RRSP Season 2027 Key Dates
Important Deadlines
| Date |
Event |
| December 31, 2026 |
Last day to turn 71 and contribute |
| March 1, 2027 |
2026 contribution deadline |
| April 30, 2027 |
Tax filing deadline |
| June 15, 2027 |
Self-employed filing deadline |
Contribution Limits
| Tax Year |
Maximum Limit |
| 2024 |
$31,560 |
| 2025 |
$32,180 |
| 2026 |
$32,490 |
Plus unused room from previous years.
How Much Can You Contribute?
Check Your Room
| Method |
How |
| CRA My Account |
Most accurate |
| Notice of Assessment |
2025 NOA shows 2026 room |
| Calculate |
18% of 2025 earned income |
Contribution Room Calculation
| Factor |
Amount |
| 18% of 2025 earned income |
Up to $32,490 |
| Plus unused room |
From previous years |
| Minus pension adjustment |
If you have employer pension |
| Total available |
Your personal limit |
Last-Minute Strategies
Week Before Deadline
| Action |
Why |
| Check contribution room |
Avoid over-contribution |
| Choose investments |
Have plan ready |
| Transfer funds |
Allow processing time |
| Consider spousal RRSP |
Still time |
Best Quick Investments
| Option |
Complexity |
| HISA in RRSP |
Zero thinking |
| GIC |
Simple, guaranteed |
| Balanced ETF |
One decision |
| Target date fund |
Age-appropriate |
Transfer vs. Contribution
| You Have |
Action |
| Cash |
Contribute directly |
| Non-registered investments |
Consider in-kind transfer |
| TFSA room too |
Consider which is better |
RRSP vs. Other Options
RRSP vs. TFSA Decision
| Factor |
RRSP Better |
TFSA Better |
| Tax rate now vs. retirement |
Higher now |
Lower now |
| Income level |
High income |
Low-moderate |
| Short-term flexibility |
Less ideal |
Better |
| First home (HBP) |
Can use |
Can use |
Decision Matrix
| Your Situation |
Best Choice |
| High income, low retirement |
RRSP |
| Low income now |
TFSA (usually) |
| Maxed TFSA |
RRSP |
| Need flexibility |
TFSA |
| Want tax refund |
RRSP |
Spousal RRSP Deadline
Same Deadline
| Rule |
Details |
| Deadline |
March 1, 2027 |
| Who contributes |
Higher income spouse |
| Whose account |
Lower income spouse |
| Deduction |
Higher income spouse |
When Spousal Makes Sense
| Situation |
Benefit |
| Income disparity |
Income split in retirement |
| Both near max |
Use both rooms |
| Lower income spouse retiring first |
Access funds |
RRSP Loan Strategy
How It Works
| Step |
Action |
| 1 |
Get RRSP loan from bank |
| 2 |
Contribute loan amount |
| 3 |
File taxes, get refund |
| 4 |
Put refund toward loan |
| 5 |
Pay off remainder |
Should You Do It?
| Situation |
Consider Loan |
| Large unused room |
Yes |
| Can repay within 1 year |
Yes |
| High marginal rate (>30%) |
Yes |
| Already in debt |
Probably not |
| Small amount (<$5,000) |
Usually not worth it |
Example Math
| Factor |
Amount |
| RRSP contribution |
$20,000 |
| Tax bracket |
40% |
| Refund |
$8,000 |
| Loan cost (5%, 1 year) |
~$550 |
| Net benefit |
$7,450 |
Group RRSP at Work
Don’t Forget
| Action |
Why |
| Check employer match |
“Free money” |
| Maximize match first |
50-100% instant return |
| Top up personally |
If room remains |
Contribution Tracking
| Source |
Remember |
| Employer contributions |
Count toward limit |
| Your payroll deductions |
Count toward limit |
| Personal contributions |
Count toward limit |
| Pension adjustment |
Reduces room |
Tax Refund Planning
What to Do With Refund
| Priority |
Action |
| 1 |
Pay high-interest debt |
| 2 |
Emergency fund |
| 3 |
TFSA contribution |
| 4 |
Next year’s RRSP |
| 5 |
Mortgage prepayment |
Refund Optimization
| Strategy |
How |
| Adjust tax withholding |
Less refund, more each paycheque |
| Or save refund |
For next RRSP season |
| Or invest refund |
Compound growth |
Common Mistakes to Avoid
RRSP Errors
| Mistake |
Consequence |
| Over-contributing |
1% penalty/month |
| Missing deadline |
Can’t deduct this year |
| Wrong account type |
May not be deductible |
| Not checking room |
Risk over-contribution |
Timing Errors
| Mistake |
Better Approach |
| Rush at deadline |
Contribute monthly |
| Forget altogether |
Set reminder |
| Wrong year contribution |
Check carefully |
Year-Round Strategy
Better Than Last Minute
| Approach |
Benefit |
| Monthly PAC |
Dollar-cost averaging |
| Early in year |
More time to grow |
| Automatic |
Never forget |
Setting Up for Next Year
| Action |
Timing |
| Calculate annual target |
After tax season |
| Set up automatic contributions |
ASAP |
| Divide by 12 |
Monthly amount |
| Review room |
After NOA |
First-Time Home Buyers
HBP Reminder
| Feature |
Details |
| Maximum withdrawal |
$60,000 (2024+) |
| Repayment |
15 years |
| Qualification |
First-time buyer |
| RRSP must be deposited |
90+ days before |
FHSA vs. RRSP HBP
| Factor |
FHSA |
RRSP HBP |
| Repayment required |
No |
Yes |
| Annual limit |
$8,000 |
N/A (existing) |
| Lifetime limit |
$40,000 |
$60,000 |
| Growth |
Tax-free |
Tax-deferred |