Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
English EN

Pick a language

Canada Français United States of America English
cancel
Showing results for 
Search instead for 
Did you mean: 
polgara6161
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.

1 Reply
TurboTaxSusan
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.

v