Community News

Friday, January 13, 2012

Annual RRSP contribution deadline fast approaching

While holiday spending may be dominating your financial thinking this time of year, it’s worth remembering that the RRSP contribution deadline is just a few short months away.

Contributions to your RRSP for the 2011 tax year must be made before Thursday, February 29, 2012. The maximum RRSP contribution for 2011 is $22,450, but you can also carry forward unused portions of the limit from previous years, so it’s possible the total you are allowed to contribute for 2011 may be higher.

If the impending contribution deadline has caught you off guard, don’t feel bad — you’re not alone. Many people fully intend to contribute to their RRSP each year, only to be left short of funds when the deadline rolls around. One good way to prevent that annual scramble is to set up pre-authorized RRSP contributions. You can create an automatic contribution for an amount that meets your budget — perhaps $100 per pay period — and then relax and breathe easy, knowing your annual contribution will take care of itself.

If you’d like to make an RRSP contribution before the February 29, 2012 deadline, or if you’d like more information on setting up an automatic pre-authorized contribution, please feel free to stop by one of our branches or call us at 954-7450. We’d be happy to help.

Modern Earth Web Design, Winnipeg, Manitoba, Canada