The 2014 Registered Retirement Savings Plan (RRSP) contribution deadline is Monday, March 2, 2015. Here are some facts about RRSPs to help you make the most of this great opportunity to grow your retirement savings, better plan your personal taxes, and enjoy a comfortable retirement.
Make your maximum contribution
Your RRSP contributions provide a deduction from your taxable income, which for most, results in a tax refund when you file your personal tax return.
For 2014, you can contribute a maximum of 18% of your earned income in 2013, to a maximum of $24,270. Refer to your 2013 notice of assessment as you may have additional unused carry forward limit.
This number will be adjusted if you are a member of pension plans and/or profit sharing plans, depending on the value of your benefits in the previous year.
Making the maximum contribution at the beginning of each year will add additional compounding power to your RRSP. Read more