February 29, 2024 is the last day to make an RRSP contribution for the 2023 tax year.
You can find your personal contribution limit on your Notice of Assessment (NOA) from Canada Revenue Agency and can confirm with your Tax Advisor.
These are some potential benefits of an RRSP to consider:
- You receive an RRSP tax deduction to use against income
- Your savings compound tax-free until withdrawn (when your tax bracket is hopefully lower)
- You can carry forward RRSP contributions
- You can combine your RRSP with other savings plans such as a Tax Free Savings Account (TFSA) to increase your retirement income
- You may potentially split some of your retirement income with a spouse in a lower tax bracket (professional advice recommended)
- You can take advantage of the Home Buyer’s Plan – under certain conditions
- You can customize your investments inside your RRSP – We can help you!
- You can take advantage of a monthly saving program
Please call your CommonWealthTeam to discuss what types of savings plans are right for you.
