Blog
2024 RRSP Contributions: Deadline and Limits
Will Simpson
February 26, 2025
This is a last-minute reminder that the RRSP deadline is on Monday, March 3rd.
We still have a few days left to make a contribution before the cutoff if you have the room available.
The RRSP maximum for the 2024 tax year is $31,560 and you may have significant unused room in your RRSP from prior years. The RRSP limit for the 2025 tax year is $32,490.
The tax savings and refund from an RRSP contribution can be as high as 53.53% of the amount contributed.
Often at this time of year, our investors are also looking at topping off their TFSAs and now their FHSAs.
The TFSA limit for 2025 is $7,000. The lifetime limit for a TFSA could be as high as $102,000 for each individual contributor. You may have significant unused room from prior years for yourself or family members to use. Also, if you have taken money out of your TFSA at any point, you can likely recontribute those withdrawals.
The FHSA or First Home savings account has a limit of $8,000 for 2025. If you opened an FHSA in prior years, you may be able to contribute up to $16,00. This is a great vehicle for helping family members save towards a first home. It acts as a hybrid between an RRSP and TFSA with upfront tax deductions, tax-free growth and tax-free withdrawals towards purchasing a first home.
Please feel free to reach out if you would like to discuss any of your contributions, your investment portfolio or your financial plan. We are here working for you.