The RRSP deadline for the 2024 tax year is March 3rd, 2025 – this is the last day you can contribute to your RRSP to reduce your taxable income for the 2024 tax year.
Any contributions after this date will count towards the 2025 tax year.
There are a few factors to consider before contributing to your RRSP, including your 2024 income, RRSP contribution room, and tax benefits.
Key Takeaways
- March 3rd, 2025 is the last day you can contribute to an RRSP for the 2024 tax year.
- Missing the RRSP deadline means you won’t be able to claim any contributions you made in the first 60 days of the year on your tax return for 2024.
- Contribute to an RRSP using a robo advisor, financial advisor, online broker, or through a registered savings account.
- The contribution limit for 2024 is 18% of your income or $31,560, whichever is lower.
- Prepare for next year’s deadline by calculating RRSP tax benefits and setting up automatic deposits.
What is the RRSP deadline for 2024?
The RRSP contribution deadline for the 2024 tax year is Monday, March 3, 2025. This deadline is the final day you can contribute to your RRSP and a spousal RRSP.
The date is typically set for 60 days after December 31st.
Funding your RRSP provides tax deferral benefits, allowing you to save on taxes now and pay them later. Money also grows tax-free in your account until you withdraw from your RRSP in retirement.
What happens if you miss the RRSP deadline?
If you miss the RRSP deadline, you won't be able to claim your RRSP contributions as a deduction on your 2024 tax return. This could mean losing the opportunity to reduce your taxable income for the year, especially if you had available RRSP contribution room.
You can still contribute after the deadline, but these funds will count toward next year’s income and tax return.
How to contribute to your RRSP
You can contribute to your RRSP through your financial institution, such as a bank or credit union, or by using an online broker or robo advisor.
Here’s a list of contribution methods:
| RRSP contribution method | How it works | Best for… |
|---|---|---|
| Online broker | * Buy and sell stocks yourself * More control over investments | DIY investors |
| Robo advisor | * Investment portfolio is managed for you by an algorithm * Usually invests in diversified ETFs or mutual funds | Low-maintenance investors |
| Registered savings account | * Earn a small amount of interest * Stable way to grow your RRSP * Short-term option while deciding what to invest in | Low-risk investors |
| Financial advisor | * Financial expert manages your investment portfolio according to your risk profile | Hands-off investors |
First 60 days rule and the carry forward option
The RRSP deadline falls 60 days after the last day of the year. If you’ve contributed during that time, you can choose to deduct those funds in the 2024 tax year or in the current 2025 tax year.
Here’s how the first 60 days rule works:
| Contribution period | Tax deduction year |
|---|---|
| March 1, 2024 to December 31, 2024 | 2024 |
| January 1, 2024 to March 3, 2024 | 2024 or 2025 |
You’ll receive two tax slips if you contributed during each period.
Did you know you can also choose how much of your contributions you deduct from your tax return, regardless of when you made the contribution?
For example, you can elect to defer 75% of your contributions and use them as a deduction in the following tax year – a good strategy if you know your taxes will be higher next year.
How much can you contribute to an RRSP?
To find out your contribution limit, you can calculate it yourself or visit your CRA My Account portal and look at your Notice of Assessment (NOA).
Each year, you’re allowed to contribute 18% of your annual income or the yearly government maximum – whichever is lower. In 2024, the maximum RRSP contribution limit set by the government is $31,560.
Additionally, if you have not maxed out your RRSP contributions in previous years, that unused contribution room rolls over to the next year.
Here’s a basic formula for contribution limits:
2024 contribution limit = ($31,560 or 18% of your 2024 income) + (leftover contribution room from prior years)
To learn more, see: How contributions affect your RRSP deduction limit.
Over-contributing to your RRSP
If you go over your contribution limit by more than $2,000, you could pay a penalty of 1% per month on the amount above the $2,000 threshold. Payment is due 90 days after the end of the year you made the contribution.
There are some situations where you won’t be charged. These include if you take out the excess funds in the same month you deposited it, you made a qualified group plan contribution, or if your contributions were made before 1995. You can also request that your fees be waived.
Information on any excess contributions can be found on your NOA.
How to prepare for the RRSP contribution dates for 2025
There are two ways that you can prepare for your 2025 RRSP contributions: by setting up automatic deposits and by testing different contribution amounts.
Set up automatic deposits
To reap the benefits of an RRSP, you need time. Setting up regular contributions can help you work towards your retirement savings goals in regular intervals – and help you avoid depositing a last-minute lump sum before the RRSP deadline.
You’re better able to budget this way and see your investments grow over a longer period.
Test different contribution amounts
When deciding whether to contribute before next year's RRSP deadline, figure out your available contribution room.
Once you know that, and your income for the year, play around with contribution amounts and see what kind of tax break you’re looking at. See the difference it would make if you contributed more, or less, and make an informed decision.
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When is the RRSP deadline in Canada for 2024?
The RRSP deadline for the 2024 tax year is Monday, March 3, 2025. The deadline is typically set for 60 days after the end of the year (December 31). Deposits made after this date count towards your 2025 contribution limits.
What is the RRSP contribution limit for 2024?
The annual RRSP contribution limit set by the government is $31,560 or 18% of your 2024 income. You base your limit on the lower of the 2 numbers, and all contributions must be made by March 3, 2025.
What if I miss the RRSP deadline?
Missing the RRSP deadline means you're unable to contribute to your RRSP and use those funds to reduce your taxable income for the current tax year. Contributions can still be made, but deductions are carried into the following year.
What are the tax benefits of making RRSP contributions before the deadline?
The benefit of RRSP contributions is that they’re tax deductible. Any RRSP contributions made before this firm deadline can be claimed on your income tax, allowing you to pay less income tax and possibly receive a greater tax refund.
How do I contribute to my RRSP before the deadline?
To contribute to your RRSP, contact your bank or financial institution and speak with your financial advisor. If you have an RRSP account with an online brokerage or robo advisor, you can make these contributions to your RRSP account yourself.
What can I invest in with an RRSP?
There are several investment options, including cash, bonds, mutual funds, ETFs, GICs, or a mix. What you choose will depend on your risk tolerance, earning potential, and whether you’re working with an advisor or you’re self-directing your own investment portfolio.
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