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The 2020 RRSP deadline is fast approaching! This is the time of year when Canadians tend to rush and contribute a little extra in order to unlock a bigger tax return.
An RRSP (Registered Retirement Savings Plan) is a tax-advantaged savings plan, that can help you grow your retirement income. Any investment income earned in an RRSP is tax-deferred, until withdrawn.
Here are key points to remember as the 2019 RRSP Contribution deadline approaches!
What is the deadline to contribute to an RRSP?
March 2, 2020 is the deadline to contribute to your RRSP for the 2019 tax year.
How much can I contribute to my RRSP?
You can contribute 18% of your 2019 earned income, or $26,500, whichever is less, plus any unused contribution room from previous years.
Why is it important to meet the deadline?
The deadline is important simply because you'll reap immediate benefits when it comes to your tax return. And tax savings are the biggest appeal of an RRSP to begin with!
Shafik Hirani, B.Comm, CIFP, CLU®, RRC
Aligned Capital Partners Inc. ("ACPI") is a full-service investment dealer and a member of the Canadian Investor Protection Fund ("CIPF") and Canadian Investment Regulatory Organization ("CIRO"). Investment services are provided through ACPI (or) Shafik Hirani's Private Wealth Management Practice, (if applicable) an approved trade name of ACPI. Only investment-related products and services are offered through ACPI (or) ACPI/ Shafik Hirani's Private Wealth Management Practice and covered by the CIPF.
