How to ‘Find’ Money to Maximize RRSPs

Six ways to fill up as much as you can of your contribution room

Vikram Barhat 23 February, 2021 | 1:11AM

Scales

Every year, as the registered retirement savings plan (RRSP) contribution deadline approaches – March 01, 2021, in case you missed it – Canadians scramble to scrape together enough funds to contribute to their retirement savings. An RRSP is a tax-differed retirement savings vehicle in which to sock away funds. The size of an annual RRSP contribution room is determined by your total earned income for the year before. For example, the RRSP limit for the 2020 tax year is 18% of your 2019 gross income, or $27,230, whichever is less.

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About Author

Vikram Barhat

Vikram Barhat  Vikram Barhat is a Toronto-based financial writer specializing in investing, stock markets, personal finance and other areas of the financial services industry. He also writes for CNBC, BBC, The Globe and Mail, and Toronto Star.

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