Registered Retirement Savings Plan
2020-2021 Reference Guide
As each New Year begins, many investors have the opportunity to start making ongoing contributions to their Registered Retirement Savings Plan (RRSP), . To assist, we have developed this Reference Guide with important information including key dates, contribution limits and strategies.
The 2020 RRSP deadline is March 1st, 2021.
This is a great opportunity for us to review your retirement investment strategy.
Together, we can:
- Calculate your contribution limit. The maximum for 2020 is $27,230. For reference, your current allowable contribution limit can be found on your latest notice of assessment from the Canada Revenue Agency. The contribution limits for 2018 and 2019 were $26,230 and $26,500 respectively.
- Unused contribution room for the years 1991 to 2019 is carried forward to 2020. For more information on your RRSP contributions and other registered retirement plans please follow these links:
- Decide how much to contribute and how to set up regular, automatic payments to an RRSP if you haven’t already done so.
- Contribute to other tax-efficient plans such as a Tax-Free Savings Account (TFSA) or Registered Education Savings Plan (RESP). The contribution limit for TFSAs in 2021 is $6,000.
- Consider whether a US dollar registered account would benefit your circumstances. All registered plans are now available in USD with the exception of RESP accounts.
To make a tax deductible contribution, the contribution must be made within 60 days after December 31st. Contributions to be deducted against 2020 income will have to be made by March 1st, 2021.