RRSP deadline 2026: Contribution limits, rules, and the first 60 days explained.

Retirement planning often feels like a problem for "future you” – until suddenly, it’s February and the tax deadline is looming. Whether you’re a seasoned saver or just starting to explore Registered Retirement Savings Plans (RRSPs), understanding the rules is essential for maximizing your refund or lowering your taxes owing.
 

For the 2025 tax year, the RRSP contribution deadline is March 2, 2026. While the cutoff is typically March 1st, that date falls on a Sunday this year, so the Canada Revenue Agency (CRA) has extended the deadline to the next business day.
 

Here’s everything you need to know about managing your contributions effectively before the clock runs out.
 

RRSP contribution limit for 2025 (claimed in 2026). 
Your RRSP contribution limit for 2025 is the maximum amount you can invest to reduce your 2025 taxable income. The limit is generally 18% of your earned income from the previous year, up to a specific dollar cap set by the CRA.
 

RRSP quick facts: limits and buffers.

Pro tip: If you haven't maxed out your contributions in previous years, that "room" carries forward. You can find your exact personal limit by signing in to your CRA My Account.

How do RRSPs work?
An RRSP is more than just a savings account; it’s a tax-deferred tool designed to lower your immediate tax bill while building wealth for the future.

• Immediate tax deduction: Every dollar you contribute reduces your taxable income for that year. For example, if you earned $70,000 but contributed $10,000 to your RRSP, the government only taxes you on $60,000.

• Tax-deferred growth: Your investments grow tax-free while they remain in the plan. You only pay tax when you withdraw the funds, typically in retirement when you’re in a lower tax bracket.

What is the RRSP “first 60 days” rule?
The RRSP first 60 days rule allows you to make contributions in the first two months of the current year and claim them as a deduction on the previous year's tax return. For 2026, this means any contribution made between January 1 and March 2, 2026, can be used to lower your 2025 tax bill.

This grace period is a powerful tool if you find yourself in a higher tax bracket than expected and need an extra deduction to reduce your balance owing or boost your refund before the filing deadline.

Curious how much you could save? Check out our RRSP calculator to estimate how a contribution can shrink your tax bill and put more money back in your pocket.

When will I receive my RRSP contribution receipts?
Your financial institution (the issuer) will typically send you two separate receipts to help you file your taxes accurately:

• March – December receipt: This covers any contributions made during the 2025 calendar year.

• First 60 days receipt: This is a separate receipt specifically for contributions made between January 1 and March 2, 2026.
  Be sure to keep both handy. 

You’ll need the totals from both receipts to claim the full deduction on your 2025 tax return.

Can I contribute to my spouse’s RRSP to save on taxes?
Yes! If you earn a higher income than your partner, a Spousal RRSP is a smart way to balance your future retirement income.

• The benefit: You get the tax deduction now (reducing your high tax bill), but the money is eventually taxed in your spouse’s hands when it’s withdrawn.

• The goal: This strategy, known as income splitting, helps couples lower their overall household tax burden during retirement.

Can I withdraw from my RRSP early without a penalty?
Generally, withdrawing money from your RRSP before retirement is discouraged because the bank must take an immediate withholding tax (between 10% and 30%). Plus, you permanently lose that contribution room.

However, there are two major exceptions where you can withdraw funds tax-free:

• Home Buyers’ Plan (HBP): You can withdraw up to $60,000 to help buy your first home.

• Lifelong Learning Plan (LLP): You can withdraw up to $20,000 to help pay for full-time education.

Note: These aren't "free" withdrawals, they’re essentially interest-free loans from yourself that you must repay over 15 years (HBP) or 10 years (LLP).

What happens if I over-contribute to my RRSP?
It happens to the best of us! The CRA allows a $2,000 lifetime grace amount for over-contributions. However, if you exceed your limit by more than $2,000, the CRA charges a 1% monthly penalty tax on the excess.

If you realize you've over-contributed, the best move is to file Form T1-OVP and withdraw the extra funds as soon as possible to stop the penalty from growing.

Strategic choice: RRSP vs FHSA 2026.
With the introduction of the First Home Savings Account (FHSA), a lot of Canadians are asking the same question: “Where should my money go first – RRSP or FHSA?” The answer depends less on tax rules and more on what you’re actually saving for.

Here’s the quick side by side to make things clearer:

So…which one wins?
If you’re a first-time homebuyer, the FHSA often takes the top spot. It offers the best of both worlds:

• an RRSP style tax deduction when you contribute, and
• a TFSA style tax free withdrawal when you buy your first home.

That’s a powerful combination if buying a home is on your near to medium term radar.

The one big catch to watch for.
Unlike RRSPs, there’s no “first 60 days” grace period for FHSAs. If you want an FHSA deduction for the 2025 tax year, your contribution must be made by December 31, 2025. Anything contributed after that counts toward 2026 instead.

Frequently asked questions.

What’s the RRSP contribution limit for 2025?
For the 2025 tax year, the maximum is $32,490 or 18% of your earned income from 2024, whichever is lower (plus any carry-forward room shown on your CRA Notice of Assessment).

Can I contribute to my RRSP after March 2, 2026?
Yes, but those contributions will be applied to your 2026 tax return, not your 2025 return.

What happens if I miss the deadline?
Take a deep breath – you haven’t lost your RRSP room. Any unused contribution space simply carries forward to future years. The only downside is timing: you’ve missed the chance to reduce your 2025 tax bill. You can still contribute later and claim the deduction on a future tax return when it makes sense for you.

What if I forgot to report a contribution?
It’s a common slip up, and thankfully, an easy fix. If you made a contribution in a previous year but forgot to report it, you can adjust that return using the “Change my return” feature in CRA My Account. This lets the CRA update your RRSP balance and ensures you don’t lose track of contribution room you’ve already paid for.

Do RRSP contributions reduce taxes dollar for dollar?
Not exactly – but they’re still powerful. RRSP contributions reduce your taxable income dollar for dollar, and the actual tax savings depend on your marginal tax rate. For example, if you’re in a 30% tax bracket, a $10,000 RRSP deduction could save you about $3,000 in tax. 

Is it better to contribute early or wait for the first 60 days?
From a tax perspective, either option works, the key is which year you claim the deduction. From an investing perspective, earlier is usually better because your money gets more time in the market to grow. That said, the first 60 days window is a handy safety net if you need a last minute deduction once you know your final income for the year. Think of it as flexibility, not procrastination.

Filing & record keeping checklist.
Think of this as your “future you will thank you” list:

• Double check your personal RRSP deduction limit.
  You can find it anytime in CRA My Account or on your most recent Notice of Assessment – no guesswork required. 

• Make your RRSP contribution by March 2, 2026, to claim it on your 2025 tax return, and hang on to both receipts (the calendar year one and the first 60 days one). Your tax software – and your Tax Expert – will appreciate it.

• Using an FHSA? Set a December 31 reminder.
  Unlike RRSPs, there’s no grace period here. Contributions must be made by year end to count for that tax year. 

• Accidentally over contributed? Don’t panic, just act quickly.
  Calculate the excess, file Form T1 OVP, and remove the extra amount as soon as possible. In some cases, filing Form T3012A can help you avoid unnecessary withholding tax. The sooner you fix it, the less it costs.