TAX TIPS (RRSP)
This page contains helpful information & tax tips specific to RRSP contributions.
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For general tax tips, visit https://www.trenttax.ca/tax-tips
HOW LONG IS THE RRSP CONTRIBUTION YEAR?
This is a very common question. You're probably wondering why you have only 1 RRSP account, yet received 2 different tax slips from your financial institution or bank.
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Generally, the contribution year is the period that:
begins on the 61st day of a year, the last 10 months (March to December) of the tax year (ordinarily March 2nd to December 31st of the tax year)
ends on the 60th day of the following year (ordinarily January 1st to March 1st of the following year)
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However, the start of a "contribution year" depends on whether the end of the previous contribution year falls on Saturday or Sunday. In such cases, the preceding contribution year ends on the first business day that follows that Saturday or Sunday, and the start of the current contribution year begins on the day after that first business day.
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To see the history of contribution periods per year in recent tax years, visit the CRA's website at the link below.
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This page was last updated February 1, 2024. If you have questions about your Canadian personal income tax and benefit return that aren't answered here, feel free to reach out to us.