Registered Retirement Savings Plan (RRSP) contributions are not tax deductible, but the money you put in early will be taxed later when you withdraw it. The sooner you start saving, the more money you'll have in retirement and the lower your taxes will be.
You can contribute to your RRSP at any point during the year, plus the first 60 days of the following year. Contributions you make in January and February deduct from your previous year’s income. The RRSP contribution deadline is March 1, 2023. If you make RRSP contributions after this date, you will have to claim them as deductions on your 2023 tax return.
