RRSP Contribution Deadline 2026: How to Maximize Your Refund Before March 2

Key takeaways

• RRSP contributions for the 2025 tax year must be made by March 2, 2026
• The 2025 RRSP dollar limit is $32,490; your personal limit appears on your 2024 Notice of Assessment
• Unused room from prior years carries forward indefinitely — check your MyCRA account for your exact number
• Spousal RRSP contributions count against the contributor's room, not the spouse's
• Contributions made in the first 60 days of 2026 can be deducted on either your 2025 or 2026 return

March 2, 2026 is 60 days after December 31, 2025 — and it is the last day to make an RRSP contribution that can be claimed as a deduction on your 2025 T1 return. Banks and investment dealers start advertising this deadline heavily in early February, but the planning decisions should be made earlier.

How much room do you have?

Your RRSP contribution room for 2025 is calculated as 18% of your 2024 earned income, to a maximum of $32,490, plus any unused room carried forward from prior years, minus any pension adjustment reported on your 2024 T4 slip.

Earned income for RRSP purposes includes employment income, self-employment income, rental income (net of losses), alimony received, and royalties. It does not include investment income, pension income, or capital gains. The pension adjustment on box 52 of your T4 reflects the value of benefits accrued in a registered pension plan or DPSP and reduces your RRSP room dollar for dollar.

Your exact limit is on line A of your 2024 Notice of Assessment. If you do not have it, log into My Account at canada.ca — the CRA shows your available room in real time.

Spousal RRSP strategy

Contributing to a spousal RRSP is one of the most effective income-splitting tools available to couples with different expected retirement incomes. The contributor claims the deduction on their return; the spouse is the account holder and will pay tax on withdrawals (subject to the three-year attribution rule).

The three-year attribution rule means that if the spouse withdraws from the spousal RRSP within three calendar years of any spousal contribution, the withdrawal is attributed back to the contributor as income. After three years have passed without a contribution, withdrawals are taxed in the spouse's hands.

Spousal RRSP contributions are made against the contributor's room. If you have $25,000 of personal RRSP room, you can split it any way you choose between your own RRSP and a spousal RRSP.

Should you delay the deduction?

Contributions made in January or February 2026 can be deducted on your 2025 return or carried forward to 2026 (or later). If you expect your income to be significantly higher in 2026 than 2025, you might choose to contribute before March 2, 2026 — locking in the contribution — but claim the deduction on your 2026 return when your marginal rate is higher.

This is a legitimate strategy. There is no requirement to deduct RRSP contributions in the year they are made. Many Canadians in fluctuating income years use this technique to maximize the value of the deduction.

RRSP vs. TFSA: which to prioritize?

The answer depends on your current vs. future marginal tax rate. If you are in a high bracket now and expect to be in a lower bracket in retirement, RRSP deductions are more valuable. If you are in a low bracket now — students, part-time workers, people with significant carry-forward room — the TFSA may be a better first priority because RRSP deductions are worth less at lower rates.

Many Canadians benefit from contributing to both in the same year. The FHSA is a third option worth considering if you are eligible — it provides both an upfront deduction like an RRSP and tax-free growth and withdrawals like a TFSA.