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posted Mar 3, 2020 2:51:18 PM

Can I claim a GIC contribution on my income tax

So I wanted to open an RRSP before the March 1st deadline to reduce my tax owed amount for 2019. I called my bank and did so. It's a GIC (I know next to nothing about RRSPs so I went with the safest option), and I'm wondering if I can claim that contribution on my 2019 taxes... They didn't tell me I wouldn't be able to but now I'm wondering. Thanks.

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Moderator
Apr 11, 2020 5:49:50 PM

It would depend. If the GIC is specifically an RRSP one ("held inside an RRSP account"), then you can include the contributions on your tax return. But if it's a regular GIC, then no, the contributions are not deductible.