Can I claim a GIC contribution on my income tax - Community

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New Member

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

Can I claim a GIC contribution on my income tax

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.