In case you missed Kam Brar's Live regarding the Upcoming Deadline for RRSP contributions, Watch Below.

The RRSP contribution deadline for the 2023 tax year is February 29, 2024. Any contributions made after this date will count towards the 2024 tax year.

The key benefit that comes with contributing to an RRSP is the reduction of your taxable income. Any amount deposited into an RRSP for a given tax year will reduce your earned taxable income by that same amount—thereby lowering the amount of tax you owe.

If you miss this year’s RRSP contribution deadline, depending on your income and tax bracket, you may miss out on significant tax savings. Any unused contribution room carries over into the following year.

If you’re hoping to lower your taxes and increase your RRSP savings for the 2023 tax year, keep an eye on the upcoming contribution cutoff date.

Maximize Your RRSP Tax Savings: Think Twice Before Putting Money In An RRSP | Kam Brar Explains

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