RRSP Deadline 2026: Everything You Need to Know

The deadline to contribute to your RRSP for the 2025 tax year is March 1, 2026. If you're planning to reduce your 2025 tax bill with an RRSP contribution, you need to act now.

How much should you contribute?

Your RRSP room is 18% of your 2024 earned income, up to the annual maximum, plus any unused room from previous years. Check your latest Notice of Assessment or CRA My Account for your exact number. Contributing more than your room results in a 1% per month penalty — don't over-contribute.

The tax refund math

If you earn $80,000 and contribute $10,000 to your RRSP, you'll save roughly $3,000 in taxes (at a ~30% marginal rate). That's money back in your pocket at tax time. The key is what you do with that refund — reinvest it into your TFSA for maximum long-term benefit.

RRSP vs TFSA: quick decision guide

If your income is above ~$55,000, the RRSP deduction is likely worth it. Below that, prioritize your TFSA. If you can do both, do both. And if you're saving for your first home, don't forget the FHSA — it gives you the deduction AND tax-free withdrawals.

Don't wait until the last day

Contributions made on March 1 count for the 2025 tax year, but transfers can take time to process. Make your contribution at least a few business days before the deadline to ensure it's processed in time. If you're contributing to a self-directed RRSP, also make sure you buy your investments — simply depositing cash isn't enough to start earning returns.