The key dates
| Date | What happens |
|---|---|
| January 1 – December 31, 2026 | Contributions can be deducted for 2026 |
| January 1 – March 1, 2027 | “First 60 days”: you choose 2026 or a later year |
| Monday, March 1, 2027 | Last day for a 2026 deduction |
| Friday, April 30, 2027 | Usual filing deadline for 2026 returns (June 15 if you or your spouse are self-employed — but any balance owing is still due April 30) |
A last-minute example
You live in British Columbia, earned $60,000 in 2026 and decide in February to put $3,000 into your RRSP.
- Room: 18% of your 2025 earned income ($60,000) is $10,800 — plenty for $3,000.
- Marginal rate: 20.5% federal + 7.7% B.C. = 28.2% on your top dollars. Your income drops to $57,000, which crosses the $58,523 federal line, so part of the deduction saves 14% federal instead of 20.5%.
- Refund: about $747 ($516 federal + $231 B.C.).
Things that trip people up
- Transfers take time. Your bank needs the money in the RRSP by March 1, not just “on the way”. Leave a few days for online transfers.
- Receipts. You get one receipt for January–March contributions and one for the rest of the year. Report all of them on Schedule 7, even if you do not deduct them all.
- Over-contributing. You can be up to $2,000 over your lifetime room without penalty. Above that, the excess costs 1% a month.
- Turning 71 in 2026? Your own RRSP must be closed (converted to a RRIF or annuity) by December 31, 2026, so you cannot use the 60-day window for your own plan. A spousal RRSP for a younger spouse is still possible.
Do I have to deduct it this year?
No. If your income is low this year and you expect it to rise, you can contribute now (to start the tax-free growth) and claim the deduction in a later year when it saves more.
What different amounts are worth in B.C. at $60,000
| Contribution | Refund |
|---|---|
| $1,000 | $282 |
| $2,000 | $530 |
| $3,000 | $747 |
| $5,000 | $1,181 |
| $10,000 | $2,258 |
Short on cash before the deadline?
Some people take a short RRSP loan to use their room before March 1 and repay it with the refund. That can work if you can clear the loan quickly, but interest on an RRSP loan is not tax-deductible, so keep it short. Another gentle option is to set up a small automatic monthly contribution for 2027, so next year’s deadline is already taken care of.
FAQ
What is the RRSP deadline for the 2026 tax year?
Monday, March 1, 2027.
Can I contribute in January 2027 and deduct it on my 2026 return?
Yes. Contributions made from January 1 to March 1, 2027 can be deducted for 2026, or saved for a later year.
How much does a $3,000 contribution give back in B.C. at $60,000?
About $747 for 2026. Part of the deduction moves you below the $58,523 federal bracket, so the average rate is about 24.9%.
Sources: CRA “Tax rates and income brackets for individuals – 2026” (canada.ca/en/revenue-agency/services/tax/individuals/tax-rates-brackets/current-year.html, modified 25 June 2026); CRA MP, DB, RRSP, DPSP, ALDA, TFSA limits; Government of B.C. personal income tax rates (5.6% lowest rate for 2026); Manitoba Budget 2026 (EY tax alert 25 Mar 2026, indexation paused); KPMG and Manulife 2026 tax tables; provincial basic personal amounts from the 2026 TD1 indexation figures. Checked 5 November 2026.