1.  A different deadline.  March 2nd, 2020 is the deadline for contributions to your Registered Retirement Savings Plan (RRSP) for the 2019 tax year. (Although 2020 is a leap year, the expected February 29th deadline falls on a weekend, meaning the deadline moves to Monday, March 2nd.)

2.  Know your limit.  Review your Notice of Assessment from 2018 to find out exactly how much you can contribute. If you can’t find your Notice of Assessment, contact the Canada Revenue Agency (CRA). Also keep in mind that unused RRSP contribution amounts from previous years can be carried forward to the next year.

3.  No cash? Consider in-kind contributions.  If you don’t have a contribution at hand, you may be able to transfer a non-registered investment into your RRSP. Remember, there are tax implications, as it is considered a “deemed disposition” for tax purposes and you may have to pay tax as if you had sold the investment.

4.  To borrow or not to borrow?  Is an RRSP loan a good idea? It depends on a number of factors and your individual situation. The best strategy if do you borrow is to use any tax refund to immediately pay off the loan to minimize your borrowing costs and maximize your retirement savings.

Don’t let deliberations about how to invest your contribution stop you from making that contribution. You can put the money in your RRSP now and make investment decisions later — ideally, as part of our next portfolio review, where you can take a holistic view of your options.