RRSP Deadline For 2010
The RRSP deadline for 2009 (tax year) contributions is midnight of Monday, Mar 1, 2010.
When you file your 2009 tax return (deadline is April 30, 2010) you have the option of claiming any rrsp contributions made during the first 60 days of the current year. In other words – any rrsp contributions made between Jan 1, 2010 and Mar 1, 2010 can be claimed on your 2009 tax return if you wish. These are known as “60 day contributions“. Want to find out what the RRSP contribution limits are?
How can the RRSP deadline be midnight if the stock exchanges etc are closed at 4:00pm?
Good question. This deadline is very “soft” – it really represents the day you place your purchase (or at least try to place your purchase). For example if you meet with your financial advisor at 11:30 pm, March 1 in the alley behind your local Tim Hortons then that still counts as a contribution even if he doesn’t actually buy the investment until the next day or a couple of days later.
RRSP contribution deposit date
But if the deadline is March 1 and the advisor makes your purchase on March 3 then how can that be a 60 day contribution? The answer is the “deposit date” of the contribution. If the advisor makes the purchase on March 3 then you will get the prices of March 3 (also known as the “trade date”) for your investment purchase but he/she will ensure that the deposit date is set to Mar 1 which means that the institution that is handling the investment (ie brokerage, mutual fund company) will create a 60 day rrsp contribution receipt for you.
Can I just call my financial advisor on Mar 3 and tell him I meant to contribute March 1?
Yes, you can. Although some advisors might refuse the order, I’d be willing to bet that most of them will still do the purchase for you and backdate the deposit date. Just tell them that you “forgot” or come up with some other lame excuse. Â More rrsp contributions mean more money in their pocket. There is a limit however, once you get a week or two past the deadline then it becomes less likely that you will be able to get a contribution receipt. The best thing is to make the contribution on time.
Is the rrsp contribution deadline always March 1?
No, it isn’t. Here is a table of all the contribution deadlines for the next 5 years.
2010 Mar 1
2011 Mar 1
2012 Feb 29
2013 Mar 1
2014 Mar 3
2015 Mar 2
How is the rrsp contribution deadline calculated?
The deadline is calculated using the following steps:
- Start with Dec 31 of the previous year.
- Move forward 60 days ie Jan 1 is 1 day, Jan 2 is 2 days etc.
- If the 60th day is a weekend then keeping going forward in time until the next business day.
The majority of the time the deadline is on March 1st because most years, March 1st is during the week. You’ll notice from the table that in 2014, Mar 1 is a Saturday so the deadline is the following Monday, March 3.
Leap years can also play a part which is why sometimes the deadline is Feb 29.
