As tax season approaches, one important date many Canadians overlook is the Registered Retirement Savings Plan (RRSP) contribution deadline. Making a contribution before the cutoff can reduce taxable income and support long-term financial planning, whether you’re preparing for retirement, building savings, or planning future real estate investments.
For homeowners, buyers, and investors across the Fraser Valley and Abbotsford, understanding RRSP timing can play a meaningful role in overall financial strategy.
When Is the RRSP Deadline for the 2025 Tax Year?
The deadline to contribute to an RRSP for the 2025 tax year is March 2, 2026. Contributions made on or before this date can be claimed as deductions on your 2025 income tax return.
Canada’s RRSP system allows contributions during the calendar year plus the first 60 days of the following year. This extended window gives Canadians additional flexibility to manage income taxes and savings strategies.
Contributions made between:
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March 4, 2025 — December 31, 2025
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January 1, 2026 — March 2, 2026
Can all be applied to your 2025 return.
If contributions are made after the deadline, they are not forfeited — they simply apply toward the next tax year.
Why RRSP Contributions Matter for Financial Planning
RRSP contributions reduce taxable income because eligible amounts are deductible when filing taxes. Investments within an RRSP grow tax-deferred until withdrawal, making them a foundational tool in Canadian retirement planning.
Contribution limits are income-based:
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Annual limits are typically 18% of earned income from the previous year, plus unused contribution room carried forward
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Exact contribution room is confirmed by the Canada Revenue Agency on your Notice of Assessment
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Over-contributing beyond your allowable limit (more than $2,000) may result in a 1% monthly penalty tax
For many Canadians, RRSP planning intersects with broader financial decisions such as mortgage qualification, debt management, and long-term wealth building.
Important RRSP Rules to Keep in Mind
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Contributions are permitted until December 31 of the year you turn 71
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First-60-day contributions must be reported on that year’s tax return, even if the deduction is deferred
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Spousal RRSP contributions follow the same deduction rules and may support income-splitting strategies