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  • Writer's pictureVolpe Financial Solutions

RRSP SEASON FOR 2023 CONTRIBUTIONS ENDING SOON


rrsp contributions

With the RRSP contribution deadline fast approaching, it’s important to catch up on your RRSP contributions for the previous year. An RRSP account keeps your investments tax-sheltered (until withdrawal) and is a great way to save for retirement.

Officially, the 2022 RRSP Contribution deadline (i.e. 2023 RRSP Season) runs until March 1, 2023.

During the RRSP season, you are allowed to make contributions to your RRSP account as though they were made during the 2022 tax year, and based on your contribution room as of December 31, 2022.



Why Make a Contribution to Your RRSP?

On top of saving for your retirement, you will be able to claim a deduction for all eligible RRSP contributions made by March 1, 2023 from your 2022 income . The maximum RRSP contribution limit for 2022 is $29,210.

As Volpe Financial Solutions is conveniently located in Oakville, Ontario, we have the unique opportunity to locally serve our valued clients from a central location for the Greater Toronto Area.

5 Tips for RRSP Season:

1. Contribute - Don’t delay just because it seems too technical or complicated. If you start contributing each month, at the end of the year, it isn’t so overwhelming. 2. Automate - Automating your contributions will ease the stress of the RRSP deadline on March 1, 2023. 3. Consider a loan - If you haven’t been putting anything aside and don’t have any savings to throw at your plan, an RRSP loan can be a good route to go. 4. Use your refund wisely - The adult inside us knows that the right thing to do is to save our tax refund rather than spend it on ‘stuff’ or a vacation. 5. Take advantage of other savings plans You can also take advantage of other tax savings plans offered in Canada like a Tax-Free Savings Account.

If you would like more information regarding your RRSP contributions, VFS is here to help. Feel free to call us at 416 702 1017, email info@volpefinancialsolutions.com, or set up a convenient online call.

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