The Registered Retirement Savings Plan (RRSP) is an investment plan used by Canadians to save for retirement. Contributions are tax deductible for tax purposes, however there is a limit. The contribution rate is 18% of earned income up to a $31,560 which equates to an earned income of 175,333.33. This amount is reduced if you belong to a company pension plan. Unused contribution room is carried forward and can be used in subsequent years.
Each year, you are allowed to make contributions for up to 60 days in the following year but use the contribution on your prior year contribution. February 29, 2024 is the deadline for contributing to an RRSP for the 2023 tax year.
The following government of Canada link is quite comprehensive and covers many of the aspects of an Registered Retirement Savings Plan (RRSP)
