The RRSP contribution deadline for the 2018 taxation year is March 1, 2019.
There’s still time to make a last-minute contribution, but it might be worth considering setting up a recurring pre-authorized debit for future contributions.
If you’re tired of scrambling to gather the funds before the deadline, contributing a small amount on a regular basis has a number of benefits, not the least of which is that it’s easier to budget for smaller payments than one large lump sum payment.
You’ll also see a greater return on your investments because over the long run, your contributions will earn more interest if they’re deposited monthly or bi-weekly rather than once a year. With pre-authorized contributions, your money goes to work for you earlier as you earn tax-sheltered interest income immediately.
It’s convenient and hassle-free.
With a pre-authorized contribution plan, your funds are transferred automatically to your RRSP. If your income is directly deposited into your account, your pre-authorized contribution can be scheduled to occur on the same day each month, from the same account.
If you’re interested in setting up a pre-authorized RRSP contribution, discuss it with a Casera member service representative or financial specialist while making your contribution for 2018.