RRSP Deadline approaches

If you are planning to deduct a registered retirement savings plan contribution on your 2016 personal income tax return you have to have a receipt dated March 1, 2017 or earlier.

I do not know how an RRSP contribution fits in to your overall retirement plan, but if you are contributing – the deadline approaches.

Check your notice of assessment from 2015 to make sure that you have enough contribution room to deduct the RRSP contribution you want to make.

If you are wondering…I would recommend that you consider a TFSA rather than an RRSP. You can put any investment that fits into an RRSP into a TFSA instead. You get the same tax deferral ability and you don’t have to pay tax when you take money out of the TFSA. There is no deadline for putting money into your TFSA because you do not get a tax deduction for TFSA contributions.

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Painless Financial Training Group Inc. with Debi Peverill

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