Do you know when the 2012 RRSP deadline is?

  RRSP season is in full swing. “RRSP season?” you ask. It’s those 60 days after the end of a year when you can make a contribution to your RRSP and earn a tax credit against your previous year’s income. 

It’s also two of the busiest months in the Canadian finance sector. Typically, March 1is the deadline for RRSP contributions, but you may be aware that 2012 is a leap year. Thus, if you are looking to make a final contribution to your RRSP, make sure you do so no later than February 29, 2012. Your RRSP contribution limit should be on the Notice of Assessment (NOA) you received after filing your 2010 tax return -or 18% of your last year’s earned income up to a maximum contribution of $22,450 (for 2011 tax year). Not sure what I am talking about? RRSP stands for Registered Retirement Savings Plan. An RRSP is an account in which to hold savings and investments. It is registered with Canada Revenue Agency, which allows for tax credits on contributions and for your investment to grow tax free. You can open an RRSP at your bank or credit union, or through an financial planner or investment adviser. (For a more detailed explanation of RRSPs, see our article from last year: What is an RRSP anyway?) Your retirement may be a long way off – or it might be right around the corner. Regardless, saving for retirement should be a priority for all Canadians. This RRSP season, don’t wait till the last minute. Make an appointment with a financial adviser. Set goals, or review the ones you’ve been working toward. Make sure your retirement savings will get you where you need to be. Take care of your financial future by investing for yourself today. 


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