No, RRSP contributions after March 1, 2022 will only affect the deductions of your 2022 return next year.
You are allowed to deduct 12 months’ worth of contributions. CRA has divided the contribution periods into two:
- Contributions made from March 2nd to Dec 31st of the tax year (2021)
- Contributions made from Jan 1st to March 1st of the following year (2022) which is the first 60 days after the taxation year
- Any contributions made after the next 60 days (March 1,2022) will be considered the following taxation year’s contributions.
For more information please follow our TurboTax Article RRSPs and Your Tax Return: The Bottom Line
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