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RRSP Deadline: Thursday February 29, 2024

RRSP Deadline

The deadline for contributing to your Registered Retirement Savings Plan (RRSP) for the 2023 tax year is quickly approaching. The RRSP contribution cutoff is set for Thursday, February 29, 2024. Contributing to your RRSP before this deadline can provide significant tax benefits. A contribution will allow you to reduce your taxable income for the 2023 tax year and potentially receive a tax refund. Whether you’re looking to save for retirement or reduce your tax bill, now is the time to review your RRSP contributions. Take advantage of this valuable opportunity.

RRSP vs. TFSA

As the deadline approaches, and you are debating between TFSA and RRSP, we wrote about the factors to consider here. In general, the higher rate environment has increased the value of the tax deferral. However, it remains to be seen if rates will remain this high.

RRSP Eligible Investments

In the current high-rate environment, Guaranteed Investment Certificates (GICs) stand out as a prudent option for RRSP-eligible investments. GICs offer a secure and predictable way to grow your retirement savings. GICs provide a guaranteed rate of return over a fixed period. With interest rates on the rise, GICs offer attractive yields compared to other fixed-income options, making them an appealing choice for investors seeking stability and capital preservation within their RRSP portfolios. By prioritizing GICs in your investment strategy, you can take advantage of the higher returns available in today’s market while safeguarding your retirement nest egg against market volatility.

If you are looking for GIC rates, check out the rates here.

RRSP Checkup Deadline

Reach out to us for an RRSP checkup if you have any questions before the RRSP Deadline on Thursday February 29, 2024. At Lambda we help out client’s maximize their RRSP contributions to the fullest.

CPA Accountant Near Me

Lambda CPA

268 Martin Drive
Ilderton, ON N0M2A0
Phone: (226) 797-6820
Email: jeff.runnalls@lambdacpa.com
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