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What to consider if you still have RRSP contribution room
– moneysense.ca
Registered retirement savings plans (RRSPs) have been around since 1957, and each February is commonly referred to as “RRSP season.” The banks and financial media used to make a bigger deal about RRSPs in the new year, but ever since Tax-Free Savings Accounts (TFSAs) were introduced in 2009, RRSP season has seemed a bit watered down. That does not mean RRSPs are not good tax and investment options, it just reflects the fact that Canadians now have alternatives.
Maybe you’ve run some preliminary numbers on your 2020 tax return software, and discovered that you owe the CRA; or perhaps life simply got in the way of your organizing a contribution earlier (and if that’s the case, here are some tips on making last-minute RRSP contributions). Whatever the reason, if you are planning to make an RRSP contribution before the deadline, here’s a quick-reference roundup of key facts and myths to guide you.
RRSP facts
RRSP deadline for the 2020 tax year: March 1, 2021.
Maximum RRSP contribution for 2020: $27,230 (requires $151,278 of earned income in 2019 and no pension adjustment), plus any accumulated RRSP room the contributor has from past years…
Maybe you’ve run some preliminary numbers on your 2020 tax return software, and discovered that you owe the CRA; or perhaps life simply got in the way of your organizing a contribution earlier (and if that’s the case, here are some tips on making last-minute RRSP contributions). Whatever the reason, if you are planning to make an RRSP contribution before the deadline, here’s a quick-reference roundup of key facts and myths to guide you.
RRSP facts
RRSP deadline for the 2020 tax year: March 1, 2021.
Maximum RRSP contribution for 2020: $27,230 (requires $151,278 of earned income in 2019 and no pension adjustment), plus any accumulated RRSP room the contributor has from past years…
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