RRSP Contribution Limit and Deadline (2026): It Isn't March 1
The deadline is the 60th day after year end, not a fixed date — the CRA's 2025 window runs to March 2, 2026. And if you turn 71 this year there's no March grace period at all.
CreditCardGuru Editorial Team
Rewards & Cards Research · August 26, 2026 · 8 min read
The RRSP deadline is not March 1. It is the 60th day after year end — and for the 2025 tax year the CRA says the qualifying window runs to March 2, 2026.
Most pages hard-code "March 1" and go stale. The rule produces a different answer when the 60th day falls on a weekend, a different one again in a leap year, and no March deadline at all in the year you turn 71.
Underneath that sits a bigger confusion: contributing and deducting are two separate decisions on two separate clocks.
When is the RRSP deadline?
The 60th day after December 31, adjusted if that lands on a weekend. For the 2025 tax year, the CRA states contributions "from March 4, 2025 to March 2, 2026 qualify."
Note what that window shows. It does not start on January 1 — it starts in early March, right after the previous year's window closed. The early-March days you contribute in belong to the tax year that just ended, not the one you are in.
To work out any year's deadline yourself: count 60 days from December 31. If that day is a Saturday or Sunday, it moves to the next business day. In a leap year the 60th day is February 29.
If you turn 71 this year, the deadline is not in March
You can contribute only until December 31 of the year you turn 71. There is no 60-day grace period.
This is the one group for whom "you have until March" is actively wrong, and they have the most at stake. The CRA is explicit: contributions are permitted "until December 31st of the year you turn 71 years of age."
One route stays open. You can contribute to a spouse's or common-law partner's RRSP until December 31 of the year they turn 71 — so a 72-year-old with a younger spouse still has somewhere to put money.
How is your deduction limit calculated?
It is not simply 18% of your income. The CRA's calculation, in order:
| Component | |
|---|---|
| Your unused RRSP deduction room at the end of the preceding year | |
| + | The lesser of 18% of your previous year's earned income, or the annual RRSP limit — $32,490 for 2025 — to the extent it exceeds your pension adjustment |
| + | Your pension adjustment reversal (PAR) |
| − | Your net past service pension adjustment (PSPA) |
The dollar figure is a ceiling, not a target. If 18% of your earned income is less than it, the smaller number applies.
If you want to run it yourself, the CRA points to chart 3 of Guide T4040.
Where the 18% rule dies: the pension adjustment
If you have a workplace pension, your room is reduced by your pension adjustment. That is what the "to the extent it exceeds your pension adjustment" clause is doing.
The logic is that the pension is already tax-sheltered retirement saving, so the RRSP room shrinks to compensate. For an employee in a decent defined-benefit plan, the remaining room can be a small fraction of 18%.
Which is why calculating your own limit from your salary is usually wrong, and why the only number that counts is the one on your notice of assessment.
Contribute this year, deduct in a later one
The money's tax year is fixed by the calendar. The year you claim the deduction is your choice.
You can claim a deduction for contributions you made this year, contributions to a spouse's or partner's plan, and unused contributions carried forward from a previous year. There is no requirement to deduct in the year you contributed.
When is deferring worth it? When you expect to be in a higher tax bracket later. A deduction is worth your marginal rate, so claiming a $10,000 deduction in a year you earn more returns more tax than claiming it in a low-income year. Students, people on parental leave and anyone between jobs are the usual cases.
The contribution still has to be made by the deadline to count for that year's room — only the claim is flexible.
What happens if you go over
A tax of 1% per month applies to contributions exceeding your deduction limit by more than $2,000.
That $2,000 is a cushion, not an allowance — it is not deductible, it just sits there without attracting the penalty. Go beyond it and the monthly tax starts.
Check the figure on your notice of assessment before contributing a large amount, particularly if you have a workplace pension, since the pension adjustment can leave far less room than you expect.
What you cannot deduct
The CRA names five things people routinely get wrong:
- Administration fees paid for an RRSP
- Brokerage fees for buying and selling inside a trusteed RRSP
- Interest on money you borrowed to contribute
- Capital losses inside your RRSP
- Employer contributions to your PRPP
The third deserves emphasis in February, when RRSP loans are heavily marketed. The contribution is deductible; the interest on the loan to make it is not. Whether borrowing makes sense is separate arithmetic this page does not run.
Also worth knowing: amounts you transfer directly into an RRSP do not affect your deduction limit. A transfer is not a contribution.
RRSP or TFSA first?
There is no universal answer, and the deciding factor is your marginal tax rate now versus in retirement.
An RRSP deduction is worth your current marginal rate and the withdrawal is taxed at your future rate. If you expect to earn less in retirement than you do now, the RRSP wins on that spread. If you expect to earn as much or more — or you are early in your career on a modest income — the TFSA's tax-free withdrawal is usually better.
One asymmetry worth knowing: TFSA room comes back after a withdrawal, on January 1 of the following year. RRSP room does not. Withdraw from an RRSP outside a designated plan and that room is gone permanently.
What to check on your notice of assessment
Before contributing anything substantial:
- Find the RRSP deduction limit statement on your most recent notice of assessment.
- Check for unused contributions already reported — money you contributed but never claimed.
- Subtract anything you have contributed since that assessment was issued.
- If you have a workplace pension, expect the figure to be well below 18% of your income.
The deduction-limit formula, the $32,490 annual limit for 2025, the March 4, 2025 to March 2, 2026 qualifying window, the December 31 cut-off in the year you turn 71, the 1% monthly tax on excesses beyond $2,000, and the list of non-deductible amounts are all from the Canada Revenue Agency's "How contributions affect your RRSP deduction limit" page at canada.ca, read September 2026. Your own deduction limit is on your notice of assessment and no article can tell you what it is. This page names no bank, brokerage or fund, recommends no product and carries no affiliate links.
Frequently asked questions
When is the RRSP deadline?
It is the 60th day after December 31, moved forward if that lands on a weekend. For the 2025 tax year the CRA states the qualifying window runs from March 4, 2025 to March 2, 2026. Work out future years by counting 60 days from year end.
Is the RRSP deadline always March 1?
No. It is a rule, not a date. When the 60th day falls on a Saturday or Sunday it moves to the next business day — which is why the 2025 tax year deadline is March 2, 2026. In a leap year the 60th day is February 29.
Can I still contribute to my RRSP if I'm 71?
Only until December 31 of the year you turn 71 — there is no March extension for you. You can still contribute to a spouse's or common-law partner's RRSP until December 31 of the year they turn 71.
What is the difference between contribution room and my deduction limit?
For an RRSP they are effectively the same figure, but it is not 18% of your salary. Your pension adjustment reduces it if you have a workplace pension. The authoritative number is the RRSP deduction limit statement on your notice of assessment.
Do I have to deduct my contribution in the year I make it?
No. You can carry unused contributions forward and claim them in a later year, which is worth doing if you expect a higher marginal rate then. The contribution must still be made by the deadline to count toward that year's room.
How much can I put in my RRSP?
We cannot tell you — it depends on your earned income, your unused room and your pension adjustment. The CRA calculates it and prints it on your notice of assessment. For 2025 the annual dollar ceiling was $32,490, but most people's limit is lower.
What happens if I over-contribute to my RRSP?
There is a $2,000 cushion. Beyond that, a tax of 1% per month applies to the excess for as long as it remains. The cushion is not deductible — it simply avoids the penalty.
Is interest on an RRSP loan tax deductible?
No. The CRA lists interest paid on money borrowed to contribute to an RRSP, PRPP or SPP among amounts you cannot deduct. The contribution itself is deductible; the borrowing cost is not.