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Tips for making your last minute RRSP contribution

Now that we’re nearing the tail-end of RRSP season, you may find yourself wishing you had an extra couple of weeks to think about making your RRSP contribution.

RRSPs are an investment in your future. They help you defer taxes until you retire, and they help to lower the tax you pay on your income today. The goal is to live the retirement you want one day. You know those relaxed looking people you see on television who are sipping cold drinks on the beach in their 60’s? Those people had RRSPs.

Saving for retirement should be an ongoing priority, but if you put it on the back burner this year, now’s the time to make up for it. Here’s what you need to know to get that last minute RRSP contribution done.

Know the deadline for making your RRSP contribution

Repeat it three times: March 1, March 1, March 1. Mark it in your calendar, set up a phone reminder or hire an airplane to fly a banner over your house. March 1 is the deadline to make your 2018 RRSP contribution.  Give us a call or book an appointment and we can help you get it done.

Know how much you can contribute

The amount that can be contributed to RRSPs varies by person as it is based on income.

In general, you can contribute up to 18% of your earned income, plus the balance carried forward from previous years. It’s always a good idea to double check your available contribution room through your CRA account to make sure you don’t over contribute. And remember, if you get any RRSP contributions from your employer or payroll deductions, they need to be accounted for too.

Consider an RRSP Express Line of Credit

If you’re still recovering from the holidays and you’re a little short on cash for your contribution, an RRSP Express Line of Credit can help you put money in your pocket at a low-interest rate. While it may feel funny to get a line of credit to invest, a little number crunching will show that it can actually help you get ahead. Talk to us to see if this is something you should consider.

Make it easy

It’s hard to make investment decisions on the fly, especially with the contribution deadline looming.  Luckily, we’ve got your back. You can make your contribution right into our Park-It RRSP term deposit. Like the usual term deposit, it gives you a guaranteed interest rate. What makes it special is that you can reinvest it in something else later. Think of it like a warm, cozy place to keep your money until you decide what to do with it.

Automate it for next year

Ease the stress of having to make one big RRSP contribution by setting up a pre-authorized credit. Check your budget to see what you can afford, and set it up to be automatically transferred to your RRSPs after you receive each paycheque. Don’t worry about starting big – even $50 adds up over time. By next February, you’ll forget what that last minute crunch felt like because you will have already been making your contributions each month.

Now that you’re prepped with what you need to know to make your last minute RRSP contribution, give us a shout and we’ll help you out.


The stuff we have to say.
Coast Capital Savings Federal Credit Union provides advice and service related to deposit, loan and mortgage products.  Only deposits held in Canadian currency, having a term of five years or less and payable in Canada are eligible to be insured under the Canada Deposit Insurance Corporation Act.  Coast Capital Wealth Management Ltd provides investment and financial planning services. Coast Capital Financial Management Ltd. provides advice and service related to segregated funds, annuities and life insurance products. Worldsource Financial Management Inc. provides advice and service relating to mutual funds. Mutual fund values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses may all be related with mutual fund investments. Important information about mutual funds is contained in the relevant fund facts and simplified prospectus. Please read the fund facts carefully before investing.

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