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Registered Retirement Saving Plan (RRSP) contribution deadline for 2013 (March 03, 2014) is fast approaching. Please consult/ contact your tax advisor or me to know more about RRSP or to contribute in it in order to save taxes for 2013. Please remember that RRSP is a tax deferral tool, it allows you to save taxes when your income is in high tax bracket and pay taxes when your income is in low tax bracket (Generally after retirement).
1. RRSP contribution limit: The RRSP contribution limit for the 2013 tax year is $23,820 or 18% of income earned in 2012, whichever is less, minus
the pension adjustment (PA).
2. RRSP contribution deadline for the 2013 tax year: MONDAY, MARCH 3, 2014
The amount you can contribute to your RRSPs or your spouse or common-law partner's RRSPs, for a given tax year without tax implications is determined by your RRSP deduction limit (the amount you can deduct on your tax return for a given year) which we generally call your "contribution room." Any amount that you contribute above this limit may be considered excess contributions or over-contributions. You can check your contribution limit from the Notice of Assessment for the previous year or by calling CRA.