2024 is a leap year – which means you have until Feb. 29 to contribute to your registered retirement savings plan (RRSP).
Why contribute? Putting money into an RRSP can help lower your income taxes today, while saving for tomorrow. Also, money saved in an RRSP grows tax-free. You’re taxed only on the withdrawals you make.
Your group savings plan advantage
When you invest your money in your group RRSP, you can benefit from fees that are typically lower than what you’d pay for similar individual products. That means more money is left to grow and provide for your future.
Make a contribution
1. Sign in to My Canada Life at Work™
2. Select Contributions and choose Add new
3. Follow the prompts
But first… It’s important to be aware of your personal tax situation and how much contribution room you have available. Be sure to check your Canada Revenue Agency Notice of Assessment to confirm your RRSP deduction limit.
