You can make RRSP contributions during the first sixty days of 2016 and claim these contributions on your 2015 income tax return. Most years the RRSP contribution deadline is March 1, however because 2016 is a leap year the RRSP contribution deadline is February 29, 2016.
The main benefits of contributing to RRSPs are; you can build an asset for retirement and save on current income tax. If you make a consumer proposal none of your assets are affected including RRSP contributions regardless of when the contributions were made or what type of investments you purchase. If you file personal bankruptcy some of your RRSPs may be seized by your trustee, however many RRSPs are completely exempt from creditors.
If you have questions about how RRSPs are affected in a bankruptcy or through a consumer proposal, contact us today for a free consultation.
