Operations Memo

OM_2020-01; 2020 RRSP Season Guide/RRSP Contribution Deadline

For more information, contact:

Advisor Services Team

Date Issued:

January 20, 2020

With the start of a new year comes the RRSP season. To kick off the 2020 RRSP Season, we have compiled several resources you can use to help you though the season.

The first important piece of information is that the 2019 RRSP deadline is midnight Friday, March 2, 2020. The Income Tax Act requires that contributions to an RRSP must be made on or before 60 days after the end of the year in order for those deductions to be claimed for the previous year.

For more specific details, please see the 2020 RRSP Season Guide.

Don't forget that all purchase transactions processed after the RRSP deadline must include the “Authorization to Issue First 60-Day Contribution Tax Receipt” to receive the proper treatment of the receipt at the Fund Company or Intermediary.

Important Notice when Placing a Trade

When placing a “Buy”, “In Cash Transfer” or an “In Kind/Internal Transfer” as a prior tax year (2019) contribution, please mark the “First 60 days” tick box for the proper coding in w.Connect Trading Module.

For more specific details, see the “First 60 Days” screenshot.

We also want to remind you that any “In Cash/Kind Transfer Form” must indicate the contribution as “First 60 Days” and must include the “Authorization to Issue First 60-Day Contribution Tax Receipt”.

As a final note, we have attached the "2019 RRSP Facts" that you may find helpful and can share or reference with your clients.

As always, if you have questions or comments, contact the Advisor Services Department by email at advisorservices@gpwealth.ca.