RRSP Contribution Deadline 2024

As the RRSP contribution deadline approaches, now is the perfect time to review your

retirement savings strategy. March 3, 2025 marks the last day to make tax-deductible RRSP

contributions for the 2024 tax year, with a contribution limit of $31,560. To understand how

RRSPs work, determine your contribution room, and apply various strategies to maximize your

savings download our resources below.

 

Download the full RRSP Contribution Deadline Reference Guide.

Download the Deposit Form.

 

Understand Your RRSP Contribution Limit

Your RRSP contribution limit depends on 18% of your earned income from the previous year, up

to a maximum of $31,560 for 2024. If you didn’t use your full contribution room in prior years,

you can carry forward any unused room. To determine your exact contribution limit, check your

Notice of Assessment from the Canada Revenue Agency (CRA). You can access this through

CRA’s My Account or by calling their Tax Information Phone Service (TIPS) at 1-800-267-6999.

Remember, employer and employee contributions to a Registered Pension Plan (RPP) reduce

your available RRSP contribution room.

 

RRSP Contribution Deadline

You can contribute to your RRSP at any time, but to claim the deduction for the 2024 tax year,

you must make your RRSP deadline contribution by March 3, 2025. If you contribute after this

date, it will be deducted against your 2025 income. Although it’s possible to make last-minute

contributions, you should plan ahead and contribute early enough to ensure the transaction is

processed on time. For those nearing retirement, the year you turn 71 is especially important.

You must convert your RRSP into a Registered Retirement Income Fund (RRIF) by December 31 of that year, and you’re unable contribute to an RRSP after that.

 

Effective RRSP Contribution Strategies

To maximize your RRSP benefits, consider deferring your tax deduction if you're in a lower tax bracket, allowing your savings to grow tax-deferred. If your spouse is in a lower tax bracket,

contributing to a spousal RRSP can reduce your family's overall tax burden if the funds stay in the account for at least three years. Be cautious with in-kind contributions (e.g., stocks), as capital gains must be recognized if the assets have appreciated. To avoid taxes, sell securities with losses before contributing, so you can claim the loss and offset other gains.

 

RRSP Contributions After Age 71

Once you turn 71, you can no longer contribute to your RRSP, but there are strategies to

consider in the year you turn 71. You can still contribute up until December 31 of that year,

including any unused contribution room from prior years. It’s important to make these

contributions early enough to ensure the RRSP conversion to a RRIF is completed on time.

 

If your spouse is under 71, you can still contribute to their RRSP even after you turn 71. This

allows you to continue benefiting from tax deductions for your contribution while your spouse

ultimately benefits from the RRSP in retirement.

 

Some individuals over age 71 also take advantage of the RRSP overcontribution rules, which

allow for contributions beyond the annual limit, subject to a 1% per month penalty tax. This

strategy requires careful planning to avoid unnecessary penalties, but it can help maximize

contributions before the year ends.

 

Additional Tax-Efficient Savings Options

While RRSPs are a great tool for retirement savings, other tax-efficient accounts can

complement your strategy. Tax-Free Savings Accounts (TFSAs), for example, allow your

contributions to grow tax-free, and withdrawals are also tax-free. The 2025 TFSA contribution

limit is $7,000, which makes it worth considering if you’re looking to build wealth outside of

your RRSP.

 

If you have children, contributing to a Registered Education Savings Plan (RESP) can help you

save for their education while benefiting from tax-deferred growth. Although contributions to

RESPs aren’t tax-deductible, the earnings in the plan grow tax-free until you withdraw them for

educational purposes. If you have U.S. assets, consider a U.S. dollar RRSP to reduce foreign exchange risk and simplify managing U.S. denominated investments. All registered plans, except RESPs, are now available in U.S. dollars.

 

Estate Planning and RRSPs

RRSPs are not just for retirement—they also play a key role in estate planning. Upon your

death, you can roll over your RRSP to a surviving spouse or common-law partner without

triggering taxes, as long as you complete the transfer by the end of the year following your

death. If you have a financially dependent child or grandchild with disabilities, you can also roll

over RRSP assets to a Registered Disability Savings Plan (RDSP), deferring taxes while helping your loved one. Finally, in some cases, you can make contributions to a spousal RRSP after death, as long as the deceased had available contribution room.

 

Interested in learning more? Download our RRSP Reference Guide. The Guide offers deeper

insights, particularly around tax implications and contribution timing, as well as certain detailed

technical instructions, year-by-year contribution limits, and some estate planning specifics.

Wondering how to make the transaction? Download our Deposit Form.