What you Should Know

You have until March 1 to contribute to your RRSP for the current tax year; for example: if the current tax year is 2022, you have until March 01, 2023, to make contributions for the 2022 tax return.

An RRSP (Registered Retirement Savings Plan) is a tax-advantaged savings plan that can help you grow your retirement income. Any investment income earned in an RRSP is tax-deferred until withdrawn.

While RRSPs are meant to save for retirement, you can use the funds in the plan to purchase your first home or pay for your education. But attention: if you are planning to withdraw for any other reason (if your RRSP is not in a locked-in plan), keep in mind that the RRSP draw is subject to withholding tax, and the amount also needs to be included as income when filing your taxes.

Before making contributions or withdrawals, you should talk with your tax professional, who can help you understand the best options and opportunities.