What makes the first 60 days of the year so interesting?
The first 60 days are a key time of year for RRSP planning. That’s when you can maximize your contributions and save more on income taxes! This period runs from January 1st to the 60th day of the year. Since this 60th day must be a business day, its date may vary from year to year.
You can claim a tax deduction for your RRSP contributions on your income tax returns (in addition to the 30% tax credits* that apply to labour-sponsored funds). For contributions made between March 4 and December 31, 2025, the deduction must be claimed on the tax returns for the current taxation year, i.e., .
Interestingly, you can apply the “first 60 days rule” to either the current or previous year. Contributions made between January 1 and March 2, 2026 can be claimed as a tax deduction on your tax returns for either the 2025 or 2026 taxation years.
* A maximum of $5,000 in subscribed shares (regardless of the type of labour-sponsored fund) may be eligible for the additional 30% tax credits each year.
Between January , Ms. Fonda contributed the annual maximum allowed to her RRSP, which is $5,000. If she claims her January and February 2026 contributions for the 2026 taxation year instead of the 2025 taxation year, she’ll reap the full benefits of the tax credits for both years without exceeding the maximum amount*.
* Note: contributions for the first 60 days of 2025 have not been claimed for the 2024 taxation year in this example.
Other important details:
- The end date of the
- You can also take advantage of labour‑sponsored fund tax credits and the “first 60 days rule” with non-RRSP share subscriptions.
- If you have a labour-sponsored fund RRSP, you must attach the two RL-10 tax slips you receive in January and March to your tax returns.
Deadline to contribute to your RRSP for 2025
You can contribute to your RRSP until March 2, 2026. You can then deduct the amount contributed to your RRSP from your income for the 2025 taxation year. Don’t delay!
Incidentally, can I apply the
Yes. You can do this, under certain conditions, for part or all of your contributions, if this is right for you. A financial advisor can recommend the best planning for your situation.
How much can I put in my RRSP?
To find out how much you can contribute to your RRSP, check your “RRSP deduction limit” on your latest Notice of Assessment from the Canada Revenue Agency, which you receive each year once your tax returns have been processed.
Have you lost your Notice of Assessment?
You can access it at any time online by logging into your account on the Canada Revenue Agency website.
There are ongoing fees and expenses associated with owning investment fund securities. Fondaction’s shares are not guaranteed. The value and performance of this investment fluctuate; past performance is not an indicator of future results. Before investing, please consult the prospectus at fondaction.com/prospectus (in French).
