The deadline to contribute to your RRSP for the 2020 tax year is March 1, 2021. Meeting the deadline is important because you’ll benefit from the tax savings for 2020, but don’t worry if you can’t contribute before the cutoff date. Any unused contribution room rolls over to 2021.
If you want to avoid the stress of last-minute contributions to your RRSP, consider setting up automatic deposits. By contributing regularly, you’ll put more money in your account, which means your interest will also compound.
You can also take advantage of an RRSP loan from Casera. An RRSP loan allows you to maximize your annual contribution or add money to a plan with residual contribution room from a preceding year. RRSP loans are available for periods up to 24 months at preferred rates. The balance can be paid off at any time without penalty. A term longer than 24 months can be arranged at a higher interest rate.
For more information about RRSP loans, contact a Casera Financial Services Officer at your neighbourhood branch. You can also apply online.