RRSP deadline 2026: the contribution deadline and your limit

The RRSP deadline for the 2026 tax year

An RRSP contribution counts for a tax year if you make it during that year or in the first 60 days of the next one. The CRA calls these two windows the contribution periods: the last 10 months of the tax year, then the first 60 days of the following year.

For the 2025 tax year, the CRA set the deadline at March 2, 2026. For the 2026 tax year, the 60th day of 2027 is Monday, March 1, 2027 (January has 31 days and February has 28). That’s the date the rule points to. When we checked in October 2026, the CRA hadn’t yet posted the 2026 date on its pages, so confirm it on canada.ca before you rely on it, especially if you plan to contribute on the last day.

The 2026 and 2027 RRSP limits

The CRA sets a maximum dollar amount each year. It’s the most anyone can add in new room for that year, no matter how much they earn.

Most people get less than the cap. Your new room for 2026 is 18% of your 2025 earned income, up to $33,810. You’d need about $187,833 of earned income in 2025 to reach the full 2026 limit. If you belong to a workplace pension plan, your pension adjustment reduces your room further.

How to find or calculate your own limit

You don’t have to work it out yourself. The CRA prints your RRSP deduction limit for the coming year on your notice of assessment, in the RRSP deduction limit statement. You’ll also find it in CRA My Account and on Form T1028.

Here’s an example. You earned $60,000 in 2025 and have no pension plan. 18% of that is $10,800, which is under the cap, so you add $10,800 of room for 2026 on top of any unused room.

Over-contributing and the $2,000 buffer

The CRA lets you go up to $2,000 over your deduction limit without a penalty, if you were 18 or older at some point in the previous year. You can’t deduct that $2,000 until you have room for it, but it grows tax-sheltered in the meantime.

Anything above your limit plus $2,000 is an excess contribution. The CRA charges a tax of 1% per month on it for each month it stays in the plan. You report it on Form T1-OVP and pay within 90 days after the end of the year. The quickest fix is to withdraw the excess.

Which year a deadline contribution counts for

Money you add between January 1 and the deadline can be deducted on the previous year’s return. On your return, you report all contributions from both periods on line 24500 and the amount you want to deduct on line 20800.

You don’t have to deduct it right away. The CRA lets you carry forward unclaimed contributions and deduct them in a later year, which can make sense if you expect a higher tax rate later. Either way, report the contribution for the year you made it.

The age 71 rule and spousal RRSPs

The year you turn 71 is the last year you can contribute to your own RRSP. By December 31 of that year, the plan must mature: you withdraw the money, transfer it to a RRIF, or buy an annuity.

A spousal RRSP is one you pay into, but your spouse or common-law partner owns. The contribution uses your room and you get the deduction. It can split retirement income between you. If your spouse withdraws money you added that year or in the two years before, the CRA may tax that amount as your income. You can keep contributing to a spousal RRSP until the end of the year your spouse turns 71, even if you’re older.

Where to hold your RRSP money

An RRSP is an account type, not an investment. Many people hold contributions in RRSP savings accounts or GICs while they decide what to invest in. Banks that offer RRSP savings accounts include the CIBC RRSP Daily Interest Savings Account, the Desjardins RRSP Savings Account, the EQ Bank RRSP Savings Account and the Tangerine RSP Savings Account.