RRSP Deadline

Welcome to our guide on the RRSP Deadline, an essential date for every Canadian looking to secure their financial future. 

I have always been researching and keeping myself abreast of the Registered Retirement Savings Plan (RRSP) which is a powerful tool that allows you to save for retirement while enjoying tax benefits.

In this comprehensive guide, we’ll delve into the significance of the RRSP deadline, what it means for your contributions, and how to make the most of this opportunity. 

Whether you’re a seasoned investor or just beginning your financial journey, understanding the RRSP deadline is crucial for building a secure retirement nest egg. Let’s get started!

RRSP Deadline 2022 and 2023

Generally, contributions to the RRSP account can be made at any time during the year, up until the first 60 days of the following year. 

Generally, the RRSP contribution period starts on the 61st day of the year and continues until the 60th day of the following year. These dates may shift by a day or two if the 61st day of the year or the 60th day of the following year falls on a Saturday or Sunday.

For example, you can make contributions for the 2023 tax year until the last day of February 2024.

However, if you are turning 71 years of age during the year, then your RRSP deadline will be December 31st of that year.

RRSP Deadline 2023

The RRSP deadline for the tax year 2023 is the last day of February 2024. As said it will be until the first 60 days of the following year, that is 2024.

RRSP Deadline 2022

The RRSP deadline for the tax year 2022 was 1st March 2023.


What happens if I miss the RRSP deadline?

If you miss the RRSP contribution deadline, don’t worry. You can make the contribution in the following year. Any unused RRSP contribution room can be carried forward and used in future years.

For instance, let’s say your RRSP contribution limit for the year 2023 is $30,000. If you couldn’t make the contribution until the last day of February 2024, that’s fine. 

Your unused RRSP contribution room of $30,000 can be utilized in the upcoming years. So, if your RRSP contribution limit in 2024 is $35,000, you’ll have a cumulative RRSP contribution room of $65,000 (assuming no other unused contribution room from prior years up to 2023 and that you are not 71 years of age).

But please understand that failing to make contributions by the RRSP deadline means losing out on the tax-free growth of funds that would have accrued on your RRSP contributions for that year. 

Additionally, you miss out on the tax refund you would have received on the RRSP contributions. Consider the interest you could have earned if you reinvested the tax refund in vehicles like RRSPs, TFSAs, or stocks.

Therefore, it’s advisable to make RRSP contributions by the deadline. First, assess if an RRSP is the right plan for you. An RRSP is a retirement plan where you can invest and grow your funds tax-free while reducing your taxable income for the year. However, when you withdraw your funds, they are subject to taxation.

An RRSP is ideal for individuals who anticipate having lower income during retirement, resulting in lower taxes on the withdrawn  RRSP funds. 

If you expect your income after retirement to be higher than your current earnings, it may be more beneficial to invest in plans like TFSAs, where withdrawals are not taxed.”

Can I contribute to RRSP in January for next year?

Any RRSP contributions you make during the first 60 days of a year will be considered part of the RRSP contributions for the previous year. For example, contributions made in January of 2024 will be counted as RRSP contributions for the year 2023.

This is due to the fact that the RRSP contribution period starts on the 61st day of the year and continues until the 60th day of the following year.


As the RRSP deadline approaches, it’s important to take stock of your financial situation and make the most of this valuable opportunity. By contributing to your RRSP, you’re not only securing your future but also enjoying immediate tax benefits. 

Remember, the benefits of timely contributions extend far beyond the present, setting the stage for a comfortable and fulfilling retirement.

I encourage you to take proactive steps towards understanding RRSP- understanding contribution limits, knowing contribution deadlines or making strategic decisions. 

If you have any questions or need personalized advice on your RRSP contributions, feel free to reach out. Remember, your financial future is in your hands, and with the right knowledge and guidance, you can build a retirement plan that stands the test of time. Here’s to a prosperous and secure future!

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