RRSP deadline 2027 and the first 60 days rule: how a January contribution lowers your 2026 tax
The RRSP is the only common registered account with a grace period. Money you put in during January and February can count for the tax year that just ended, which is why bank ads get loud every winter. Here is how the rule works for the 2026 tax year, what it does not cover, and a calculator to see your room and the tax a deduction could save.
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RRSP deduction room calculator
How much can you deduct on your 2026 return?
Uses the CRA formula: unused room plus the lesser of 18% of the previous year's earned income and the annual RRSP limit ($33,810 for 2026), minus your pension adjustment. It ignores PAR and PSPA. Your exact limit is on your 2025 notice of assessment. The tax rate is an input you choose, not a forecast.
How the first 60 days rule works
The CRA describes two contribution periods for each tax year. For the 2026 tax year they are:
- Contributions made during 2026 that you did not already use for 2025, and
- Contributions made in the first 60 days of 2027.
The CRA's published window for the 2025 tax year ran from March 4, 2025 to March 2, 2026. Following the same pattern, the 2026 window runs from March 3, 2026 to March 1, 2027. A January 2027 deposit is not locked to 2026, though. You can deduct it on your 2026 return, or report it and carry the deduction to 2027 or a later year when your income may be higher.
The rule applies to your own RRSP, to a spousal RRSP, and to PRPP and SPP contributions. It does not apply to the FHSA (December 31) or the TFSA, which has no deadline at all. Our RRSP vs TFSA guide compares the two.
Why the date is March 1, 2027
January has 31 days and February 2027 has 28, so the 60th day of 2027 is March 1, 2027, which falls on a Monday. When the 60th day lands on a weekend, the deadline moves to the next business day: that is why the 2025 tax year deadline was March 2, 2026 (March 1, 2026 was a Sunday).
| Tax year | Last day to contribute | Why |
|---|---|---|
| 2025 | March 2, 2026 | 60th day was a Sunday (CRA published) |
| 2026 | March 1, 2027 | 60th day is a Monday |
Banks and brokerages need time to process, so aim for a few business days earlier, and keep the contribution receipt. If you missed last year's date, our 2026 deadline guide covers what you can still do.
How much room you have
The CRA calculates your RRSP deduction limit for 2026 as:
- Your unused RRSP deduction room at the end of 2025, plus
- The lesser of 18% of your 2025 earned income and the 2026 RRSP limit of $33,810, minus
- Your pension adjustment (PA) from a workplace pension, if any.
Earned income is not the same as total income. Employment income counts; most investment income does not. Our guide to what counts as earned income for RRSP room lists both sides. The fastest check is your 2025 notice of assessment, which shows your 2026 limit, or CRA My Account. For reference, the 2027 RRSP limit is $35,390, which applies to the 2027 tax year, not to January 2027 contributions you use for 2026.
Worked example
Maya earned $72,000 in 2025, has no workplace pension, and has $4,000 of unused room. In February 2027 she gets a $5,000 bonus and wants to use it for 2026.
| Step | Arithmetic | Result |
|---|---|---|
| 18% of 2025 earned income | $72,000 × 18% | $12,960 |
| Below the $33,810 cap? | $12,960 < $33,810 | Use $12,960 |
| 2026 deduction limit | $4,000 + $12,960 | $16,960 |
| Contribution by March 1, 2027 | $5,000 | Fits |
| Room left to carry to 2027 | $16,960 − $5,000 | $11,960 |
| Tax reduced at a 30% marginal rate | $5,000 × 30% | about $1,500 |
The 30% is only an example; your marginal rate depends on your province and income. A deduction lowers taxable income, so the saving is your marginal rate on the amount deducted. Whether that shows up as a refund depends on how much tax was already withheld from your pay.
Schedule 7: report it even if you wait
If you are not deducting everything you contributed in the year and in the first 60 days after, the CRA says to fill out Schedule 7 with your return so the unused contributions are on record. Skipping this is a common reason people later find their contributions were never tracked. If you already filed, Schedule 7 goes in with a Form T1-ADJ. Unused contributions you reported show up on your notice of assessment as available to deduct in a future year.
Going over: the $2,000 buffer
The CRA charges 1% a month on contributions that exceed your RRSP deduction limit by more than $2,000. The first $2,000 over is a cushion, not free room: you cannot deduct it until new room arrives. Example: if Maya put in $21,000 against her $16,960 limit, she would be $4,040 over. The part above the buffer is $2,040, so the tax is about $20.40 a month until she removes it or new room covers it. The FHSA has no buffer like this; see the FHSA contribution limit guide.
Who the first 60 days rule does not help
- Anyone who turned 71 in 2026. The CRA says you can contribute to your own RRSP until December 31 of the year you turn 71. January 2027 is too late for your own plan. If your spouse or common-law partner is younger, you can still contribute to a spousal RRSP until December 31 of the year they turn 71.
- FHSA savers. FHSA contributions in January and February 2027 count for 2027 only.
- Home Buyers' Plan repayments. These follow their own schedule and are not regular contributions. See our HBP repayment guide.
- People with no room. Without earned income in 2025 or unused room, a deposit creates an excess, not a deduction.
Options people compare
| Option | What it does | Watch for |
|---|---|---|
| Contribute by March 1, deduct for 2026 | Lowers 2026 taxable income | Stay within your limit |
| Contribute now, deduct later | Saves the deduction for a higher-income year | Report it on Schedule 7 |
| Monthly contributions all year | Spreads deposits and avoids the February rush | Track the total against your limit |
| TFSA instead | No deduction, but tax-free withdrawals and no deadline | $7,000 of new room for 2026 |
The RRSP basics are in RRSP explained, and more calculators are on the tools page.
How to use the RRSP first 60 days rule for 2026
- Find your 2026 RRSP deduction limit on your 2025 notice of assessment or in CRA My Account.
- Subtract anything you already contributed from March 3, 2026 onward that you have not deducted.
- Contribute by Monday, March 1, 2027, leaving a few business days for processing.
- Keep the contribution receipt from your bank or brokerage.
- Claim the deduction on line 20800 of your 2026 return, or carry it forward.
- Report any contributions you are not deducting on Schedule 7 so they stay on record.
Questions people ask
What is the RRSP deadline for the 2026 tax year?
March 1, 2027, the 60th day of 2027. It is a Monday, so it does not shift. The CRA usually confirms the exact window in January.
Can I use a January contribution for last year's taxes?
Yes, for an RRSP. Contributions made in the first 60 days of the year can be deducted on the previous year's return or carried forward to a later year.
What is the RRSP limit for 2026?
The 2026 RRSP dollar limit is $33,810. Your personal deduction limit is 18% of your 2025 earned income up to that amount, minus any pension adjustment, plus unused room from earlier years.
Does the first 60 days rule apply to the FHSA?
No. FHSA contributions must be made by December 31 to count for that year. Contributions in the first 60 days of the next year cannot be deducted on the previous year's return.
What happens if I contribute too much to my RRSP?
The CRA charges a tax of 1% a month on contributions that exceed your RRSP deduction limit by more than $2,000, until the excess is removed or new room covers it.
Do I have to deduct my RRSP contribution right away?
No. You can carry it forward. If you are not deducting all your contributions, fill out Schedule 7 with your return so the unused amount is recorded.
I turned 71 in 2026. Can I contribute in January 2027?
Not to your own RRSP. You can contribute to your own plan until December 31 of the year you turn 71. A spousal RRSP is still possible until December 31 of the year your spouse or common-law partner turns 71.
Looni reads your statements and flags bank fees, forgotten subscriptions and interest you may be paying without noticing, so more of your income can go into the accounts you choose. Read-only, no advice.
Sources
Canada Revenue Agency, How contributions affect your RRSP deduction limit (deduction limit formula with 18% of previous year earned income, 2025 window March 4, 2025 to March 2, 2026, contribute until December 31 of the year you turn 71, spousal plans, 1% a month over $2,000), MP, DB, RRSP, DPSP, ALDA, TFSA limits, YMPE and the YAMPE (2026 RRSP limit $33,810, 2027 limit $35,390), Contribution year (two contribution periods, first 60 days of the following year), What to do with unused RRSP contributions (Schedule 7, T1-ADJ) and Tax deductions for FHSA contributions (no first 60 days rule for the FHSA). The March 1, 2027 date applies the 60-day rule to the 2027 calendar; the Maya example is illustrative and the arithmetic is ours.