It`s RRSP Season! | Deadline & Contribution Limit for 2017


Registered Retirement Savings Plan | RRSP |Deadline and Contribution for 2017 | Calla Financial Services

It`s RRSP Season!

Deadline & Contribution Limit for 2017

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Registered Retirement Savings Plan contributions are arguably one of the most beneficial tax deductions available to Canadians. RRSP contributions for 2016 must be made by March 1, 2017, and they can be done either in advance or to catch up on a previous year's available contribution room.

If you have a spouse or common-law partner who earns less than you do, you can set up spousal RRSP and get a tax deduction on your income. With a “dollar cost averaging” approach you can contribute to your RRSP on a monthly basis and take more advantage of your investment by balancing market fluctuations.

If you are not a member of a deferred profit sharing plan (DPSP) or registered pension plan (RPP), then your maximum RRSP contribution could be up to $26,010 or up to 18% of your 2016 earned income; whichever is less.

Maximum RRSP contribution limits can be found on your Notice of Assessment.

For the yearly maximum limits, please check the table below.

For more information on contribution limits, please visit www.cra-arc.gc.ca or click on the image

If you are participating in on a registered pension plan (RPP) or a deferred profit sharing plan (DPSP) through your employer, you can still make a contribution to your RRSP, however, your contribution will be less than 18% of your income. In order to avoid over contributions, we strongly suggest you to check your Notice of Assessment and learn more about your Maximum RRSP contribution limit.

There are wide varieties of investment products available to all types of investors. This includes risk averse individuals and those seeking guarantees.

Getting to know your "investment risk personality" is an essential part of understanding your level of comfort with investing. We can perform a personal assessment of your tolerance and custom fit your RRSP contribution to your particular needs.

Take advantage of RRSP loans with excellent rates. Choose from fixed and variable repayment options.