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By MoneySense Staff on March 1, 2013
Estimated reading time: 1 minute

RRSP deadline day

By MoneySense Staff on March 1, 2013
Estimated reading time: 1 minute

Haven't contributed to your RRSP yet, what are you waiting for? If you have, it's time to start thinking about taxes.

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Friday is RRSP deadline day which means it’s your last chance to contribute for the 2012 tax year and qualify for the RRSP tax deduction. The majority of eligible Canadians, 63%, had already or planned to contribute as of last week, according to BMO Financial Group. That’s nearly double last year’s 38%. The average contribution is expected to be $3,544, down from $4,670 last year. The biggest motivating factors are a sense of responsibility, self-satisfaction, fear of not having enough money in retirement and extra money. For more info on why, where and how much to contribute, visit our RRSP Guide.
There’s no rest for the wicked. With RRSP season in the rear view mirror, it’s time to start preparing for the personal income tax filing deadline. Here’s a tax-saving tip from the Blunt Bean Counter: Fees paid to an investment adviser are deductible. All the more reason to get a fee-only planner.
Missed last night’s live chat on CBC’s The Boomer Revolution with MoneySense Editor Jonathan Chevreau? Find it here.

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