RRSP Deadline Coming Up

Michelle Finance

An RRSP is “Registered Retirement Savings Plan”. You can set up an RRSP through a financial institution such as a bank, credit union, trust or insurance company. Your financial institution will advise you on the types of RRSP and the investments they can contain.

Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you receive payments from the plan.

March 2, 2020 is the deadline for contributing to an RRSP for the 2019 tax year. For more information, visit https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/registered-retirement-savings-plan-rrsp.html