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:
- On line (A) of the RRSP Deduction Limit Statement included on your 2020 Notice of Assessment or most recent Notice of Reassessment
- Using My Account on the CRA website here https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html
- Using MyCRA mobile app https://www.canada.ca/en/revenue-agency/services/e-services/cra-mobile-apps.html
- By calling the Tax Information Phone Service (TIPS) at 1-800-267-6999 https://www.canada.ca/en/revenue-agency/services/e-services/tax-information-phone-service-tips.html
- Contact RHN CPA and speak with one of our professional staff
For more information please refer to Where can you find your RRSP/PRPP deduction limit? – Canada.ca