Financial Planning -> RRSPs, RRIFs, TFSAs
TFSAs, RRSPs, RRIFs, RESPs and RDSPs
Company Pensions information, which includes information on Registered Pension Plans (RPPs), Deferred Profit Sharing Plans (DPSPs), Group RRSPs, and unlocking your locked-in pension accounts.
Tax-Free Savings Accounts (TFSAs) - contributions, withdrawals and more
Registered Retirement Savings Plans (RRSPs)
If you received CERB in 2020, which did not have tax withheld, or if you received other COVID-19 benefits with only 10% tax withheld, you will likely have tax owing when you file your return. An RRSP contribution may help counteract this.
S. 146(5)(a) of the Income Tax Act sets the deadline as "on or before the day that is 60 days after the end of the year", which is March 1st except in a leap year, when it will be February 29th. However, if February 29th or March 1st falls on a weekend, the deadline is moved to the next business day. See Important Dates for RRSP, RDSP, HBP and LLP on the Canada Revenue (CRA) website. Use our detailed Canadian Tax and RRSP Savings Calculator to help you determine how much to contribute!
Who can contribute, and how much?
Spousal RRSPs and RRIFs, and attribution rules regarding withdrawals.
I didn't record my RRSP contributions on my previous year's tax return. What do I do?
Reduce your income tax payments now for current RRSP contributions.
Transfer shares to your RRSP or TFSA, but not at a loss!
Final RRSP contribution at age 71 (excess contribution)
Canadian Detailed Income and RRSP Savings Calculator - determine the tax savings from your RRSP contribution.
What investments can be held in an RRSP, RRIF, RESP or TFSA?
Foreign content limit for investments in RRSPs and RRIFs.
Making "in kind" withdrawals from your RRSP or RRIF (investments can be transferred out, or to a TFSA)
Maximize your RRSPs, and start as young as possible
Should I borrow to contribute to an RRSP?
Final RRSP contribution at age 71 (excess contribution)Using age of spouse to calculate minimum RRIF withdrawals
What retirement income will your RRSP/RRIF provide? Use our online calculator.
RRSPs are the best tax-saving method available to the average taxpayer in Canada.
Washing trades can reduce your foreign exchange costs inside registered accounts.
What tax is deducted from RRIF or RRSP withdrawals?
Swap transactions between RRSPs RRIFs or TFSAs and another account of the same owner will attract a 100% tax.
Canada Revenue Agency (CRA) Resources
Income Tax Folio S3-F10-C3, Advantages - RRSPs, RESPs, RRIFs, RDSPs and TFSAs - the comment period for this chapter ends on December 31, 2018
Revised: September 15, 2021
Copyright © 2002 Boat Harbour Investments Ltd. All Rights Reserved. See Reproduction of information from TaxTips.ca