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CRUNCHING THE CONTRIBUTION CALCULATIONS AS THE RRSP DEADLINE LOOMS
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Submitted by Scott Foster, Financial Advisor, Edward Jones
317 DECLAIR ROAD, MADOC, ON K0K 2K0

The approaching 2023 RRSP deadline is like a financial compass pointing toward the need for decisive action.

Are you prepared?

The RRSP is a commitment to one's financial future; a promise to the older version of oneself who envisions a retirement
surrounded by the warmth of financial security. That dream might be hard to grasp sometimes, especially due to the current
economic climate.

From its birth in 1957 ‒ thanks to an amendment in the Income Tax Act – the RRSP allows tax deferrals for Canadians to put
aside money for their golden years. Navigating the numbers around RRSPs and retirement planning can be daunting.

There are many factors to consider when mapping a financial future, such as your current and future income and your
retirement plan. A financial advisor can help you better understand if the maximum contribution is the right step for you and
your family depending on your financial situation and lifestyle.

Below are a few reminders and tips for guidance to help you get ready:

• The annual RRSP contribution deadline for the current year is 60 days after December 31st, unless it ends up on a weekend
or on a holiday. In such a case, the deadline moves to the next business day.
The RRSP contribution deadline for the 2023 tax year is February 29th, 2024.
If you have an RRSP, you can make contributions up to December 31st of the year you turn age 71 — which is when your
RRSP matures.
For a spousal RRSP, you can contribute up to December 31st of the year your spouse or common-law partner turns age 71.

How to avoid last-minute RRSP contributions
If you want to avoid the last-minute RRSP contribution rush, consider making regular contributions throughout the year or
automate the process if you wish.

What if you miss the deadline?
You can still contribute if you have room, but your contribution cannot be deducted from your 2023 income and will have to
deducted in a future year.

Speak to an advisor
When it comes to RRSPs, a financial advisor can meet with you to guide you from start to finish. This can include
understanding the basics, determining if this account makes sense for you, how much you should contribute, when to deduct
contributions, and how to make the most of your contributions.
RRSPs offer Canadians valuable tax benefits and can also be part of your plan toward a comfortable retirement.