To deduct RRSP contributions on your 2026 tax return, contribute by Monday, March 1, 2027. Your contribution limit is shown on your latest notice of assessment. Contributions reduce your taxable income, so they can increase your refund or lower the tax you owe.
Why March 1?
The RRSP deadline is the 60th day of the new year. For the 2026 tax year, that's Monday, March 1, 2027. Contributions made in January and February 2027 can go on either your 2026 or your 2027 return.
How much can you contribute?
Your RRSP deduction limit is printed on your notice of assessment and in your CRA My Account. It's generally 18% of your previous year's earned income, up to an annual maximum, plus any unused room carried forward, minus pension adjustments. Contributing more than your limit plus a $2,000 buffer leads to a 1% per month penalty on the excess.
How the deduction helps
An RRSP contribution reduces your taxable income. The higher your tax bracket, the more each dollar saves. You pay tax later when you withdraw, ideally in retirement when your income, and tax rate, may be lower.
RRSP or TFSA?
A TFSA gives no deduction, but growth and withdrawals are tax-free. As a rough rule, RRSPs often suit higher earners and TFSAs often suit lower and middle earners. Many people use both. Ask us to compare them with your numbers.
Questions about this guide
Where do I find my RRSP contribution limit?
On your most recent notice of assessment from the CRA, or in CRA My Account.
Can I contribute in February and claim it for 2026?
Yes. Contributions made by March 1, 2027 can be deducted on your 2026 return.
This guide is general information for the 2026 tax year, not advice for your situation. For help with your own taxes, book a time with TaxCorner.