What is the Maximum RRSP Contribution for 2025?

Yes, you can still make your RRSP contributions before the March 3, 2026, deadline, even if you haven’t filed your 2025 tax return yet. But we’ve seen confusion arise when clients forget to claim contributions made in the first 60 days of the year. At Canadian LIC, we help you document those amounts properly — and ensure they’re included in the right year’s return so no refund is missed.

You can contribute to a spousal RRSP even if your partner files a separate return. We often help couples structure this smartly — where one spouse contributes and gets the tax break while the other builds their retirement cushion. It’s not about filing together — it’s about planning together. And our advisors walk you through every line to ensure both benefits are maximized.

Many clients with employer RRSP matching programs don’t realize those contributions count toward their personal limit. This is one of the top sources of over-contribution errors we see. At Canadian LIC, we help you account for both your payroll deductions and your direct contributions to make sure you don’t exceed your limit unknowingly.

Yes — but only under specific programs like the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP). We’ve helped first-time buyers and adult students use these options to their advantage. But we always explain the repayment terms clearly — because if you don’t repay on time, the withdrawal is added to your income and taxed. Our role is to help clients use RRSPs without triggering surprise tax bills.

This is one of the more overlooked questions. RRSP withdrawals in retirement can increase your taxable income — and that may reduce eligibility for benefits like GIS or age credits. That’s why we model long-term income scenarios for our clients. With the right planning, we balance RRSP usage with TFSAs and other assets to protect future benefit entitlements.

Only if you still have an RRSP room from when you were a resident and earned qualifying income. We’ve worked with Canadians living abroad who kept contributing — and faced unexpected CRA letters. Our team walks you through residency status, contribution eligibility, and tax treaty considerations to keep everything legal and penalty-free.

Waiting for a windfall often means never starting at all. Many of our most successful clients began with monthly automated contributions of $100 or $200. It’s the habit — not the amount — that compounds. And we often show clients how small monthly amounts lead to larger refunds than they expect by tax time.

We always point our clients to CRA’s “My Account” portal — but we don’t stop there. We walk them through reading their Notice of Assessment, explain what pension adjustments mean, and even verify group plan deductions. You don’t need to guess your room. With the right help, you can see it, use it, and plan around it confidently.

You must convert your RRSP to a RRIF (Registered Retirement Income Fund) or an annuity by December 31 of the year you turn 71. We prepare our clients for this year in advance — showing them how to reduce taxes with early withdrawals, income splitting, and TFSA re-contributions. It’s not the end of tax deferral — it’s the start of income strategy.

Our work doesn’t end at contribution season. We offer quarterly check-ins, annual reviews, and real-time investment insights so your RRSP evolves with your goals. Whether it’s reallocating funds during market changes or rebalancing to protect gains, we ensure your RRSP continues to grow efficiently — without losing sight of your long-term retirement vision.