So you have until March 1 each year to make an RRSP contribution for the prior tax year right? NOPE! You only have the first 60 calendar days to contribute to last year’s RRSP. On a leap year such as 2016, that deadline lands on February 29th.
Luckily, we have some resources to give you a crash course to help you make important RRSP decisions about how much money to contribute before you head to the bank.
“What is my RRSP deduction limit?”
“How much taxes would be reduced by my RRSP contribution?”
Get some quick answers and more from this very handy infographic from CPABC!
Do you know how much it takes to create a secure retirement? Use this Retirement Nestegg Calculator to help determine what size your retirement nestegg should be.
An RRSP loan can be an excellent way to jump start your retirement savings. Use this RRSP Loan Calculator to see how an RRSP loan could help your retirement savings plan. (loan interest is not tax deductible)
What will it take to reach your savings goal? This Savings Goal Calculator helps you find out.
Now that you got you thinking about your finances, you might like to try out the other useful Financial Calculators from our Resources page. Visit rhncpa.com!
(Psssst! We are also very knowledgeable in handling personal income tax filings, including complex scenarios involving investment incomes, rental income and self-employment income. Contact us today to get your taxes done right the first time!)
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
This post has been prepared for general information purposes. It is not advice. The information presented may not fit your unique situation, please consult one of our trusted business advisors at RHN CPA for further clarification and interpretation of your particular circumstances.