The Globe and Mail

Beat the deadline

The deadline for making a contribution to an RRSP that can be deducted on your 2011 tax return is Feb. 29, 2012.

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Know your limit

The maximum annual dollar limit for RRSP contributions in 2011 is $22,450. For 2012, the limit is $22,970.

Know the over the limit rules

Contributions up to $2,000 in excess of RRSP limits can be made without being subject to a penalty tax.

Get support from your spouse

A spouse in a higher tax bracket may consider income-splitting opportunities for the future by contributing to a spousal RRSP. However, the contributing spouses are limited to their own personal deduction limits.

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How much contribution room is there?

RRSP contributions can be carried forward if claimants foresee being in a higher tax bracket in future years. This will help maximize the tax deduction.

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What are the age restrictions?

You must convert your RRSPs into a form of retirement income before the end of the year you turned 71 or be taxed on the Fair Market Value of the plan. Be sure to discuss your options with a tax professional.

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RRSP withdrawals

With few exceptions, RRSP withdrawals are taxed. However, there are federal programs allowing contributors to borrow from their RRSP for putting a down payment on a first house or financing education. The special rules and restrictions should be discussed with a tax professional.

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