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Tax Tip: March 1, 2013, Is the Deadline to Make Your RRSP Contribution for 2012

Feb 13 2013 12:00AM

Marketwire

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OTTAWA, ONTARIO -- (Marketwire) -- 02/13/13 -- Did you know?

Registered retirement savings plans (RRSPs) are one of the most popular investment vehicles for Canadians. Contributing to an RRSP is one way to reduce the amount you owe at tax time.

Important facts

-- March 1, 2013, is the last day you can contribute to an RRSP for the 2012 tax year.

-- The amount you can contribute to your RRSPs each year without tax implications is determined by your RRSP deduction limit, or contribution room, which can be found on your 2011 notice of assessment.

-- The most recent information about your RRSP deduction limit is also available online through My Account at www.cra.gc.ca/myaccount.

-- If you are not registered to use My Account, you can get your RRSP deduction limit by using the Quick Access service at www.cra.gc.ca/quickaccess.

-- December 31 of the year you turn 71 is the last day that you can contribute to your RRSPs. For more information, see RRSP options when you turn 71.

-- Be cautious of offers that say you can make tax-free withdrawals of RRSP funds. Offers that sound too good to be true usually are. To protect yourself, read about RRSP tax-free withdrawal schemes.

The Canada Revenue Agency's (CRA) online services make filing even easier

The CRA's online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money into your pocket faster. For more information, go to www.cra.gc.ca/getready.

Stay connected (www.cra.gc.ca/socialmedia)

To receive updates when new information is added to our Web site, you can:

-- follow the CRA on Twitter - @CanRevAgency;

-- subscribe to a CRA electronic mailing list; and

-- add our RSS feeds to your feed reader.

You can also visit us on YouTube for tax-related videos.



Contacts:
Noel Carisse
Media Relations
Canada Revenue Agency
613-952-9184





Source: Marketwire


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