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:
- 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
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.