It is getting to that time of year once again and the deadline for contributing to your RRSP is fast approaching.

Any contributions you make towards your RRSP for the 2020 taxation year must be done before March 1, 2021.

There can be significant penalties and interest if you over-contribute to your RRSP. It is important that you double-check your annual contribution limit for 2020, before making a contribution to your RRSP.

Not sure what your contribution limit is? Information about RRSP’s, contributions and penalties can be found in the following places:

For more information please refer to Where can you find your RRSP/PRPP deduction limit? –

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 circumstances.