RRSP Contribution Deadline for 2024

To the point Did you know that the RRSP contribution deadline for 2024 is March 1st, 2025? After that date, you'll have to wait until the following year to deduct your contributions on your income tax return.

Why Invest in Your RRSP Account for Retirement Planning in Canada? What is the Maximum RRSP Contribution for 2024? What is the RRSP Contribution Limit for 2024? How Do You Know Your RRSP Contribution Room? When Does the RRSP Contribution Period for 2024 End? How Do I Open an RRSP? What Investments Are Eligible for Your RRSP? Bottom Line

If you haven’t yet contributed to your RRSP in 2024, it’s not too late. You can contribute up to the first 60 days of the following year. Thus, the RRSP contribution deadline for 2024 is March 1st, 2025. This article reiterates the importance of investing in RRSPs as part of your retirement planning. But also, your contribution room, the contribution limit determined by the Canada Revenue Agency (CRA), and much more.

Why Invest in Your RRSP Account for Retirement Planning in Canada?

The Registered Retirement Savings Plan (RRSP) is a savings plan designed specifically for financial retirement planning. First and foremost, it allows you to save tax-free. But it also allows you to reduce your taxable income and obtain a tax refund. Each year, you can contribute a maximum amount to your RRSP, based on your contribution room. The RRSP contribution deadline for 2024 is March 1st, 2025.

There are many advantages to using RRSPs for retirement savings, including:

Defer tax on disbursement (tax-sheltered investment growth)
Obtain a tax refund (tax-deductible contributions)
Defer tax deductions – if necessary
Invest in stocks, bonds, exchange-traded funds (ETFs), mutual funds, etc.
Withdraw tax-free amounts for Home Buyers’ Plan (HBP) and Lifelong Learning Plan (LLP) – as needed

What is the Maximum RRSP Contribution for 2024?

Your maximum RRSP contribution for 2024 is 18% of your previous year’s eligible income, up to the annual limit set by CRA ($31,560 in 2024). To this must be added your unused deductions from previous years. However, excess contributions (if any) and company pension plan contributions reduce your contribution room (due to the pension adjustment).

What is the RRSP Contribution Limit for 2024?

The annual RRSP contribution limit is determined by the Canada Revenue Agency (CRA). It is increased each year. The RRSP contribution limit for 2024 is $31,560.

Here are the contribution limits for the 5 most recent years:

Year	RRSP contribution limit
2025	$32,490
2024	$31,560
2023	$30,780
2022	$29,210
2021	$27,830

How Do You Know Your RRSP Contribution Room?

To find out your RRSP contribution room for 2024, consult your most recent Notice of Assessment. Alternatively, you can check “My Account for Individuals” on the Canada Revenue Agency (CRA) website.

When Does the RRSP Contribution Period for 2024 End?

February 29th, 2024 was the deadline to contribute to your RRSP for the year 2023. For the 2024 taxation year, the deadline to contribute to your RRSP is March 1st, 2025.

How Do I Open an RRSP?

You can open an RRSP by making an appointment with the financial advisor at your bank, credit union, insurance company or trust company. But you may decide to open an RRSP account with a robo-advisor. The best-known are:

If you prefer to manage your investments yourself, you can open an RRSP account on an online brokerage platform:

What Investments Are Eligible for Your RRSP?

An RRSP is a savings plan in which you can invest:

Stocks
Bonds
Mutual Funds
Exchange-traded funds (ETFs)
Call and put options
Etc.

However, the investments you make should always respect your investor profile. If you don’t already know your profile, use a tool like the one provided by the Autorité des marchés financiers (AMF).

Bottom Line

In short, contributing to your RRSP to plan your retirement is essential. If you haven’t yet contributed to your RRSP in 2024, it’s not too late. The RRSP contribution deadline for 2024 is March 1, 2025.

How does an RRSP work?

An RRSP is a registered plan that lets you save money tax-free. It also allows you to reduce your taxable income and obtain a tax refund. When you retire, you can withdraw funds from your RRSP (or RRIF).

When to contribute to your RRSP for 2024?

You can contribute to your RRSP no later than the first 60 days of the following year. For example, the deadline to contribute to your RRSP for 2024 is March 1st, 2025.

What is the maximum RRSP contribution per year?

The maximum you can contribute to your RRSP is 18% of your previous year’s eligible earnings, up to the annual limit set by the CRA ($31,560 in 2024). To this must be added your unused contribution room from previous years.

What is the maximum TFSA amount in 2024?

The maximum amount you can contribute to your TFSA in 2024 is $7,000, plus your unused contribution room from previous years (if any).

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Vincent Morin

My name is Vincent and I've been a stay-at-home parent to two young boys since achieving financial independence in 2021 (FIRE). Previously, I worked for 12 years in financial technology for a major US investment bank (G-SIB). I'm passionate about personal finance, stock market investing, reading, writing, cycling and gardening. I'm also the founder of Retraite 101, a personal finance blog followed by over 20,000 people on social networks and quoted in several media, blogs and finance books. Despite early retirement, I continue to write about personal finance to share my passion with Quebecers and motivate them to take charge of their finances.

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