RRSP Deadline 2023: Last Day to Contribute

RRSP contribution deadline highlights

The RRSP contribution deadline for the 2023 tax year is midnight ET (11:59 p.m.) on February 29, 2024.
Contributions made before that deadline are reported on your 2023 tax return, but you can elect to carry the deduction forward and claim it in 2024 or a later year.

Each year Canadians file an income tax return for the prior tax year. In most cases the tax year matches the calendar year, so you’ll file a 2024 return reporting income and deductions from January 1 to December 31, 2023. However, RRSP rules give you a short extension to make contributions that apply to the prior tax year.

Specifically, contributions to a registered retirement savings plan (RRSP) made within 60 days after the calendar year end can be applied to the previous tax year. For the 2023 tax year, that means you have until midnight ET (11:59 p.m.) on February 29, 2024, to contribute to an RRSP and potentially reduce your 2023 taxable income.

What is an RRSP?

An RRSP is a registered retirement savings account designed to help Canadians save for retirement on a tax-advantaged basis. You can hold cash and many types of investments inside an RRSP, including stocks, bonds, exchange-traded funds (ETFs) and guaranteed investment certificates (GICs). Contributions are tax-deductible, which lowers your taxable income for the year you claim them.

Investments inside an RRSP grow tax-sheltered until withdrawn. When you take money out, the amounts are added to your income and taxed at your marginal tax rate. The typical strategy is to defer withdrawals until retirement, when you may be in a lower tax bracket than during your working years.

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RRSP deadline for the 2023 tax year

Because of the 60-day rule, the RRSP contribution deadline for the 2023 tax year is February 29, 2024, at 11:59 p.m. ET. That is the last moment you can make a contribution that applies to your 2023 tax return.

If you turned age 71 in 2023, special rules apply: you must stop contributing to your RRSP by December 31 of the year you turn 71. At that point you must either withdraw the funds, convert the RRSP into a registered retirement income fund (RRIF), or purchase an annuity.

How RRSP deductions work

Contributions you make to an RRSP between March 1 and December 31, 2023, are claimed on your 2023 tax return. Contributions made between January 1 and March 1, 2024, can be claimed against either the 2023 or the 2024 tax year—your choice. In all cases, contributions made before the Feb. 29, 2024 deadline will be reported on your 2023 paperwork, and you can elect when to claim the deduction.

Any contribution made after the February 29 deadline will be reported and available to claim on your 2024 tax return instead.

When will RRSP tax slips arrive?

Financial institutions normally issue tax slips for RRSP contributions made during the prior calendar year by the end of January. These slips cover contributions from January 1 to December 31.

Contributions made in the first 60 days of the new year (January 1 to March 1) are often reported on a separate tax slip issued later, usually by the end of March. Because you need both slips to complete your tax return accurately, wait to file until you’ve received any additional document that reports early-year contributions you want to claim.

Should you contribute to your RRSP before the deadline?

Deciding whether to contribute before the RRSP deadline depends on your income, tax situation and financial goals. Common approaches include:

Lump-sum contribution: Some savers prefer to wait until late in the year or just before the deadline, then make a single contribution. This makes it easier to assess the full year’s income and determine how much room you want to use. It can suit people with variable income, including the self-employed.
Regular contributions: Others spread contributions throughout the year with automated transfers. Regular contributions give your investments more time to grow and use dollar-cost averaging, which can reduce the impact of market volatility.
Combination approach: Many Canadians combine steady, smaller contributions with a lump-sum top-up at tax time to maximize savings and manage cash flow.

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Is contributing to an RRSP right for you?

An RRSP can be an effective retirement-savings vehicle, but whether you should contribute depends on factors like your remaining RRSP contribution room, current savings, and whether a tax-free savings account (TFSA) might be more appropriate. Before contributing, check your available RRSP room to avoid over-contributing and potential penalties.

Compare your expected tax bracket today with the one you expect in retirement to estimate the tax benefit of an RRSP contribution. If you’re unsure how much to save or how to invest, consider consulting a qualified financial advisor.

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