January 2021: Last day to top up or make your RSP contribution for 2020 tax is March 1st 2021. The 2020 maximum RSP contribution limit is $27,230. Your 2019 Notice of Assessment (from last year’s tax return) will give you your exact amount.
If you don’t have cash available, or want to catch up on a large carry forward of RSP room to meet your retirement expectations, consider a low rate RSP loan or transfer funds from your non registered or TFSA account. Take care as funds transferred from a non registered account may have tax consequences. Consider regular RSP contributions throughout the year which can be easier on the pocket book and a better way to invest. And, instead of waiting for a tax refund, file a T1213 with CRA to get their approval so your employer doesn’t have to deduct tax at source on the amount you contribute to your RRSP. This can make saving easier, and avoids giving the government an interest free loan of your hard earned tax dollars.
The 2021 the maximum RSP contribution room is $27,830
