RRSP Deadline 2027: What to Know Before March 1

When is the RRSP deadline?

Contributions made in 2026 and up to March 1, 2027 can be deducted on your 2026 tax return, as long as you didn't already claim them for 2025. The deadline is normally 60 days after the end of the year, and it moves to the next business day when that falls on a weekend.

Contributions made in the first 60 days of 2027 can be claimed on your 2026 return or saved for a later year, when your income and tax rate may be higher. Either way, report every contribution on your return.

How much can I contribute?

Your new RRSP room each year is 18% of the previous year's earned income, up to the annual maximum. It's reduced by any pension adjustment from a workplace pension, deferred profit sharing plan or Individual Pension Plan. Unused room carries forward with no time limit.

The simplest way to find your exact number is your most recent Notice of Assessment or CRA My Account. It shows your total deduction limit, including room carried forward.

What if I contribute too much?

You can go up to $2,000 over your limit without a penalty. Above that, the excess is taxed at 1% a month until it's withdrawn or new room absorbs it. If you've contributed to a spousal RRSP or a group RRSP at work, count those too, since they use the same room.

The year you turn 71

Your own RRSP has to be converted, used to buy an annuity or cashed out by December 31 of the year you turn 71, so that year there's no 60-day window into the next year. If your spouse is younger, you can still contribute to a spousal RRSP until the end of the year they turn 71, using your own room. Our guide to converting your RRSP to a RRIF explains the options.

For business owners: salary, dividends and RRSP room

If you pay yourself through a corporation, how you're paid decides your RRSP room. Salary is earned income and creates room. Dividends don't. An owner paid only in dividends builds no new RRSP room at all.

Reaching the 2027 maximum of $35,390 takes about $196,611 of earned income in 2026. Whether that much salary makes sense depends on your corporate tax rate, CPP contributions and personal tax, and that's a decision for you and your accountant.

When an Individual Pension Plan can beat an RRSP

For owners over about 40 who take a steady salary, an Individual Pension Plan (IPP) can allow larger contributions than an RRSP, made and deducted by the corporation instead of from your personal income. The room rises with age, and some past years of service may be fundable.

An IPP isn't extra room on top of your RRSP. It creates a pension adjustment that replaces most of your RRSP room. It also comes with set-up, actuarial and administration costs and funding obligations, so it's worth comparing the numbers with your accountant before the end of the year.

What to hold inside your RRSP

An RRSP is an account, not an investment, so what you hold inside it matters as much as the contribution. We offer segregated funds, which can be held inside an RRSP. Depending on the contract, 75% to 100% of deposits are protected at death or maturity, and a named beneficiary lets the money pass outside your estate. Fees are higher than for mutual funds, so it's a trade-off worth understanding.