RRSP Deadline March 1, 2027: The First-60-Days Rule

How we check the numbers: every figure on this page is calculated from official CRA, Statistics Canada or Bank of Canada data and cross-checked with the free calculators on this site — run them yourself to verify.

The short version

March 1, 2027 is a Monday, and it is the 60th day of 2027: 31 days in January plus 28 in February, plus March 1. Contributions made on or before that day can generally be deducted on your 2026 return, as long as you have the deduction room. Miss it by a day and the contribution counts for 2027 instead.

The first-60-days rule, plainly

Every tax year has two contribution windows:

• During the year itself — January 1 to December 31, 2026. These contributions count for 2026.
• The first 60 days of the next year — January 1 to March 1, 2027. These contributions can be claimed for either 2026 or 2027. You choose on your return.

That choice is the whole point of the rule. It lets you see your full 2026 income first, then decide how much of a deduction you actually need before you file. If you already owe tax, a first-60-days contribution can shrink the bill. If you do not need the deduction, you can still contribute now and claim it later.

One practical detail: your bank or brokerage will send two receipts. One covers March to December 2026; the other covers the first 60 days of 2027. You need both totals when you file — enter them on Schedule 7 of your return.

How much room do you actually have?

Your 2026 deduction limit is the lesser of two numbers, plus your history:

• 18% of your 2025 earned income — salary, self-employment income and net rental income count; investment income, dividends and pension income do not.
• The dollar cap: $33,810 for 2026 (up from $32,490 for 2025).
• Plus unused room carried forward from every earlier year — it never expires.
• Minus any pension adjustment if you belong to a workplace pension plan (it shows on your T4, box 52).

The math, checked: 18% × $80,000 = $14,400, and 18% × $100,000 = $18,000. To hit the full $33,810 cap you need $33,810 ÷ 18% = $187,833 of 2025 earned income. Most people never come near the cap — the cap is a ceiling, not a target.

Do not guess your number. Your exact deduction limit is printed on your latest Notice of Assessment and in CRA My Account. That figure does not include contributions you have already made this year, so subtract those yourself before you deposit.

What a contribution actually saves you

An RRSP contribution reduces your taxable income dollar for dollar, so the saving equals your contribution times your marginal tax rate — the rate on your top slice of income, not your average rate.

• $5,000 at a 29.65% Ontario marginal rate saves about $1,480 in tax ($5,000 × 29.65% = $1,482.50).
• $10,000 at a 30% marginal rate saves about $3,000.
• $14,400 at 40% saves about $5,760 — and the money then grows tax-deferred inside the plan until you withdraw it.

That is why timing matters more than the refund cheque suggests. The refund is just over-withheld tax coming back. The real benefit is the deduction at a high rate today plus decades of tax-sheltered growth, ideally withdrawn later at a lower rate in retirement.

Contribute now, deduct later — the timing trick

Contribution and deduction are two separate decisions. You can put money into your RRSP before March 1, 2027 and not claim it on your 2026 return. The unused deduction carries forward, and you claim it in a year when your income is higher and the same dollars save more tax.

This is the right move when you expect a raise, a bonus year, or a return to full-time work soon — or when your 2026 income is unusually low and your marginal rate is not worth deducting against. The money starts growing tax-sheltered immediately either way.

The same logic applies to spousal RRSPs: the higher earner contributes using their own room, the lower earner eventually withdraws at a lower rate, and the same March 1 deadline applies. Watch the three-year attribution rule — withdrawals within three years of a spousal contribution are taxed back to the contributor.

Three mistakes that cost real money

1. Over-contributing. You get a $2,000 lifetime buffer with no penalty. Above that, the excess is taxed at 1% per month until you withdraw it — $1,000 over the buffer costs $10 a month, and it keeps running. Withdraw the excess and file Form T1-OVP if required.
2. Contributing late and assuming it counts. A deposit on March 2, 2027 is a 2027 contribution, full stop. Set your reminder for early February, not late February — banks and brokerages need processing time.
3. Treating an RRSP like a TFSA. RRSP withdrawals are taxable income, with 10% withheld up to $5,000, 20% from $5,001 to $15,000, and 30% above $15,000 (outside Quebec). Unlike a TFSA, withdrawn RRSP room does not come back. The exceptions are the Home Buyers' Plan (up to $60,000) and the Lifelong Learning Plan.

And one deadline that is easy to forget: you can contribute only until December 31 of the year you turn 71, when the plan must convert to a RRIF or an annuity.

Your checklist before March 1, 2027

1. Check your room on your Notice of Assessment or CRA My Account, then subtract contributions you have already made in 2026 and early 2027.
2. Decide how much deduction you need for 2026 — or whether to save the deduction for a higher-income year.
3. Contribute by mid-February to leave processing time; do not rely on the last day.
4. Keep both receipts (2026 contributions and first-60-days contributions) for Schedule 7.
5. If you have a workplace pension, confirm your pension adjustment — it may have already shrunk your room more than you expect.

Sources

• Wealthsimple — RRSP contribution deadline for 2026 (March 1, 2027; first-60-days rule; $33,810 limit)
• Sun Life — RRSPs: Know your limits (18% of prior-year earned income, $33,810 for 2026, age-71 conversion)
• Wealthsimple — RRSP FAQs: Limits, Deadlines & Rules ($2,000 buffer, 1% monthly penalty, carry-forward rules)

Educational content only — not financial advice. Figures are estimates; confirm your own situation with the CRA or a licensed financial advisor. See our Disclaimer.