February 2021 Don’t miss the March 1st RSP deadline for 2020 tax year, coming up fast!
While there is no urgency to making a TFSA contribution (other than lost tax free growth), the deadline for an RRSP contribution that you can use to deduct from your 2020 taxable income and pay less tax is March 1st this year.
With less than a week left, its getting close to the last minute, particularly if you need to arrange an RSP loan, a transfer from your non registered account, or you want to top up or adjust your regular automated deposits.
The maximum RSP contribution for 2020 is $27,230, and for 2021 its $27,830. You’ll want to double check your Notice of Assessment to see what your specific RSP room is, and consider any contributions you may have already made throughout the year or are carrying forward from a prior year.
The TFSA contribution room for 2021 is $6,000, with the lifetime maximum contribution now $75,500. You can also now pay back any TFSA withdrawals you may have made in a prior calendar year.
