The RRSP deadline is one week away! ⏳
Take advantage of the most tax advantageous way Canadians have to save for retirement.
Your RRSP contributions are tax deductible. That means you can claim them as a tax deduction when you file your income tax return — and lower the tax you pay.
You may even get a tax refund.
But don't panic, if you miss the deadline.
Did you know you can contribute to an RRSP all year around? Not just the first 60 days of the year.
Contribute to your employer’s group RRSP or your registered pension plan (RPP) by making a deduction directly from your salary, the amount of tax deducted is automatically reduced.
Or if you want to contribute to your own or your spouse’s RRSP, complete a T1213 Request to Reduce Tax Deductions at Source, provide documents to support the request for the tax deduction, and your employer will reduce the amount of tax from your salary.
Not sure how much you can contribute?
The 2019 limit is 18% of earned income you reported on your tax return in the previous year, up to a maximum of $26,500. In 2020, the maximum goes up to $27,230.
Contribute all year around will make it more likely that you will save and invest more – moving you closer to your financial goals.
- The Wealthnuvo Team
An online wealth management platform for ambitious women. #investwithconfidence