RRSP contribution deadline almost here: What entrepreneurs should know

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Each year at this time, business owners are presented with a critical financial opportunity: the ability to contribute to a registered retirement savings plan for the preceding tax year — in this case, the 2023 tax year — with a contribution limit of 18 per cent of your previous year’s earned income, capped at $30,780.

Even if you can’t fully leverage it right away, Feb. 29 is an important deadline for business owners with sole proprietor income or incorporated T4 income. Either way, it’s worth learning and planning ahead for how you can regularly make the most of it. Let’s dive in.