Those interested in making a final RRSP contribution before the end of the tax season are being reminded of a very important change in date this year.
2024 is a leap year and that means instead of the regular March 1 deadline for RRSP contributions, the deadline this year is February 29.
The reason, according to tax specialist Gerry Vittoratos of UFile is because of rules laid out in the Income Tax Act.
He says people are familiar with the marketing literature from financial institutions highlighting the March 1 deadline, but the Income Tax Act rule states that the contribution must be made within the first 60 days of the year and in a leap year, that’s February 29.
