Last updated: 26 February 2026, 9:08 AM (Toronto time)
If you want an RRSP contribution to count toward your 2025 income tax return, the CRA lists Monday, March 2, 2026 as the deadline.
This matters because RRSP contributions can reduce your taxable income for the year you claim them.
What exactly is the deadline (and what qualifies)?
For claiming a deduction on your 2025 return, the CRA states that contributions made from March 4, 2025 to March 2, 2026 qualify.
If you’re making a last-minute contribution, plan for processing time so your RRSP provider receives and records it by the deadline.
How RRSP contributions reduce your tax bill
RRSP contributions can lower your taxable income, and the value depends on your marginal tax rate.
Example (simple illustration):
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If your marginal rate is 30% and you contribute $10,000, the tax reduction could be about $3,000.
Your actual refund can be different depending on your total income, deductions, credits, and whether you owe tax already.
RRSP contribution limit for 2025 (maximum)
For 2025, the CRA’s annual RRSP limit is $32,490.
But your personal RRSP deduction limit may be lower (or higher if you have unused room carried forward), because it’s based on:
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Unused RRSP room from previous years, plus
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The lesser of:
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18% of your earned income from the previous year, or
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The annual maximum ($32,490 for 2025)
…and then adjusted for pension factors.
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How to check your exact RRSP deduction limit
The CRA recommends checking:
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Your CRA account online, or
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The RRSP Deduction Limit Statement on your latest Notice of Assessment / Reassessment.
If you can’t access your online account, CRA’s contact page also lists an automated phone service where you can check RRSP contribution room (and other amounts).
What happens if you over-contribute?
The CRA explains that you generally pay a 1% per month tax on contributions that exceed your RRSP deduction limit by more than $2,000.
If you have excess contributions, CRA guidance also notes you may need to file the T1-OVP (excess contributions return). The filing due date is 90 days after the end of the calendar year, and CRA outlines penalties if you file late.
RRSP vs TFSA: which should you prioritize?
They’re both useful, but for different situations:
RRSP may make more sense if:
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You’re in a higher tax bracket now and want a deduction today.
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You expect to withdraw in a lower tax bracket later (withdrawals are usually taxable).
TFSA may make more sense if:
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You want flexibility and tax-free withdrawals.
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Your income is lower right now, so an RRSP deduction would save less today.
Also: you can contribute to an RRSP by the deadline and choose when to claim the deduction (some people report the contribution now and carry the deduction forward). CRA discusses unused RRSP contributions and tracking them through Schedule 7.
FAQ
Do I need to claim the RRSP deduction the same year I contribute?
Not always. You may be able to report the contribution and carry forward unused amounts, depending on your situation.
Where do I claim the RRSP deduction on my tax return?
The CRA explains the RRSP deduction is claimed on line 20800, and you may need Schedule 7.
What if I contribute after March 2, 2026?
Then it generally won’t be eligible to deduct on your 2025 return under the CRA’s deadline guidance.
Reality check
An RRSP contribution can reduce taxable income, but it’s not “free money.” Your benefit depends on your tax bracket and overall tax situation, and withdrawals are usually taxable later. If you’re rushing near the deadline, make sure you confirm your available room and allow time for your financial institution to process the contribution to avoid over-contribution issues.
