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What’s The RRSP Deadline for 2024?

2024 brings a change in the RRSP deadline. The deadline is 60 days after end of the year.

Typically, that’s March 1st, but this year, it falls on February 29th due to it being a leap year.

To ensure your contributions count for the previous year (2023), make sure to submit them by February 29th. But better yet, if you are planning to make a large lump sum, try to spread it out between now and over next few weeks to “dollar cost average” your investments.

Contributions made after March 1st will only be applicable for the current or future years.

For those with Dividend Income

For business owners with dividend income, you know that you don’t pay tax at source during the year when you take drawings. You catch up to your tax liability on dividends at the time of your personal tax return filing.

If you have RRSP contribution room available from prior years, you can minimize the surprise of your tax payable come March/April by contributing to RRSP and offsetting that taxable income.

Plan ahead!

Ciao,

Think Team

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