2018 RRSP: Deadline

Feb 27, 2019 | Scott Boyd


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You have until March 1, 2019 to make your 2018 Registered Retirement Savings Plan (RRSP) Contribution in order for an official contribution receipt to be issued and applicable for the 2018 tax year. Remember to contribute early to avoid the last minute rush! 

 

 2018 RRSP Contribution Deadline: 

March 1, 2019 4:00pm Pacific Time

Backdating of Contributions is NOT Permitted

 

Electronically

You can contribute through your DS Online account. You are also able to transfer funds from your RBC Royal Bank account to be received into your RBC Dominion Securities account.

Online Transfer Instructions

If you bank with another financial institution you can also set up RBC Dominion Securities as a “bill payment” to transfer funds.

Mail or Drop Off

You can mail a cheque for deposit to your Dominion Securities RSP. Please make all cheques payable to: RBC Dominion Securities Inc.

Send or drop cheques to:

    RBC Dominion Securities              C/O Megan Benischek                     2701 Highway 6                               Vernon, BC V1T 5G6

 

Telephone

You can mail a cheque for deposit to your Dominion Securities RSP. Please make all cheques payable to: RBC Dominion Securities Inc.

Send or drop cheques to:

Direct line: 250-549-4904

Toll Free: 1-800-663-6439

 

 


 

Planning Tips for your RRSP

 

Tax-deductible contributions

You can claim your 2018 RRSP contribution as a deduction on your 2018 Income Tax Return to reduce your taxable income and potentially receive a tax refund. You can also claim deductions for contributions made in any previous year since 1991 if you have not claimed them previously.

 

Income-splitting with your spouse

If you expect your spouse to have a significantly lower retirement income than you, consider directing some or all of your allowable RRSP contribution to a spousal RRSP. You can still claim the tax deduction yourself, reducing your taxes now.

 

Name a beneficiary

If you have named your spouse or a financially dependent child or grandchild as the beneficiary of your RRSP on your plan documentation or in your Will, your RRSP assets can be transferred to them on a tax-deferred basis. 

 

Over contributions

You can make a cumulative excess contribution of $2,000 without penalty over the life of your RRSP. After that, there is a 1% per month penalty on any amount you over-contribute. To avoid any penalties contact the CRA to find out your Plan To Date Contributions. Find your PTD Contributions by logging onto your My CRA Account or by phone: 1-800-267-6999.

 

Your final contributions

You can contribute to your own RRSP until December 31 of the year you turn 71, at which time your RRSP must be converted into a retirement income source such as a RRIF.