Why missing today’s RRSP deadline isn’t the end of the world

Today is the last day to contribute to an RRSP for the 2020 tax year, but missing the deadline isn’t the end of the world, especially for anyone whose income has taken a hit because of the COVID-19 pandemic.

Canadians can contribute up to $27,830 or 18 per cent of last year’s income until midnight to get the maximum tax refund. Once cash is deposited it can be used to invest in stocks, bonds, mutual funds, ETFs, and other investment vehicles.

Source: Why missing today’s RRSP deadline isn’t the end of the world

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