Registered Retirement Savings Plan Contribution - RRSP Contribution

Registered Retirement Savings Plan Contribution - RRSP Contribution

An investment made to a registered retirement savings plan. RRSP contributions can be made regularly or whenever a contributor wants to contribute. Each year there is a limit on how much a person can contribute, but if the individual does not contribute the maximums, the unused portions these maximum contributions from the year 1991 are carried forward indefinitely. This allows people to make up for years that they did not maximize their allowed RRSP contributions. Contributions to RRSPs may be made in cash or in-kind.

Notes:

Because RRSP contributions may be made at any time, are tax deductible and can be made in cash or in-kind, they present a tremendous income tax saving opportunity for contributors.

See also: Canada Revenue Agency - CRA, Income Tax, Payment In-Kind - PIK, Registered Retirement Income Fund - RRIF, Registered Retirement Savings Plan - RRSP