This is the final week to contribute to an RRSP for 2022, but experts are seeing a fall in Quebecers’ contribution to their savings due to the current economic context.
• Also read: How much does your RRSP earn?
• Also read: How to use the CELIAPP to buy a first property?
• Also read: Borrow to invest in your RRSP?
In 2023, contributions to old-age provision will be significantly lower than in the years before the pandemic.
March 1st is the deadline to contribute to your RRSPs for the 2022 period.
“The best recommendation is to take a step back and see how much you made in 2022. Then at this point you can determine your marginal tax bracket that you are in. Then you can calculate whether it’s worth putting in a little extra effort to get a tax refund or deduction,” advises Antoine Chaume, Financial Planner.