A Registered Retirement Savings Plan (RRSP) can help you save for retirement, an education or even buy your first home. You have until February 29, 2012 to contribute to your RRSP so that you can reap the benefit of a tax deduction on your 2011 tax year. To retrieve your RRSP deduction limit for 2011, please refer to your 2010 Notice of Assessment. You can also use the new online service offered to you by the CRA named “My Account”.
My Account lets you obtain the information on your RRSP contribution limits, contribution requirements for the Home Buyers Plan and contribution requirements for the Lifelong Learning Plan. You can also receive information on your Child Tax Benefits and your GST/HST payment information.
For more information on RRSP, visit http://www.cra.gc.ca/rrsp or log on to My Account at http://www.cra.gc.ca/myaccount.
Source: Canada Revenue Agency http://www.cra-arc.gc.ca/menu-eng.html
