RRSP Season is around the corner – Are you ready?

With the start of another year, Canadians will begin preparing for filing their annual income taxes. As you wait for your employer to issue your T4 slip, you will also begin receiving your RRSP contribution tax receipts, for the period ending December 31, 2014.

Did you make all of the RRSP contributions in 2014 that you had hoped to? Did you run out of time before starting your contributions, despite your best intentions? Take comfort in knowing – it’s not too late! Any contributions made within the first 60 days of 2015 are eligible to be claimed on your 2014 tax return – this is great news!

You have until MARCH 2nd, 2015 to make your last minute RRSP contributions for the 2014 tax year. In most cases, you will need to have your contributions post-marked no later than March 2nd, 2015, in order to be considered eligible for the 2014 tax year however – please confirm with your RRSP provider, to be sure.

Many RRSP providers (including the group RRSP available through PEO Canada) will be issuing RRSP tax receipts in early February for those contributions made on or before December 31st, and by late March 2015 for those contributions made before March 2nd, 2015. Any contributions made after March 2nd will be considered eligible for the 2015 tax year.

If you have any questions or concerns, please reach out to your financial services professional, or your PEO Canada Benefits Administrator for assistance.

David Maltman / Team Lead Benefit Services / PEO Canada

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