RRSP Deadline for the 2026 Tax Year: March 1, 2027

RRSP deadline 2027: how the date is set

Under section 146(5) of the Income Tax Act, contributions made in the year or within 60 days after its end can be deducted for that year. For 2026 the 60th day is March 1, 2027. When the 60th day is a weekend, the CRA moves the deadline to the next business day. That is why the 2025 deadline was March 2, 2026: the CRA says contributions "from March 4, 2025 to March 2, 2026 qualify" for 2025.

Your financial institution needs the money by the deadline, not just an instruction to send it, so leave a few days for transfers. Contributions made from January 1 to March 1, 2027 can be deducted on either the 2026 or the 2027 return, but you must report them on the 2026 return using Schedule 7 either way.

RRSP limit 2026: how your deduction limit is calculated

The CRA calculates your RRSP deduction limit as unused room from earlier years, plus the lesser of 18% of your previous year's earned income and the annual limit ($33,810 for 2026), minus your pension adjustment (PA). It then adds any pension adjustment reversal and subtracts any past service pension adjustment. You need about $187,834 of 2025 earned income to get the full $33,810 of new room.

Your exact figure is on the RRSP Deduction Limit Statement in your latest notice of assessment, on Form T1028 and in CRA My Account. Members of workplace pension plans have less room because their pension adjustment, reported on the T4, is subtracted. Contributions to a spouse's RRSP use your room, not theirs.

Carry-forward: unused room and undeducted contributions

Unused room carries forward with no time limit, so missing one deadline does not lose the room. You can also contribute now and deduct later: contributions you do not deduct are recorded as "unused RRSP contributions" and can be claimed in any later year. This helps when you expect a higher income, because the same deduction then saves more tax.

Example: an Ontario employee earning $85,000 contributes $10,000. Our engine estimates the 2026 federal and provincial tax saving at about $2,965. If you expect a raise into the next bracket, keeping the deduction for later can increase that saving. If you contribute but do not deduct, you still list the amount on Schedule 7.

Making a last-minute contribution before the deadline

If you are contributing close to March 1, 2027, follow these steps so the contribution counts for 2026 and does not create an over-contribution:

Plan for withholding if you take money out later. RRSP withdrawals outside Quebec have tax withheld at 10% up to $5,000, 20% from $5,000 to $15,000 and 30% above that. The withdrawal is then added to your income for the year and taxed at your marginal rate when you file.

• Check the "RRSP deduction limit for 2026" on your 2025 notice of assessment or in CRA My Account.
• Subtract everything contributed after March 2, 2026, including group RRSP payroll deductions.
• Contribute by electronic transfer to an RRSP you already hold. Opening a new account can take longer.
• Keep the receipt for contributions made after December 31; it shows the 2027 date but can be deducted for 2026.
• Report every contribution made after March 2, 2026 on Schedule 7, even if you deduct only part of it.

Over-contribution: the 1% per month tax

You can go up to $2,000 over your deduction limit without penalty, as long as you were 18 or older in the previous year. Beyond that, the CRA charges "a tax of 1% per month on your unused contributions that exceed your RRSP deduction limit by more than $2,000." You report it on Form T1-OVP and must file and pay within 90 days after the end of the year, by March 31.

Example: you are $5,000 over your limit. The first $2,000 is allowed, and the remaining $3,000 costs $30 a month until you withdraw it or new room absorbs it. If the over-contribution was a reasonable error and you are taking steps to fix it, you can ask the CRA to waive the tax using Form RC2503. Withdrawing the excess through the Home Buyers' Plan does not stop the tax.

Common RRSP deadline mistakes

These are the errors that most often cost money at this time of year:

• Using last year's limit after the notice of assessment has changed it, for example because of a new pension adjustment.
• Forgetting group RRSP payroll contributions when working out how much more you can contribute.
• Contributing after December 31 of the year you turn 71: from then on, you can contribute only to a younger spouse's RRSP.
• Deducting the interest on an RRSP loan, which is not deductible.
• Expecting the tax withheld on a withdrawal to cover the full tax. Withholding is 30% on $20,000 outside Quebec, but the withdrawal is taxed at your marginal rate when you file.