If you earn more than $200,000 a year, a $1,000 contribution will generate a $500 tax savings. Please contact us for a more precise tax projection.

An RRSP deduction lowers your taxable income and increases your eligibility for income-tested benefits like the Canada Child Benefit or the new Canada Dental Benefit

You can fund your RRSP purchase in several ways:

• One-Time Contribution
• Online Bill Payment Contribution via your online banking (Investia Self-Directed / Nominee accounts only)
• 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. Therefore, we suggest you contact us as soon as possible to discuss your options.