This year's RRSP deadline is March 1, 2017.

This is the last day that an RRSP deposit can reduce your 2016 taxable income.


What is an RRSP?

A Registered Retirement Savings Plan (RRSP) is a savings account that has unique tax-deferral characteristics that make it a great choice for retirement savings. The tax structure allows you to defer paying income tax on your RRSP deposits and earnings until the money is withdrawn.  Since many people have a higher tax rate during their working years than during their retirement years, this often results in overall tax-savings.

Will I receive a tax refund for my RRSP deposits?

Your employer typically deducts income tax based on your total annual income. Since a deposit to your RRSP reduces your taxable income, you may end up paying more income tax than required. When you file your tax return with the Canada Revenue Agency (CRA) and claim your RRSP deduction, you would receive a refund for the amount of income tax that was overpaid, provided you do not owe income tax to the CRA.

How soon can I get my RRSP contribution tax receipt(s)?

RRSP contribution receipts are sent out throughout January and February. Contribution receipts for deposits made in 2016 are sent out during the last two weeks of January 2016. Contribution receipt(s) for deposits made from January 1st, 2016 - March 1st, 2017 are issued on a daily basis.

Maximum contribution limit

You can locate your maximum contribution limit for 2016 by looking on your most recent Notice of Assessment for 2015 from the Canada Revenue Agency. This maximum amount is based on 18% of your previous year’s earned income, up to the maximum RRSP contribution limit of $25,370 in 2016, plus any unused contribution room from previous years. If you are a member of a pension plan, your pension adjustment will reduce the amount you can contribute to your RRSP. Unused contribution room can be carried forward and used in future years.

How can Equitable Life help you meet your retirement goals?

Equitable Life offers RRSPs with a variety of investment options. If you’re looking for a GIC type investment, our Guaranteed Interest Account offers competitive interest rates and a wide variety of investment terms. Alternatively, our Pivotal Select segregated fund product offers a diverse selection of investment funds from a variety of Canadian fund managers. Whether your style is value or growth, you're seeking fixed income or equity, or you're looking for domestic or foreign, our investment options can be tailored to meet your specific objectives.


Talk to your financial advisor to find out how an Equitable Life RRSP can help you reach your retirement goals.