Did you know?
Registered retirement savings plans (RRSPs) are one of the most popular investment vehicles for Canadians. Contributing to an RRSP is one way to reduce the amount you owe at tax time.
The March 1 deadline for contributing to an RRSP for the 2013 tax year has been extended to Monday, March 3, 2014, as March 1 falls on a Saturday.
The amount you can contribute to your RRSPs each year without tax implications is determined by your RRSP deduction limit, also called your contribution room. Find your deduction limit for 2013 on your 2012 notice of assessment.
The most recent information about your RRSP deduction limit is also available online through My Account at www.cra.gc.ca/myaccount.
If you are not registered to use My Account, you can get your RRSP deduction limit by using the Quick Access service at www.cra.gc.ca/quickaccess.
December 31 of the year you turn 71 is the last day you can contribute to your RRSPs. For more information, go to www.cra.gc.ca/rrsp.
Be cautious of offers that say you can make tax-free withdrawals of RRSP funds. Offers that sound too good to be true usually are. To protect yourself, read about RRSP tax-free withdrawal schemes.
Canada Revenue Agency (CRA) online services make filing easier and let you get your refund faster
The CRA’s online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund, and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money in your pocket faster. For more information, go to www.cra.gc.ca/getready.